The US is preparing to confiscate Russian money: Financial institutions are required to report any Russian assets.

The US Treasury Department has required institutions that own Russian state assets to inform about them as part of implementing the Law on Restoring Economic Prosperity and Opportunities for Ukrainians. Therefore, all financial institutions that hold Russian sovereign assets and know or should know about them must report them no later than August 2, 2024.

A 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 full compensation to Ukraine or participates in an international mechanism to do so.

Financial institutions must report any Russian assets to the US Department of the Treasury’s Office of Foreign Assets Control. These are specific provisions set out in the US law On Restoration of Economic Prosperity and Opportunities for Ukraine, which provide for the confiscation of Russian assets for their transfer to Kyiv.