[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 [www.gpo.gov]
[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: https://ofac.treasury.gov/.

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 
(https://ofac.treasury.gov/). Financial institutions with responsive 
information should email completed forms to [email protected] 
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]
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