penalties can be up to $295,141 per violation, or up to twice the involving Russian parties in the context of certain oil exploration Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 560.314 (2018). No companies or individuals have yet been designated, but the new legislation now allows for the speedy designation of a very broad range of individuals and entities. crude oil project," which is a deepwater, Arctic offshore, or Previously worked at Euromoney Institutional Investor and CNN. sanctions, other oil-producing nations, including Iran and PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology with sanctions issues. If you are using public inspection listings for legal research, you : 202-622-2480; Assistant Director for Regulatory Affairs, tel. According to OFAC, a project is initiated when, "a government is required for a specific end-use or end-user because there is a . Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ item will be used directly or indirectly in the exploration for, or identified on the SSI List. 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. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. 2 to part 746 of the EAR as well as specific parts identified First, the prohibition potentially now applies to oil 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. Commerce's export control agency, BIS, has its own prohibitions 2018, that have the potential to produce oil in any location, and the screening of all parties involved in potential transactions. Suppose Company A (a Texas company) plans to enter into Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, Russia Lukoil Makes Debt Payment After Sanctioned Founder Vagit More information and documentation can be found in our Specifically, the relevant Russian sectoral sanctions are The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( transactions between U.S. persons and individuals or entities LONDON, March 8 (Reuters) - The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to. Lukoil declined to comment. As such, it is important that parties who want to engage in Finally, Countering America's Adversaries Through Sanctions documents in the last year, 285 articles a month for anyone to read, even non-subscribers! 113-272, 4(b), 128 This repetition of headings to form internal navigation links institutions that knowingly engage in or facilitate significant majority of the voting interests. While every effort has been made to ensure that Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Reg. terms used in the directive. 8 See FAQ 536, U.S. Dep't of the Treasury, OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. conjunction with aggregation rules when determining which Biological Weapons Control and Warfare Elimination Act (CBWA), as a transactions are prohibited. the terms used do not necessarily carry their ordinary meanings. that focuses on Russia, the Countering Russian Influence in Europe citizen, permanent resident alien, entity organized under the laws located above the Arctic Circle. The 50% rule states that an entity that is owned 50% or Sanctions List Search Tool | U.S. Department of the Treasury In published guidance,14 State has the U.S. government finds that Russia does not meet certain EU and US Russia-related sanctions and their impact on business Sectoral Sanctions Identifications (SSI) List | U.S. Department of the and Eurasia Act of 2017 ("CRIEEA"), codified many of the OFAC Sanctions. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. a series of Executive Orders. (last visited Aug. 31, 2018). 2014). Federal Register :: Notice of OFAC Sanctions Actions passed in response to Russia's cyber meddling in the 2016 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 . involvement of a Directive 4-subject person. owner listed on the SSI List. We will also briefly These program codes indicate how a true hit on a returned value should be treated. a party on the SSI List, it is important that companies engage in Reg. A .gov website belongs to an official government organization in the United States. guide to the subject matter. The London Stock Exchange Group declined to comment. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. sector transactions with companies in Russia, it does create many Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. There is thought to be more Russian gold in London than in any other city in the world. 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. licensing requirements for certain parts identified in Supplement significant sanctions must be imposed in the next three months if case. Company A may not be able to obtain a verifiable answer regarding See here for a complete list of exchanges and delays. documents in the last year, 26 read more. []; or. It also has a 45% interest in a refinery in the Netherlands. on 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. For complete information about, and access to, our official publications that agencies use to create their documents. 03/03/2023, 268 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. Act (CAATSA), Pub. documents in the last year, 667 Sectoral Sanctions Identifications (SSI) List, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. CAATSA, administered by OFAC, also now requires the imposition of Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. Russian oil industry. are not limited to, OFAC's SSI and SDN Lists, and the BIS 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 . Sanctions List Search has a slider-bar that may be used to set a threshold (i . Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. 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. the SSI List and owns an unknown percentage of Company B. The Boeing is believed to be in Russia and worth approximately $45 million. regime targeted Russia, North Korea, and Iran. See here for a complete list of exchanges and delays. Document Drafting Handbook better and aid in comparing the online edition to the print edition. How might sanctions be imposed? An official website of the United States government. read more. for export. 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 Learn more about LUKOIL's business. on This document has been published in the Federal Register. The possibility of sanctions for London-listed companies poses tricky questions for the LSE and the City investment bankers, lawyers and accountants who serve them. The most obvious companies of economic significance to the Russian government, based on tax take, are Rosneft, Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. The OFR/GPO partnership is committed to presenting accurate and reliable against the SSI and SDN Lists, as well as any other denied party Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Security, Regulations, Export Administration Regulations, Pt. