22 May 2023
Following the request from the EU Commission, the European Banking Authority (EBA) has updated templates to be used for the second annual reporting of information on deposits subject to the Russia and the Belarus Economic Sanctions Regulations. The EBA is making the template available for voluntary use by the relevant national competent authorities and by the EU Commission, with the aim to promote a convergent approach and to reduce any associated reporting costs, especially for cross-border banks.
The revisions being introduced into the reporting templates originally published in May 2022 aim at aligning the templates with the most recent requirements of the underlying Sanctions Regulations. Changes also reflect the experiences gained by the credit institutions, relevant competent authorities and by the EU Commission in the first year of reporting. Most of the changes aim at simplifying the templates.
The EBA is making these revised templates available for use by the relevant competent authorities that are responsible in each Member State for the monitoring of the application of the sanctions by the EU credit institutions, and by the EU Commission.
It should be noted that these templates are not part of the EBA reporting framework and will not be supported by any formal tools or legal documents. In addition, the EBA will not be part of any data collections and will not provide a technical package for the template and reporting process. It is the responsibility of the EU Commission to answer queries on the scope and implementation of the adopted restrictive measures and the associated reporting requirements.
Article 5g of Regulation (EU) No 833/2014 (Russia Economic Sanction Regulation – ‘RSR’) and Article 1z Council Regulation (EC) 756/2006 (Belarus Sanction Regulation - BSR) establish reporting obligations for credit institutions, which are required to supply to the national competent authority of the Member State where they are located or to the EU Commission the information regarding deposits subject to the restrictive measures.
At the request of the EU Commission, in May 2022 the EBA developed and made available for the use by the relevant competent authorities and by the Commission the reporting template and associated instructions to facilitate the discharge of the reporting obligation under Article 5g of RSR and Article 1z BSR. Following the changes in the RSR and BSR, the EBA has updated the reporting templates to align them with the latest reporting requirements introduced in these regulations.
Franca Rosa Congiu