Am I required to show official documentation that I’ve closed my account at a Russian financial institution blocked pursuant to Executive Order (E.O.) 14024 in order to take advantage of Russia-related General License (GL) 50?
OFAC's answer
No. [GL 50](https://ofac.treasury.gov/media/925326/download?inline) authorizes individuals with accounts at Russian financial institutions blocked pursuant to E.O. 14024 to unblock and lump sum transfer funds to an account at a non-designated financial institution. Individuals do not need to provide official documentation proving they have closed their account at the blocked Russian financial institution when utilizing the GL. 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). For guidance related to filing an initial report of blocked property, an annual report of blocked property, and an unblocking report, please see 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 C.F.R. § 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.