Rule2024-16479
Notice of Reporting Instructions Under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 26, 2024
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing reporting instructions in the Federal Register. The reporting instructions, issued pursuant to the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act were published on the OFAC website on July 23, 2024.
Full Text
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<title>Federal Register, Volume 89 Issue 144 (Friday, July 26, 2024)</title>
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[Federal Register Volume 89, Number 144 (Friday, July 26, 2024)]
[Rules and Regulations]
[Pages 60568-60569]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16479]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Chapter V
Notice of Reporting Instructions Under the Rebuilding Economic
Prosperity and Opportunity for Ukrainians Act
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Notification of reporting instructions under the Rebuilding
Economic Prosperity and Opportunity for Ukrainians Act.
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SUMMARY: The U.S. Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing reporting instructions in the Federal
Register. The reporting instructions, issued pursuant to the Rebuilding
Economic Prosperity and Opportunity for Ukrainians Act were published
on the OFAC website on July 23, 2024.
DATES: Reporting Instructions under the Rebuilding Economic Prosperity
and Opportunity for Ukrainians Act, Public Law 118-50, Division F, were
issued on July 23, 2024.
FOR FURTHER INFORMATION CONTACT: OFAC: Associate Director for Global
Targeting, tel.: 202-622-2420; Assistant Director for Licensing, tel.:
202-622-2480; Assistant Director for Regulatory Affairs, tel.: 202-622-
4855; or Assistant Director for Compliance, tel.: 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>.
Background
The Rebuilding Economic Prosperity and Opportunity for Ukrainians
Act, Public Law 118-50, Division F (the ``REPO for Ukrainians Act'' or
the ``Act''), was enacted on April 24, 2024. Section 104(a)(1) of the
Act provides that ``the President shall, by means of such instructions
or regulations as the President may prescribe, require any financial
institution at which Russian sovereign assets are located, and that
knows or should know of such assets, to provide notice of such assets,
including relevant information required under section 501.603(b)(ii)
[sic] of title 31, Code of Federal Regulations (or successor
regulations), to the Secretary of the Treasury not later than 10 days
after detection of such assets.''
On July 22, 2024, the President delegated the functions and
authorities in section 104(a)(1) of the Act to the Secretary of the
Treasury. On July 23, 2024, OFAC issued Reporting Instructions under
the Act.
Paperwork Reduction Act
Pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3507),
the collections of information related to the Reporting, Procedures and
Penalties Regulations, 31 CFR part 501 (the ``Regulations''), have been
previously approved by the Office of Management and Budget (OMB) under
OMB control number 1505-0164 Reporting, Procedures and Penalties
Regulation. These reporting instructions, issued pursuant to the REPO
for Ukrainians Act, and the form used to collect that information, are
substantially similar to the collections of information issued pursuant
to the Regulations. Specifically, these reporting instructions require
financial institutions to report on Russian sovereign assets that they
hold that have not already been reported pursuant to Sec. 501.603 of
the Regulations or Directive 4 under Executive Order 14024, both of
which are included within the existing collections of information
related to the Regulations that have been previously approved by OMB.
These instructions, and the form available to report such
information, have been submitted to OMB for review and approval under
OMB control number 1505-0164 Reporting, Procedures and Penalties
Regulation. The likely respondents and record-keepers affected by these
reporting instructions are financial institutions. OFAC has reviewed
its existing data on reports of blocked or immobilized property, as
well as data on the number of financial institutions likely to be
holding Russian sovereign assets, to estimate the reporting burden, as
set forth below.
Title: Reporting, Procedures and Penalties Regulations.
OMB Control Number: 1505-0164.
Form Name: REPO For Ukrainians Act Report Form.
Form Number: TD-F 93.09.
Type of Review: Revision.
Affected Public: Private Sector--Financial Institutions.
[[Page 60569]]
Estimated Number of Financial Institution Respondents: 300.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 300.
Estimated Time per Response: 30 minutes.
Estimated Total Annual Burden Hours: 150 hours.
The text of the reporting instructions is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Reporting Instructions Under the Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act
Pursuant to section 104(a) of the Rebuilding Economic Prosperity
and Opportunity for Ukrainians Act, Public Law 118-50, Division F (the
``REPO for Ukrainians Act,'' or the ``Act''), all financial
institutions at which Russian sovereign assets are located, and that
know or should know of such assets, are required to provide notice of
such assets to the Office of Foreign Assets Control (OFAC) no later
than August 2, 2024 or within 10 days of the detection of such assets.
Financial institutions that maintain correspondent or payable-through
accounts on behalf of foreign financial institutions should exercise
reasonable due diligence to report any Russian sovereign assets held in
such accounts.
Financial institutions may rely on reports regarding Russian
sovereign assets located at the financial institution that are filed
pursuant to Directive 4 under Executive Order (E.O.) 14024 or in
reports of blocked property filed pursuant to 31 CFR 501.603(b) to
fulfill their obligations under section 104(a) of the Act with respect
to those assets and should not re-report to OFAC any such assets under
this instruction. Reports provided under this instruction shall
identify Russian sovereign assets not otherwise reported to OFAC
pursuant to Directive 4 under E.O. 14024 or in reports of blocked
property filed pursuant to 31 CFR 501.603(b).
(a) Reports. Reports of Russian sovereign assets shall include the
following:
(1) The name and address of the person in possession or control of
the property;
(2) The date the property came into the possession or control of
such person;
(3) The person that owns the account or property;
(4) A description of the property and its location in the United
States or otherwise, including any relevant account types, account
numbers, reference numbers, dates, or other information necessary to
identify the property;
(5) The actual, or if unknown, estimated value of the property in
U.S. dollars. Foreign currencies must be reported in U.S. dollars with
the foreign currency amount and notional exchange rate in the
narrative; and
(6) A copy of the most recent relevant account statement or other
documentation to support the estimated value of the property.
Reports under this instruction should be submitted using the REPO
for Ukrainians Act Report Form, which is available on OFAC's website
(<a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>). Financial institutions with responsive
information should email completed forms to <a href="/cdn-cgi/l/email-protection#670801060415021708151327131502061412151e49000811"><span class="__cf_email__" data-cfemail="ef80898e8c9d8a9f809d9baf9b9d8a8e9c9a9d96c1888099">[email protected]</span></a>
with the subject line, ``[Name of Financial Institution] REPO for
Ukrainians Act Report.''
(b) Definitions. Pursuant to section 2 of the Act and for purposes
of these instructions:
(1) The term ``financial institution'' means a financial
institution specified in subparagraph (A), (B), (C), (D), (E), (F),
(G), (H), (I), (J), (M), or (Z) of section 5312(a)(2) of title 31
United States Code.
(2) The term ``Russian sovereign asset'' means any of the
following, regardless of whether such asset is blocked or effectively
immobilized by the Department of the Treasury: (A) Funds and other
property of (i) the Central Bank of the Russian Federation, (ii) the
Russian National Wealth Fund, or (iii) the Ministry of Finance of the
Russian Federation; or (B) any other funds or other property that are
owned by the Government of the Russian Federation, including by any
subdivision, agency, or instrumentality of that government.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2024-16479 Filed 7-25-24; 8:45 am]
BILLING CODE 4810-AL-P
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