US obliges financial institutions to report russian assets by August 2, 2024
Kyiv • UNN
The US Treasury Department requires institutions to report russian assets by August 2, 2024. This is part of the implementation of the Ukraine Support Act, which provides for the freezing of russian assets until compensation is paid.
The U.S. Treasury Department has ordered institutions that own russian state assets to report them as part of the implementation of the Restoring Economic Prosperity and Opportunity for Ukrainians Act. UNN writes about this with reference to the Voice of America.
Details
As reported by the Ministry of Finance, the Office of Foreign Assets Control (OFAC) has issued new financial reporting requirements, according to which "all financial institutions that hold russian sovereign assets and know or should know of such assets must report such assets to OFAC no later than August 2, 2024".
Congress has taken an important step by passing the Ukrainian Repo Act to unlock the value of immobilized russian sovereign assets to support Ukraine's continued resilience and recovery
Levy added that the United States will continue to work with foreign partners, including the G7, to support Ukraine.
Add
The law passed by Congress in April 2024 requires that all frozen Russian sovereign assets remain frozen until russia's war against Ukraine ends and Russia pays Ukraine full compensation or participates in an international mechanism to do so.
Recall
U.S. Treasury Secretary Janet Yellen said that it is legal to use the proceeds of frozen russian assets to support Ukraine, responding to criticism of the G7's decision to provide Kyiv with $50 billion in collateral for these proceeds.
