Reporting obligation
Reporting on the transfers of assets of Russian-owned entities outside the EU under Article 5r of Regulation (EU) 833/2014
Regulation 2023/2878 amending Regulation (EU) 833/2014 introduced a periodic reporting obligation for transfers of assets exceeding EUR 100 000, carried out directly or indirectly, in one or more operations, to countries outside the EU, for:
- legal persons, entities and bodies established in the EU whose proprietary rights are directly or indirectly owned for more than 40 % by:
- a legal person, entity or body established in Russia, or
- a Russian national; or
- a natural person residing in Russia; and
- credit and financial institutions (with which the payer, which is a legal person referred to in the previous indent, holds an account).
A reporting obligation arises if the total sum of transfers in a given reporting period preseže the threshold of EUR 100 000. However, individual transfers of funds must be reported, not just the sum of the transfers.
Reporting by legal persons, entities and bodies will be quarterly, starting on 1 May 2024. The first reporting period will cover the period from 1 January 2024 to 31 March 2024. Thereafter, the reporting deadline is two weeks after the end of each quarter, i.e. 15 July 2024 for the second quarter, 15 October 2024 for the third quarter, and so on.
Credit and financial institutions will report on a half-yearly basis, starting 1 July 2024, with a deadline of two weeks after the end of each half-year. Information shall be reported on all transfers of assets outside the EU made or initiated by credit and financial institutions, directly or indirectly, to legal persons, entities or bodies referred to in the first indent above, the total amount of which exceeds EUR 100 000 per legal person, entity or body during the half-year in question. The deadline for the first report by credit and financial institutions shall be 15 July 2024 and shall cover the period from 1 January 2024 to 30 June 2024. The deadline for the next report (for the second half of the year) shall be 15 January 2025.
The European Commission has published questions and answers on reporting.
Only Credit and financial institutions under the primary supervision of the Bank of Slovenia should report to the Bank of Slovenia at the following e-mail address: sankcije@bsi.si, using the template prepared by the European Commission (tabs 1 and 2 to be filled in) and available at the link below:
Template for reporting under Article 5r of Regulation (EU) 833/2014
Reporting of deposits in excess of EUR 100 000 by credit institutions
The restrictive measures introduced by the EU in response to the war in Ukraine include provisions that prohibit, with certain exceptions, the acceptance of deposits from Russian and Belarusian persons if the sum of the holdings exceeds EUR 100,000.
For existing deposits or balances at credit institutions as at the day of the entry into force of the two regulations, there is a reporting obligation, which is illustrated in the table below:
|
Content of reporting |
Legal basis |
Reporting deadline |
Reporting date |
|
Deposits exceeding EUR 100 000 held by Russian nationals or natural persons residing in Russia, or by legal persons, entities or bodies established in Russia |
First reporting: 27 May 2022 Each year by 27 May
|
First reporting: 26 Feb 2022 Subsequent reporting: data as at 26 Feb of the reporting year |
|
|
Deposits exceeding EUR 100 000 held by a legal person, entity or body established outside the EU and whose proprietary rights are directly or indirectly owned more than 50% by Russian nationals or natural persons residing in Russia |
First reporting: 27 May 2023 Each year by 27 May
|
First reporting: 17 Dec 2022 Subsequent reporting: data as at 17 Dec of the reporting year |
|
|
Deposits exceeding EUR 100 000 held by Russian nationals or natural persons residing in Russia who have acquired the citizenship of a Member State or residence rights in a Member State through an investor citizenship scheme or an investor residence scheme |
First reporting: 27 May 2022 Each year by 27 May
|
First reporting: 26 Feb 2022 Subsequent reporting: data as at 26 Feb of the reporting year
|
|
|
Deposits exceeding EUR 100 000 held by Belarusian nationals or natural persons residing in Belarus, or by legal persons, entities or bodies established in Belarus |
First reporting: 27 May 2022 Each year by 27 May
|
First reporting: 10 Mar 2022 Subsequent reporting: data as at 10 Mar of the reporting year |
|
|
Deposits exceeding EUR 100 000 held by Belarusian nationals or natural persons residing in Belarus who have acquired the citizenship of a Member State or residence rights in a Member State through an investor citizenship scheme or an investor residence scheme |
First reporting: 27 May 2022 Each year by 27 May
|
First reporting: 10 Mar 2022 Subsequent reporting: data as at 10 Mar of the reporting year |
Deposits of persons who hold a valid permit for residing in the EU are also reported. For ease of reporting this information, the reporting form below drawn up by the European Banking Authority (EBA) in 2022 and updated in 2023 should be used.
