US Treasury requires financial institutions to report russian assets by August 2

The U.S. Treasury Department has required institutions holding russian government assets to report them as part of the implementation of the Restoring American Prosperity and Opportunity Act (the “USAID Act”).

As reported by the Ministry of Finance on its website on July 23, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) issued new financial reporting requirements, according to which “all financial institutions that hold russian sovereign assets and that 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,” said Acting General Counsel of the Treasury Addar Levy.

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 that does so.

Levy added that the United States will continue to work with foreign partners, including the G7, to provide support to Ukraine.

Source: U.S. Department of the Treasury