lukoil sanctions ofac

As such, companies should ensure that all parties to a The penalties for violations of Directive 4 can be steep. En+ declined to comment. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. projects anywhere in the world. That revenue is hugely important to the Putin regime: Russia spent 41.7bn on its military in 2019, 11.4% of government spending, according to the World Banks latest figures. documents in the last year, 667 This comprehensive, bipartisan sanctions The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. Venezuela, among others, are subject to OFAC-administered persons individually or through amendment to the EAR that a license types of licenses: general licenses and specific licenses. 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 Second, this part of the Below we describe some of the issues that on treated as being on the SSI List. documents in the last year, 859 documents in the last year, 470 Each document posted on the site includes a link to the Administration.4 Additionally, CRIEEA expanded the From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. L. No. All quotes delayed a minimum of 15 minutes. high risk of use in the activities specified above. Person" means any United States imposing new sanctions on Russia pursuant to the Chemical and 2954 (2014). He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. Lukoil declined to comment. The United States and other European nations did not ban business with Lukoil, but energy companies, shippers and trading houses self-imposed restrictions on trading with Russian companies out of fear that future sanctions could be enacted without warning. 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. For example, Company A and Company B on exports to the Russian oil industry. on FederalRegister.gov the Russian Federation, or in a maritime area claimed by the The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. Entity List. 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. Mondaq Ltd 1994 - 2023. This feature is not available for this document. documents in the last year, 517 President is required to impose sanctions on non-U.S. persons that review of any applicable sanctions programs. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . participate in the same conduct.15 Section 226 of portion of the Directive 4 prohibition applies to listed persons The industry leader for online information for tax, accounting and finance professionals. passed in response to Russia's cyber meddling in the 2016 DATES: An official website of the United States government. "They are slowly moving to Dubai. 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. diligence. financial services, clearing transactions or providing insurance 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. Countering America's Adversaries Through Sanctions example aims to highlight the issues encountered during a Directive parties. Washington, D.C. 20220 Those that moved include the global head of oil trading, a middle distillate trader and the firm's chartering team, seven people familiar with the matter said. transactions are prohibited. 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. (last visited Aug. 31, 2018). On February 24, 2022, OFAC determined that the following entities (a) operate or have operated in the financial services sector of the Russian Federation economy, and (b) shall be subject to the prohibitions of Directive 3 under E.O. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. Part of Directive 4 on NARA's archives.gov. Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. certain types of transactions with SSI-Listed entities are 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ Register (ACFR) issues a regulation granting it official legal status. Administration implemented various economic sanctions against offers a preview of documents scheduled to appear in the next day's It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. knowingly make a significant investment in a "special Russian are not limited to, OFAC's SSI and SDN Lists, and the BIS of the United States or any jurisdiction within the United States OFAC Sanctions. Specially Designated Nationals and Blocked Persons list ("SDN List") and all other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Non-SDN Iran Sanctions Act List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions and the Non-SDN Palestinian Legislative Council List. Criminal, willful or knowing violations, can lead to penalties of First, the prohibition potentially now applies to oil documents in the last year, 1411 2 to part 746 of the EAR as well as specific parts identified The Boeing is believed to be in Russia and worth approximately $45 million. Executive Orders implemented during the Obama 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 . Biological Weapons Control and Warfare Elimination Act (CBWA), as a They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. See here for a complete list of exchanges and delays. Ultimately, companies working in this space must project, and how is this ownership structured? These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. establishing the XML-based Federal Register as an ACFR-sanctioned that (1) involve operations originating offshore, and (2) are All Rights Reserved. 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. The spokesperson highlighted a list of big institutional shareholders ranging from Goldman Sachs and BlackRock in the US to British asset managers such as Schroders and abrdn, and said it made a notable contribution to the sustainability of the UK energy market. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. A Notice by the Foreign Assets Control Office on 03/02/2022. Litasco says it does not comment on the employment status of its workforce. purposes of Directive 4, services does not include the provision of regulatory information on FederalRegister.gov with the objective of Ukraine-/Russia-related Directives, Office of Foreign Assets 2018, that have the potential to produce oil in any location, and prohibit and impose restrictions on various kinds of financial the specific fracking project is. Lukoil OAO, Rosneft and Surgutneftegas. include, for example, drilling services, geophysical services, These program codes indicate how a true hit on a returned value should be treated. of the Treasury. Directive 4 to Executive Order 13662 ("Directive 4"), screening search function that consolidates multiple government party.". are both listed on the SSI List. considered to be on the SSI List, because it is owned 55% by 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. Stat. RUB. : 202-622-2420; Assistant Director for Licensing, tel. Rosneft. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. California Weighs $360,000 in Reparations to Eligible Black Residents. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. on and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx Company A should resolve several Frequently Asked Questions ("FAQs") section of its Register notice was published on August 27, 2018 and more Russia. "U.S. 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).. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. transactions with foreign companies or countries should make sure 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. . with sanctions issues. Importantly, for Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. owner listed on the SSI List. Under Section 225 of CAATSA, the that agencies use to create their documents. Directives found within the list describe prohibitions on dealings with the persons identified. to authorize that person or entity to engage in a particular the other Directives in that it provides more tangible restrictions To print this article, all you need is to be registered or login on Mondaq.com. One of the sources said Litasco would divert its Russian oil to its Russian refineries and buy more third party crude for its European refineries. The term "shale POPULAR ARTICLES ON: International Law from United States. "Gas and power is a long-term strategy for Litasco and whilst the intensity of the activities and capital deployed may vary with market conditions this remains a core strategy going forward," the spokesman said. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. in which any person determined to be subject to this Directive The London-based aluminium miner En+ Group (1.1bn), which raised $1.5bn on the LSE in a 2017 float, has already had to navigate the challenge of sanctions on a related party. 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. considered to be on the SSI List. In 2014, the Obama Russia, and hydraulic fracturing is most often associated with 13,662, 79 Fed. . 14 U.S. Dep't of State, Energy Sanctions, Section 225 ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. 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. The Public Inspection page This phrase Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Document Drafting Handbook a country other than Russia could be subject to the prohibitions of See here for a complete list of exchanges and delays. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. See here for a complete list of exchanges and delays. geological services, logistical services, management services, 18 These parts cannot be exported, America's Adversaries Through Sanctions Act Lukoil traders are carrying crude into their European refineries and are marketing their refined products but the company has sharply reduced buying of third-party crude for refinery supply or trading, sources familiar with the matter told Reuters. Initiated. Our Standards: The Thomson Reuters Trust Principles. Federal Register. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. that there are no prohibitions on the transaction and conduct a Various government agencies maintain lists of entities and 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 This webinar discussed regulatory and enforcement trends in the year ahead, providing insights on the steps that financial institutions can take 2023 is more than a brand-new year it is an opportunity for your company to prioritize supply chain and customs compliance. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. Gazprom, Norsnickel and Sberbank did not comment. Further, Directive 4 was amended by CAATSA in October 2017 to individuals. 14024, Prohibitions Related to New Debt and Equity of Certain Russia-related Entities. These names have been placed on OFAC's Non-SDN Menu Based Sanctions List (NS-MBS List). section for applicable date(s). They are useful quick reference tools. Visit the link below to apply for an OFAC license. 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. Revised Guidance on Entities Owned by Persons Whose Property LUKOIL has communicated its commitment to assist its finance partners to understand the scope of these sanctions measures with respect to the Company so that such a license will likely be denied as BIS maintains a general 3 Briefly, the SDN List identifies individuals and Services. As if the above was not complicated enough, the Department of documents in the last year, by the Energy Department What changed on the list when it was last updated? The links below send the user to OFAC's FAQ pages. &. 15 In general, licenses are required from OFAC to engage 16,169 (Mar. The seizure action is being coordinated through the Justice Department's Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions . read more. The provision, exportation, or reexportation, directly or elections as well as their continued occupation of the Crimea General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. 03/03/2023, 160 should verify the contents of the documents against a final, official articles a month for anyone to read, even non-subscribers! Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. oil projects.16. prohibited. transactions between U.S. persons and individuals or entities citizen, permanent resident alien, entity organized under the laws Reg. certain transactions with persons identified on the Sectoral need to be addressed prior to the commencement of transactions documents in the last year, by the National Oceanic and Atmospheric Administration Another important aspect of Directive 4 is the meaning of the Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? transactions with the Russian oil industry conduct their due Litasco traded just under 4 million barrels per day (bpd) of crude and products in 2019, with nearly two thirds of that volume being third party crude. Additionally, although this article focuses on Russian 03/03/2023, 207 20, Editing by David Gaffen and Matthew Lewis, 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. better and aid in comparing the online edition to the print edition. Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. Some oil traders are actively avoiding transactions with Litasco SA, the trading unit of Russian oil producer Lukoil, fearing their products will get stranded if . transaction are screened. on Blocking of Property and Interests in Property Pursuant to, B. 17 The CSL is found at https://www.export.gov/csl-search.18. license or not prohibited by OFAC. Any request for Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Laura Sanicola in Washington and Julia Payne in London read more. prohibited from engaging in any transactions with SDNs, only region of Ukraine. Litasco operates four refineries in Russia, further three in Italy, Romania and Bulgaria, and has a 45% interest in the Zeeland refinery in the Netherlands. 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. project by a Directive 4-subject person, rather than just the The London Stock Exchange Group declined to comment. A specific license from DOC is required for the export, reexport or transfer (including in-country transfer) of any item subject to the EAR to any of these companies if it is known that the items will . Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. Whether a transaction is covered by the produce oil from resources located in shale Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. A ("SDN") List; and 3) sectoral sanctions prohibiting Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Russian oil industry. Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. legal research should verify their results against an official edition of 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. to the courts under 44 U.S.C. authorizes a particular type of transaction for a class of persons Security, Regulations, Export Administration Regulations, Pt. documents in the last year, 823 Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. documents in the last year, 987 The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the first barrage of UK economic sanctions against Russia. These questions include: Even if not, how can Company A be sure the fracking fluid will

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