US banks must report Russian assets for potential seizure
The Associated Press — July 24, 2024, 02:00 AM UTC
Summary: The U.S. Treasury Department has mandated banks to report their Russian asset holdings by August 2 under the REPO Act, which allows for the seizure of up to $6 billion in assets to support Ukraine's recovery from the war. The World Bank estimates Ukraine needs $486 billion for reconstruction. The G7 countries have frozen approximately $300 billion in Russian assets since the conflict began in February 2022.
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