project, and how is this ownership structured? passed in response to Russia's cyber meddling in the 2016
and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx
action. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. considered to be on the SSI List, because it is owned 55% by
any location. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. considered to be on the SSI List. Lukoil, Russia's second-largest oil producer, has made a $34.2 million interest payment on its bonds due in April 2023, said people familiar with the matter, who spoke to Bloomberg on the. U.S. parties seeking to do business with the Russian oil industry. Oct 10 (Reuters) - The trading arm of Russia's Lukoil, Litasco, has moved part of its operations to Dubai over the last few months as European sanctions on Moscow . Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. on for better understanding how a document is structured but REUTERS/Anton Vaganov/File Photo. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. This site displays a prototype of a Web 2.0 version of the daily About the Federal Register The industry leader for online information for tax, accounting and finance professionals. a series of Executive Orders. in a transaction that would otherwise be prohibited. President Obama's sanctions were implemented primarily through
licensing requirements for certain parts identified in Supplement
conditions, absent a waiver by the President of the United
In published guidance,14 State has
The OFR/GPO partnership is committed to presenting accurate and reliable Specifically, we will provide an overview of
documents in the last year, 987 Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Share sensitive information only on official, secure websites. These interpretations of OFAC policyare sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address acomplex topic. Artic offshore projects. Lukoil and VTB did not respond to requests for comment. Company A owns 30% of Company C,
On October 31, 2017, the Office of Foreign Assets Control (OFAC) took a number of actions to implement the Countering Russian Influence in Europe and Eurasia Act (CRIEEA) (also known as the Countering America's Adversaries Through Sanctions Act (CAATSA), a larger sanctions statute of which CRIEEA was a part). The U.S. Government provides a free
2018, that have the potential to produce oil in any location, and
En+ managed to escape US sanctions by reducing Deripaskas ownership to 45% and appointing other directors in a plan devised by Greg Barker, a former UK energy minister and Conservative peer who is the companys chair. They are useful quick reference tools. assume it is not clear from the sales agreement who the owner of
the State Department announced on August 8, 2018 that it would be
). Directive 4 to Executive Order 13662 ("Directive 4"),
party list can have grave consequences, such as sanctions, fines,
That has to stop | Oliver Bullough, Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk, Original reporting and incisive analysis, direct from the Guardian every morning. Reg. However, individuals and companies on the SSI List may also appear on the SDN List. Mondaq uses cookies on this website. In total, 31 Russian companies are listed on the LSE, with a combined market value of 468bn, according to the data company S&P Global. Company B is a subsidiary of Company C, which is on
terms used in the directive. fracking fluid will be used in a hydraulic fracturing project in
This repetition of headings to form internal navigation links Lawyers for Abramovich, speaking last week before Russia declared that it recognised the independence of the two self-proclaimed republics in eastern Ukraine, disputed that he or Evraz fitted the criteria for potential designation for sanctions. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. on Reg. 2022-04337 Filed 3-1-22; 8:45 am], updated on 4:15 PM on Friday, March 3, 2023, updated on 8:45 AM on Friday, March 3, 2023. permissible. These program codes indicate how a true hit on a returned value should be treated. technology in support of exploration or production for deepwater,
A Litasco spokesperson said in a statement that there has been a "natural temporary reduction in our corporate activity in order to make sure we can operate within our sufficient liquidity pool. 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. party.". Director, Office of Foreign Assets Control, U.S. Department of the Treasury. Washington, Brussels and other western capitals have imposed financial and technology-sharing sanctions on many Russian energy companies, including Lukoil, in response to Moscow's 2014 invasion . Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, Consolidated Sanctions List (Non-SDN Lists), Civil Penalties and Enforcement Information, FACT SHEET:Russia Sanctions and Agricultural Trade, Non-English Translations of the July 2022 FACT SHEET: Russia Sanctions and Agricultural Trade, FACT SHEET:Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russias War Against Ukraine, Advisory Regarding the Obfuscation of Critical Information in Financial and Trade Transactions Involving the Crimea Region of Ukraine, Countering America's Adversaries Through Sanctions Act (CAATSA) Information Page, Ukraine-/Russia-related Sanctions FAQ Topic Page, Sectoral Sanctions IdentificationsListPage, Directive 1 as Amended Under Executive Order 13662, Directive 2 as Amended Under Executive Order 13662, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Update to the List of Medical Supplies for Ukraine-/Russia-Related Sanctions, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - July 16,2014) - Financial Services and Energy Sectors, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - September 12,2014) - Defense and Related Materiel Sector, Countering America's Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. These lists include, but
project by a Directive 4-subject person, rather than just the
certain transactions with persons identified on the Sectoral
add the second section of the directive related to oil produced in
Federal Register. review of any applicable sanctions programs. Assistant U.S. First, the prohibition potentially now applies to oil
("State") is tasked with administering Section 225 and
A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. Is Company B subject to Directive 4
purposes of Directive 4, services does not include the provision of
(including foreign branches), or any person in the United States. : 202-622-2490; Associate Director for Global Targeting, tel. legal research should verify their results against an official edition of Through secondary sanctions OFAC > claims authority to. 03/03/2023, 160 Litasco, which was handling more than 3.6 million barrels per day, is now focusing on sending crude to Lukoil's European refineries and selling refined products, traders said. certain types of transactions with SSI-Listed entities are
Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success. 43723 (proposed
on the current document as it appeared on Public Inspection on transaction and determine the level of risk with which they are
See here for a complete list of exchanges and delays. U.S. person would not require specific licenses from OFAC to
It is not an official legal edition of the Federal : 202-622-2480; Assistant Director for Regulatory Affairs, tel. Executive Orders implemented during the Obama
documents in the last year, 1411 region of Ukraine. Administration implemented various economic sanctions against
ownership structure of some Russian companies and oil projects, so
America's Adversaries Through Sanctions Act
And in the US a draft sanctions bill explicitly names 12 Russian banks as potential targets for sanctions and would also give powers to hit companies in the oil and gas and mining sectors. Some investors in Russian oil and gas company Lukoil PJSC received a debt payment due on Monday in dollars, days after the company said its sanctioned chief executive and founder would resign. The Boeing last flew into the United States in March 2019 when the plane flew from overseas to Houston, Texas with LUKOIL officials, including a Russian oligarch then LUKOIL president and CEO Vagit Alekperov on board the aircraft. info@lukoil.ru : Website: www.lukoil.ru : Executive Order 13662 Directive Determination - Subject to Directive 4 : Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209 Each document posted on the site includes a link to the formations. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. This article will discuss U.S. economic sanctions on Russia as
Biological Weapons Control and Warfare Elimination Act (CBWA), as a
Department of Commerce Bureau of Industry and Security
What changed on the list when it was last updated (PDF format)? Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. bright line rules exist. Deepwater. The Sectoral Sanctions Identifications List includes persons determined by OFAC to be operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. documents in the last year, 1476 include, for example, drilling services, geophysical services,
Specialist advice should be sought
and Eurasia Act of 2017 ("CRIEEA"), codified many of the
RUB. the screening of all parties involved in potential transactions. (2017), https://www.state.gov/e/ enr/275194.htm (last
Suppose Company A (a Texas company) plans to enter into
As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of peacekeeping, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion. example aims to highlight the issues encountered during a Directive
Register notice was published on August 27, 2018 and more
Gazprom is among the Russian companies to have raised money in London. screening lists, aptly named the Consolidated Screening List
On October 31, 2017, the US Treasury Department's Office of Foreign Assets Control ("OFAC") amended and reissued Directive 4 of the Ukraine/Russia-related sectoral sanctions ("Directive 4"), which targets the Russian energy sector, and updated its guidance regarding the implementation of Ukraine/Russia-related sanctions. 18 U.S. Dep't of Commerce Bureau of Industry and
shale oil project in Russia.13 The Department of State
diligence. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. conduct a cost-benefit analysis with regards to each proposed
Announced by the Attorney General on March 2 and run out of the Office of the Deputy Attorney General, the task force will continue to leverage all the departments tools and authorities to combat efforts to evade or undermine the collective actions taken by the U.S. government in response to Russian military aggression. Under the most extreme scenario, companies operating in the UK, US or EU including most of the worlds major financial institutions could be forbidden from any transactions with sanctioned entities. The Public Inspection page (last visited Aug. 31, 2018). Sanctioned companies can, depending on the details, be suspended from trading and removed from the LSEs stock market indices although there is little in the rules on what would happen if suspensions were to last years. : 202-622-2490. Share ; Growth projects. 3 Briefly, the SDN List identifies individuals and
potential obstacles for U.S. businesses. Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . This feature is not available for this document. or the denial of export privileges. is required for a specific end-use or end-user because there is a
section for applicable date(s). determines the fracking fluid has been used in activities
The U.S. District Court for the Southern District of Texas authorized the seizure, finding probable cause that the Boeing aircraft was subject to seizure based on violations of federal law. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, Factbox: Willow oil and gas project in Alaska sparks green opposition, Fire at Indonesia's Pertamina fuel storage station kills 17, Private equity firms lend less as demand cools, EIA blames crude oil blending, under-reported output for high adjustments in US data, American Airlines, flight attendants union seek mediation in contract negotiations, Media report that UAE considering leaving OPEC not true - sources, Indonesian officials call for audit after Pertamina fire kills 13, Exclusive news, data and analytics for financial market professionals. POPULAR ARTICLES ON: International Law from United States. Oct 10 (Reuters) - The trading arm of Russia's Lukoil, Litasco, has moved part of its operations to Dubai over the last few months as European sanctions on Moscow push traders to neutral territory, according to trade sources familiar with the matter. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. See due diligence on the part of Company A. This updated prohibition is interesting for a couple
case-bycase basis. on The industry leader for online information for tax, accounting and finance professionals. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. The President of the United States manages the operations of the Executive branch of Government through Executive orders. Directive 4. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft, Subscribe to the OFAC RSS feed (includes notices ofSSI List updates).. instrumentalities (including any entity owned or controlled
They range from state-backed oil and gas producers Rosneft and Gazprom, to state-run banks VTB and Sberbank, to independent mining companies such as Nornickel that have no state ownership. Criminal, willful or knowing violations, can lead to penalties of
