The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new reporting requirement for financial institutions holding Russian sovereign assets, as part of implementing the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (REPO for Ukrainians Act). According to section 104(a) of the REPO for Ukrainians Act, all financial institutions that hold or are aware of Russian sovereign assets must notify OFAC by August 2, 2024, or within 10 days of detecting such assets. The notification can be submitted using OFAC’s new form.

Financial institutions are instructed not to re-report information on Russian sovereign assets that has been previously reported to OFAC. Details regarding these reporting instructions will be published in the Federal Register.

“Congress took an important step with the passage of the REPO for Ukrainians Act to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resilience and reconstruction,” said Acting General Counsel of the Treasury Addar Levi. “The United States will continue to work with our foreign partners, including the G7, to deliver support to Ukraine.”

Questions regarding this reporting requirement should be directed to OFAC.