#52026XG02842EU notice on asset-reporting duties for persons and entities under Russia-related sanctions
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice reminds people, companies, entities, and bodies listed under the EU’s Russia-related restrictive measures that they must report any funds or economic resources they own, hold, or control in an EU Member State within six weeks of being listed. They must send the information to the competent national authority in the Member State where the assets are located and cooperate with any checks. Failure to report or cooperate will be treated as an attempt to bypass the EU asset-freeze rules.
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Key Changes
- Listed persons and entities must report EU-based funds and economic resources within six weeks of being listed.
- 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 EU asset-freeze measures.
Obligations
What this law requires
Natural and legal persons, entities, and bodies listed in Annex IV to Regulation (EU) 2024/1485 must report any funds or economic resources within the jurisdiction of an EU Member State that belong to, are owned by, held by, or controlled by them to the competent authority of the Member State where those assets are located.
Listed natural and legal persons, entities, and bodies must cooperate with the competent national authority in any verification of the reported funds or economic resources information.
The required asset information must be submitted via the website of the competent authority of the relevant Member State, as indicated in Annex III to Regulation (EU) 2024/1485.