The Treasury Department on Friday named Bank of New York Mellon (BNY) as the financial agent for the newly created REPO (Rehabilitation of Ukraine through Elite Proceeds) Asset Program, which will manage the forfeiture, liquidation, and transfer of frozen Russian oligarch assets to support Ukrainian reconstruction.
The REPO Act, passed by Congress in February 2026, authorizes the administration to seize and liquidate Russian sovereign assets and oligarch-held property valued at approximately $8.5 billion currently frozen in U.S. financial institutions. BNY will be responsible for custody, valuation, and disposition of assets ranging from bank accounts and securities to yachts and real estate.
Treasury Deputy Secretary Wally Adeyemo said BNY was selected after a competitive bidding process. 'BNY has unmatched experience in complex asset management and a demonstrated commitment to sanctions compliance,' Adeyemo said.
First asset transfers expected in August
The program will begin with a pilot phase covering $500 million in liquid assets (cash and marketable securities). The first transfers to Ukraine are expected by August 2026. Proceeds are designated for humanitarian aid, infrastructure repair, and demining efforts.
Russian officials have condemned the program as 'theft' and vowed to challenge it in U.S. and international courts. Legal experts note that the REPO Act includes a provision limiting judicial review, but constitutional challenges are expected.
This program turns Putin's war chest into Ukraine's reconstruction fund. BNY Mellon is proud to support this historic effort.
BNY will receive a management fee of 0.75% of assets under administration, capped at $60 million over five years. The bank has also committed to waiving fees for the first $100 million transferred.
