#52026XG03269EU notice on asset reporting duties for Russia-related sanctions targets
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice tells newly listed people and one entity under the EU’s Russia-related sanctions regime that they must report any funds or economic resources they own, hold, or control inside an EU Member State. They have 6 weeks from the date they were listed to send this information to the relevant national authority and must cooperate if that authority checks the information. Failing to report can be treated as an attempt to get around EU asset-freeze rules.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Listed persons and one entity must report funds and economic resources located in EU Member States within 6 weeks of listing.
- They must cooperate with national authorities if the reported information is checked.
- Failure to report can be treated as circumvention of EU asset-freeze measures.
Obligations
What this law requires
Persons and entities listed in Annex I to Regulation (EU) 2024/2642 must report any funds or economic resources within the jurisdiction of an EU Member State that belong to, are owned, held, or controlled by them to the competent authority of the Member State where those funds or economic resources are located.
Listed persons and entities must cooperate with the relevant national competent authority in any verification of the reported funds or economic resources information.
The required information on funds or economic resources must be sent to the competent authority of the relevant EU Member State via the authority website indicated in Annex II to Regulation (EU) 2024/2642.