REPO for Ukrainians Act (2024 "National Security Supplemental"

Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.

Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).

Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category). Please contact [email protected] or [email protected] with any questions on search results and efficiency.

Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.

TURBOFAC Commentary (3069 words)

Notes:

1) BACKGROUND

The “REPO for Ukrainians Act” (“REPO Act”) authorizes, subject to a number of conditions, the vesting of certain property that is “blocked or effectively immobilized by the Department of the Treasury”. In furtherance of that authority, the REPO Act also provides that “[n]o Russian sovereign asset that is blocked or effectively immobilized by the Department of the Treasury before the date specified in section 104(j) [of the REPO Act] may be released or mobilized” unless the criteria for transfer for the benefit of Ukraine are satisfied, or an international agreement/treaty exception applies. (Note that the reference to section 104(j) appears to be an error, see further discussion below).

Authorities contemplating the vesting of blocked property are rare. One is IEEPA, but the vesting and confiscation authority only applies with respect to “when the United States is engaged in armed...

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REPO for Ukrainians Act (2024 "National Security Supplemental" - Public Law No: 118-50)

TURBOFAC Commentary (3069 words)