By Aaron Nicodemus2024-07-24T15:50:00
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control (OFAC) are now required to do so by Aug. 2.
According to a new reporting requirement for the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act ( REPO for Ukrainians Act), financial institutions that have newly discovered or obtained Russian sovereign assets must report them to OFAC by Aug. 2, or within 10 days of the detection of the assets, the agency said Tuesday in a press release.
Reports on Russian sovereign assets can be made using OFAC’s new form.
2024-07-29T14:41:00Z By Aaron Nicodemus
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.
2024-05-15T20:56:00Z By Adrianne Appel
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
2024-04-15T15:38:00Z By Jeff Dale
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
2025-08-22T19:05:00Z By Adrianne Appel
Businesses operating in California will need to meet new, first-in-the-nation privacy requirements for cybersecurity, risk assessments, and automated decision-making technology, under a large expansion of rules by the state.
2025-08-18T17:44:00Z By Aly McDevitt
The U.S. Department of Justice has filed two lawsuits against the California Air Resources Board, claiming it no longer has the legal right to enforce strict emissions rules for heavy-duty trucks.
2025-08-14T15:13:00Z By Ruth Prickett
Navigating tariffs and sanctions is becoming a core part of compliance for many companies. As the U.S. and others use economic policies for political aims, compliance teams must adapt to this new geoeconomic trend.
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