The reporting form is submitted to Banka Slovenije on its agreed website for secure data exchange box.bsi.si. For other correspondence, email sankcije@bsi.si.
A credit institution that is unable to submit the form for reporting on prohibited deposits by the stipulated deadline, for example because it is still gathering the information, should inform Banka Slovenije of the delay, citing the reasons and proposing a new deadline.
In connection with reporting, credit institutions should also take account of the frequently asked questions published by the European Commission, particularly those referring to deposits.
Reporting on changes in funds and economic resources two weeks before the listing of a designated person in accordance with Council Regulation (EU) No 269/2014
As of 26 April 2023 there has been a reporting obligation whereby natural and legal persons, entities and bodies should immediately submit “information held about funds and economic resources within Union territory belonging to, owned, held or controlled by natural or legal persons, entities or bodies listed in Annex I” that were subject to any move, transfer, alteration, use, access, or dealing referred to in Articles 1(e) and 1(f) of Council Regulation (EU) No 269/2014 in the two weeks before the placement of those natural and legal persons, entities and bodies on the list in Annex I, to the competent authority of the Member State where they are resident or located, within two weeks of acquiring this information.
For ease of reporting this information, the reporting form below should be used:
Form for reporting under Article 8(1)(a) of Council Regulation (EU) No 269/2014
The reporting form is submitted to Banka Slovenije on its agreed website for secure data exchange box.bsi.si. For other correspondence, email sankcije@bsi.si.
Before the reporting form is submitted to Banka Slovenije, the frequently asked questions on freezing of funds on the European Commission website should be consulted.
Reporting by natural and legal persons, entities and bodies that own, hold or control assets and reserves of the Central Bank of Russia
In accordance with Article 5a(4a) of Council Regulation (EU) No 833/2014, natural and legal persons, entities and bodies, including the ECB, national central banks, financial sector entities, insurance and reinsurance undertakings, central securities depositories and central counterparties must provide, no later than two weeks after 27 April 2023, to the competent authority of the Member State where they are resident or located, and simultaneously to the European Commission, information on the assets and reserves referred to in Article 5a(4) that they hold or control or are a counterparty to. This information is updated every three months, and covers at least the following:
- information identifying the natural or legal persons, entities or bodies owning, holding or controlling such assets and reserves, including the name, address and VAT registration or tax identification number;
- the amount or market value of such assets and reserves at the date of reporting and at the date of immobilisation;
- the types of the assets and reserves, broken down according to the categories set out in points (i) to (vii) of Article 1(g) of Council Regulation (EU) No 269/2014, as well as cryptoassets and other relevant categories, and an additional category corresponding to economic resources within the meaning of Article 1(d) of Council Regulation (EU) No 269/2014. For each of those categories, where available, relevant features such as quantity, location, currency, maturity and contractual terms between the reporting natural or legal person, entity or body and the asset owner should be indicated.
For ease of reporting this information, the reporting form below should be used:
Form for reporting under Article 5a(4a) of Council Regulation (EU) No 833/2014
The reporting form is submitted to Banka Slovenije on its agreed website for secure data exchange box.bsi.si. For other correspondence, email sankcije@bsi.si.
Before the reporting form is submitted to Banka Slovenije, the frequently asked questions on the Central Bank of Russia on the European Commission website should be consulted.