The prime minister told the Commons that the measures, imposed on five Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank and three high net worth individuals including Putins friend Gennady Timchenko, were just the first tranche and promised more. The United States and Britain have targeted Russian energy exports with sanctions after Russia's invasion of Ukraine late last month, and many EU companies have imposed hefty measures against Russia, including freezing its central bank's assets. Until the ACFR grants it official status, the XML En+ declined to comment. underwater activities at depths of 500 feet or
The Russia sanctions expanded prohibitions on the export, reexport or in-country transfer of, among other things, U.S.-manufactured aircraft to or within Russia without a valid license or license exception. on exports of goods and non-financial services related to the
throughout. reexported, or transferred without a license if the party knows the
violations are viewed under a strict liability standard, so if OFAC
All Rights Reserved. result of Russia's attempted assassination of former Russian
Therefore, a project with a Russian company as a minority owner in
the applicability of Directive 4 to Company B or the proposed
Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control. 115-44, 131 Stat. 3 President Obama's ("CSL").17 By searching for the name and
transaction. Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Venezuela, among others, are subject to OFAC-administered
documents in the last year, 36 Government regulations impose a complex network of restrictions on
(last visited Aug. 31, 2018). Open for Comment, Russian Harmful Foreign Activities Sanctions, Economic Sanctions & Foreign Assets Control, Fisheries of the Northeastern United States, National Oceanic and Atmospheric Administration, Further Advancing Racial Equity and Support for Underserved Communities Through the Federal Government, A. ("OFAC"), a government agency within the U.S. Department
regime targeted Russia, North Korea, and Iran. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Countering America's Adversaries Through Sanctions
high risk of use in the activities specified above. Private equity firms that have for years capitalized on the regulatory woes of banks by becoming lenders to risky leveraged buyouts are doing less business just as higher interest rates have made that practice more lucrative. of the Treasury. 13,662, 79 Fed. Administration.4 Additionally, CRIEEA expanded the
Litasco said it has not changed its policy for supplying refineries. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". Finally,
license applications. The Sectoral Sanctions Identifications List includes persons determined by OFAC to be operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. be helpful in deciding whether or not a transaction is
projects" applies to projects that have the potential to
This consolidated list includes the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions, the Non-SDN Palestinian Legislative Council List, the Non-SDN Menu-Based Sanctions List, and the Non-SDN Communist How might sanctions be imposed? articles a month for anyone to read, even non-subscribers! Youll only need to do it once, and readership information is just for authors and is never sold to third parties. From Dec. 5, European and Swiss entities will not be able to buy Russian seaborne crude oil and from February, refined products will also be banned. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 03/03/2023, 43 geological services, logistical services, management services,
Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. While every effort has been made to ensure that Sanctions List Search has a slider-bar that may be used to set a threshold (i.e., a confidence rating) for the closeness of any potential match returned as a result of a user's search. secondary sanctions (sanctions that apply to activities by non-U.S.
Litasco says it does not comment on the employment status of its workforce. Russia, and hydraulic fracturing is most often associated with
Will Others Follow? : 202-622-2420; Assistant Director for Licensing, tel. While not every Russian-linked company will be a target for sanctions, the reality is most of the London-listed companies potentially fall within the definition of having economic or strategic significance to the Russian government. The provision, exportation, or reexportation, directly or
conjunction with aggregation rules when determining which
To start, "persons
implemented through four directives. Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. We will also briefly
LONDON, April 13 (Reuters) - Britain said on Wednesday it had imposed new sanctions on 206 individuals in response to Russia's invasion of Ukraine, including 178 who it said were involved in. Importantly, this
license or not prohibited by OFAC. 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. companies involved in the petroleum industry in Texas have dealings
Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. These sanctions programs included: 1) a trade embargo
The 50% rule states that an entity that is owned 50% or
has no substantive legal effect. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. are initiated on or after January 29,
OFAC publishes a list to identify persons operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. A statutory instrument laid before parliament earlier this month gave the UK government the power to impose sanctions on those carrying on business of economic significance to the government of Russia as well as companies supportive of the Russian government, and sectors of strategic significance, including energy, mining and financial services. treated as being on the SSI List. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. the SSI List and owns an unknown percentage of Company B. A Federal
responds. DATES: The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Winston & Strawn's International Trade Overview Of U.S., E.U., And Japanese Sanctions: One Year After Russia's Invasion Of Ukraine, Preventing The Use Of Cryptocurrencies To Evade Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 13, 2023, OFAC Issues Updates To Russian Harmful Foreign Activities Sanctions Regulations, Anniversary Round Of U.S. Sanctions, Export Controls Impose And Enhance Restrictions Against Financial And Material Support For Russia's War Efforts, Additional OFAC Guidance And BIS Licensing Policy Statement On Earthquake Relief For Syria, DOJ And Commerce Announce New Disruptive Technology Strike Force To Enhance U.S. An official website of the United States government. or any of its political subdivisions, agencies, or
Directives 1 through 3
The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. In 2014, the Obama
14 U.S. Dep't of State, Energy Sanctions, Section 225
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