I am a U.S. person with an account at a Russian financial institution blocked pursuant to Executive Order (E.O.) 14024. What am I required or allowed to do under OFAC sanctions with respect to such accounts?

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Since Russia's further invasion of Ukraine beginning in February 2022, OFAC has blocked a number of Russian financial institutions pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy (see FAQ [966](https://ofac.treasury.gov/faqs/966)). In addition, all property and interests in property of any financial institution that is owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Accordingly, U.S. persons are prohibited from transacting with these financial institutions unless the activity is exempt or authorized by OFAC.
In practice, this means that accounts held by U.S. persons at any blocked Russian financial institutions generally are themselves considered blocked property, unless exempt. This includes, for example, checking and savings accounts, credit cards, CDs, loans, and mortgages. U.S. persons must stop utilizing such accounts and treat them as blocked, even if the designated Russian financial institution does not. Additionally, within 10 business days of the blocking of the account or other property, U.S. persons are required to file a blocking report with OFAC describing any property or interests in property (e.g., accounts, etc.). Information on the requirement to report blocked property, including accounts, and on filing initial and annual reports of blocked property with OFAC can be found at FAQs [49](https://ofac.treasury.gov/faqs/49), [50](https://ofac.treasury.gov/faqs/50), and [646](https://ofac.treasury.gov/faqs/646), respectively, and [31 CFR § 501.603](https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-501/subpart-C/section-501.603). Please note that the annual filing requirement for 2022 applies only to persons holding blocked property as of June 30 of this year.
On August 19, 2022, OFAC issued [Russia-related General License (GL) 50](https://ofac.treasury.gov/media/925326/download?inline) authorizing individuals, wherever located, to engage in all transactions ordinarily incident and necessary to close their individual accounts held at a financial institution blocked pursuant to E.O. 14024. GL 50 also authorizes the unblocking and lump sum transfer to the account holder of all remaining funds and other assets in the account at the blocked financial institution, including to an account held at a non-blocked financial institution. Individuals may avail themselves of GL 50 to terminate their accounts with Russian financial institutions blocked pursuant to E.O. 14024 and repatriate the proceeds of any account closures. Individuals who have filed a blocking report with OFAC and are availing themselves of GL 50 must file an unblocking report with OFAC within 10 business days of the unblocking in accordance with [31 CFR § 501.603(b)(3)](https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-501/subpart-C/section-501.603).

I am a U.S. person with an account at a Russian financial institution blocked pursuant to Executive Order (E.O.) 14024. What am I required or allowed to do under OFAC sanctions with respect to such accounts?

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