New Reporting Obligations for EU Entities with Russian Ownership

Effective 1 May 2024, new reporting requirements are imposed on EU-based entities with significant Russian ownership.

According to Article 5r of Regulation (EU) 833/2014, issued on 18 December 2023, any EU-established entity that is more than 40% owned, directly or indirectly, by Russian entities, nationals, or residents must report fund transfers including any financial assets out of the EU exceeding EUR 100,000 in one or several operations within a quarter.

Entities must submit their reports directly to their respective Member State’s Ministry of Finance within two weeks of the quarter’s end. The obligation is ongoing, with strict quarterly deadlines to ensure compliance.

ZIFFER is here to assist you with all your reporting needs.