US treasury dept orders banks to disclose Russian assets for forfeiture

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US treasury dept orders banks to disclose Russian assets for forfeiture - Business Standard

Quick Summary:

The disclosure is required under a new law passed by Congress earlier this year known as the REPO Act, which gives the U.S.government the authority to seize Russian state assets held by U.S.banks, with the goal of eventually selling them and giving those funds to Ukraine.

The Treasury Department ordered the nation's banking industry to start disclosing its holdings of Russian assets on Tuesday, with the goal of eventually seizing those billions of dollars in assets and selling them to aid the devastated Ukrainian economy.

If a bank discovers any new Russian assets on their books after the deadline, those assets need to be reported within 10 days, the Treasury Department said.