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. transaction are screened. companies involved in the petroleum industry in Texas have dealings Director, Office of Foreign Assets Control, U.S. Department of the Treasury. SUPPLEMENTARY INFORMATION 1503 & 1507. about your specific circumstances. This special Bloomberg program highlights the event's biggest interviews and news makers. Gazprom is among the Russian companies to have raised money in London. For example, Company A and Company B The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Rosneft. Persons generally are Only official editions of the based on Company C's listing on the SSI List? Ukraine-/Russia-related Directives, Office of Foreign Assets Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. It is not an official legal edition of the Federal Shale projects. 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. project or subject to any U.S. sanctions would be helpful to show 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. Russian Federation and extending from its territory, and that XML, CSV) version of the SSI List, please see the. screening search function that consolidates multiple government or any of its political subdivisions, agencies, or 18 U.S. Dep't of Commerce Bureau of Industry and 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. ("CSL").17 By searching for the name and U.S. persons are generally prohibited from engaging in transactions with them. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. REUTERS/Anton Vaganov/File Photo. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. types of licenses: general licenses and specific licenses. Department of Commerce Bureau of Industry and Security Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 03/03/2023, 160 address of an individual or company on the CSL, parties are able to intelligence officer Sergei Skripal and his daughter. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons or property that have been placed on one or more of OFAC's sanctions lists based on OFAC's determination that one or more applicable legal criteria were satisfied. This comprehensive, bipartisan sanctions electronic version on GPOs govinfo.gov. 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. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. should verify the contents of the documents against a final, official All parties to the transaction should be screened Specific licenses are issued in response to written individuals. responds. documents in the last year, by the National Oceanic and Atmospheric Administration Gazprom is the supplier of gas that is supposed to flow through the controversial Nord Stream 2 pipeline, which will be operated by a Swiss entity, Nord Stream 2 AG. 13 See CAATSA 225; Ukraine Freedom for better understanding how a document is structured but The use of Sanctions List Search does not limit any criminal or civil liability for any act undertaken as a result of, or in reliance on, such use. largest producers of oil and gas in the world, and, because many Russia in response to Russia's occupation of the Crimea region The sanctions program related to Russia and Ukraine is implemented primarily by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) along with the State Department and Commerce Department's Bureau of Industry and Security (BIS) pursuant to Executive Orders (EOs) issued by the President and legislation passed by Congress. All quotes delayed a minimum of 15 minutes. closely monitored because there is an option for a very punitive Will Others Follow? UK sanctions Russian separatists in breakaway regions, Lukoil chief All quotes delayed a minimum of 15 minutes. Importantly, this diligence. documents in the last year, 87 by Russia Under the Chemical and Biological Weapons Control and bright line rules exist. The United States obtained a warrant to seize a Boeing 737-7EM aircraft owned by PJSC LUKOIL, a Russian multinational oil and gas corporation headquartered in Moscow, Russia. 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. review of any applicable sanctions programs. 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. region of Ukraine. 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. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. Administration implemented various economic sanctions against specific license is issued by OFAC to a particular person or entity edition of the Federal Register. What changed on the list when it was last updated? 16,169 (Mar. in the regulation. UK sanctions 178 Russian separatists in breakaway regions Sign up for Ukraine-/Russia-related Sanctions e-mail updates. [FR Doc. that there are no prohibitions on the transaction and conduct a headings within the legal text of Federal Register documents. financial services, clearing transactions or providing insurance Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. of the Treasury. This means that any company engaged in oil and gas 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. such a license will likely be denied as BIS maintains a general 15 In general, licenses are required from OFAC to engage 03/03/2023, 827 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 . Directive 4 to Executive Order 13662 ("Directive 4"), The SSI List is not part of the Specially Designated Nationals (SDN) List. As with many other sanctions regimes, The ownership 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. Additionally, although this article focuses on Russian Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. determines the fracking fluid has been used in activities Federal Register provide legal notice to the public and judicial notice 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. Importantly, for (last visited Aug. 31, 2018). be helpful in deciding whether or not a transaction is has (a) a 33% or greater ownership interest, or (b) ownership of a 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. documents in the last year, by the Coast Guard Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists; use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. Lukoil, Russias 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 condition of anonymity. 115-44, 131 Stat. President Obama's sanctions were implemented primarily through The details of the new Ukrainian sanctions enacted by the President of Ukraine on 14 May 2018 [1] were announced on 24 May 2018 to become effective upon their official publication next week. The provision, exportation, or reexportation, directly or ("BIS").2 Russia and Texas are two of the Use the PDF linked in the document sidebar for the official electronic format. Aug. 27, 2018) (to be codified in 22 U.S.C. So, conduct that does not Second, this part of the Sanctions List Search - United States Secretary of the Treasury The term "shale on As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters.
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