#52026XG03272EU notice on asset-reporting duties for Russia sanctions listings
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
People and one entity newly listed under the EU’s Russia-related restrictive measures must report any funds or economic resources they own, hold, or control in an EU member state within 6 weeks of being listed. They must send the information to the competent authority in the member state where the assets are located and cooperate with checks. If they do not comply, the EU will treat that as an attempt to bypass asset-freeze measures.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Listed persons and one entity must report EU-based funds and economic resources within 6 weeks of listing.
- Reports must be sent to the competent authority in the member state where the assets are located.
- Failure to report or cooperate with checks will be treated as circumvention of asset-freeze measures.
Obligations
What this law requires
Report any funds or economic resources within the jurisdiction of an EU Member State that belong to, are owned, held, or controlled by the listed person or entity to the competent authority of the Member State where those assets are located.
Submit the required asset information via the website of the competent authority of the relevant EU Member State, as indicated in Annex III to Regulation (EU) 2024/1485.
Cooperate with the national competent authority in any verification of the reported funds or economic resources information.