QUICK NEWS: OFAC Introduces New Reporting Requirement for Financial Institutions under REPO for Ukrainians Act

On Tuesday, as part of implementing the historic Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (the 'REPO for Ukrainians Act'), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) introduced a new reporting requirement for financial institutions holding Russian sovereign assets. This move initiates the process of converting profits from such assets into aid for rebuilding Ukrainian infrastructure.

In accordance with section 104(a) of the REPO for Ukrainians Act, all financial institutions where Russian sovereign assets are held, and which are aware or should be aware of such assets, must notify OFAC no later than August 2, 2024, or within 10 days of detecting these assets. Notifications can be submitted using OFAC’s new form available here.

“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."