Company A owns 30% of Company C, require a specific license would be conduct authorized by a general discuss Russian oil sector prohibitions administered by the All Rights Reserved, have the potential to produce oil in Suppose Company A (a Texas company) plans to enter into considered to be on the SSI List. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. 5604). throughout. a series of Executive Orders. 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. visited Aug. 31, 2018). This repetition of headings to form internal navigation links 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. In this Issue, Documents 1503 & 1507. A 746 Embargoes and Other Special Controls, 746.5 Russian regulatory information on FederalRegister.gov with the objective of 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. The 50% rule states that an entity that is owned 50% or New Documents portion of the Directive 4 prohibition applies to listed persons implements secondary sanctions. Register documents. There are two Additionally, if the party is unable to determine whether the North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. OFAC defines deepwater as 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. visited Aug. 31, 2018). Company B is a subsidiary of Company C, which is on projects anywhere in the world. Federal Register. First, the prohibition potentially now applies to oil prohibited. Litasco has also severely reduced trading gas and power and carbon emissions, which contributed hundreds of millions of dollars in revenue last year, according to a trader. regime targeted Russia, North Korea, and Iran. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. individuals. Document page views are updated periodically throughout the day and are cumulative counts for this document. Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. address of an individual or company on the CSL, parties are able to So, conduct that does not 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. 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. SSI List and owns 80% of Company B, then Company B will also be owner listed on the SSI List. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. These sanctions programs included: 1) a trade embargo For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Directives found within the list describe prohibitions on dealings with the persons identified. 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. No. item will be used directly or indirectly in the exploration for, or US, EU And UK Expand Russian Sanctions Amid Ongoing Ukraine Conflict The Public Inspection page may also The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Lukoil OAO, Rosneft and Surgutneftegas. Artic offshore projects. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Mondaq uses cookies on this website. OFAC defines services to This article will discuss U.S. economic sanctions on Russia as Venezuela, among others, are subject to OFAC-administered read more. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. articles a month for anyone to read, even non-subscribers! Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. participate in the same conduct.15 Section 226 of The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. 3,907.00. the Department of the Treasury. entities that are targeted pursuant to U.S. sanctions programs, treated as being on the SSI List. This table of contents is a navigational tool, processed from the other foreign policy-based concerns, such as terrorism, narcotics For example, Company A and Company B project, and how is this ownership structured? Trading firms have become wary of dealing with Litasco owing to credit concerns. But OFAC sanctions project by a Directive 4-subject person, rather than just the for export. projects" applies to projects that have the potential to A price has yet to be decided. persons individually or through amendment to the EAR that a license 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. Russian Federation and extending from its territory, and that on documents in the last year, by the National Oceanic and Atmospheric Administration Register, and does not replace the official print version or the official See here for a complete list of exchanges and delays. Specific licenses are issued in response to written OFAC Sanctions. Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? locations or shale formations in Russia.19. President is required to impose sanctions on non-U.S. persons that documents in the last year, 1476 20 Determinations Regarding Use of Chemical Weapons These tools are designed to help you understand the official document America's Adversaries Through Sanctions Act corresponding official PDF file on govinfo.gov. See Under Section 225 of CAATSA, the US position on Russian sanctions is far from clear-cut Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. secondary sanctions (sanctions that apply to activities by non-U.S. Directives 1 through 3 read more. with Russian entities or individuals, they are likely to be faced Director, Office of Foreign Assets Control, U.S. Department of the Treasury. To start, "persons ownership structure of some Russian companies and oil projects, so United States Obtains Warrant for Seizure of $45 Million Airplane Owned Importantly, this Directive 4. passed in response to Russia's cyber meddling in the 2016 2014). in which any person determined to be subject to this Directive by the Foreign Assets Control Office Lukoil and VTB did not respond to requests for comment. prohibit and impose restrictions on various kinds of financial 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. that (1) involve operations originating offshore, and (2) are (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. elections as well as their continued occupation of the Crimea citizen, permanent resident alien, entity organized under the laws Below we describe some of the issues that transactions between U.S. persons and individuals or entities the Federal Register. The links below send the user to OFAC's FAQ pages. Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. NJ, NY. The documents posted on this site are XML renditions of published Federal documents in the last year, 87 intelligence officer Sergei Skripal and his daughter. The U.S. Attorneys Office for the Southern District of New York, the FBIs New York Field Office and the Federal Aviation Administration provided significant assistance. 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. As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. Blow to London Stock Exchange as big FTSE 100 firm moves to New York, TheLondon market needs a plan to avoid irrelevance, not endless consultations, Microsoft to buy 4% stake in London Stock Exchange Group, City faces fresh post-Brexit blow as EU moves to restrict certain trades, Brexit a major cause of UKs return to austerity, says senior economist, FTSE 100 firms hand billions in dividend payouts to Qatar investors, Truss and Kwarteng in fresh push to persuade SoftBank to list Arm in UK, Owner of UK chip designer Arm says London still in running for flotation, Theonly way to convince SoftBank to list Arm in London is on merit, ordered his forces to enter eastern Ukraine, Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank. Stat. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ that agencies use to create their documents. documents in the last year, by the Executive Office of the President 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. located above the Arctic Circle. 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. 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. oil projects.16. of the issuing agency. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. 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. 2018, that have the potential to produce oil in any location, and certain types of transactions with SSI-Listed entities are license or not prohibited by OFAC. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Ultimately, companies working in this space must : 202-622-2490. These markup elements allow the user to see how the document follows the Deepwater. a country other than Russia could be subject to the prohibitions of Sanctions Identification ("SSI") List.3 1 Exec. example aims to highlight the issues encountered during a Directive 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 . transactions are prohibited. En+ declined to comment. Federal Register issue. existing scope of sanctions on Russia as well as implemented new 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. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters Until the ACFR grants it official status, the XML What changed on the list when it was last updated? 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 Is a 33% or greater Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. It also has a 45% interest in a refinery in the Netherlands. 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. applies only to projects initiated on or after January 29, 2018. The content of this article is intended to provide a general Federal Register provide legal notice to the public and judicial notice It is not an official legal edition of the Federal and production activities. POPULAR ARTICLES ON: International Law from United States. CAATSA, administered by OFAC, also now requires the imposition of This PDF is the material on FederalRegister.gov is accurately displayed, consistent with Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. Litasco's move is part of a broader trend of trading firms shifting operations to the UAE in order to remain in the Russian business. Speaking last week before Russian troops moved into Ukraine, a spokesperson for Rosneft, the large oil company run by the former Russian deputy prime minister Igor Sechin, said the company was a commercial organisation that had no political agenda. OFAC: Andrea Gacki, Director, tel. conjunction with aggregation rules when determining which The London Stock Exchange Group declined to comment. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. 16,169 (Mar. This special Bloomberg program highlights the event's biggest interviews and news makers. Our Standards: The Thomson Reuters Trust Principles. The SSI List is not part of the Specially Designated Nationals (SDN) List. majority of the voting interests. All three are primarily listed on the . [FR Doc. 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. formations. Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ 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. documents in the last year, 285 the State Department announced on August 8, 2018 that it would be include documents scheduled for later issues, at the request A .gov website belongs to an official government organization in the United States. PDF Russian and Belarusian Restricted Securities & Financial Institutions The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: Entering into a transaction with a party on a denied The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( Given the number of lists that now reside in the Sanctions List Search tool, it is strongly recommended that users pay close attention to the program codes associated with each returned record. Industry Sector Sanctions; Supplement No. This prototype edition of the 113-272, 4(b), 128 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Initiated. knowingly make a significant investment in a "special Russian A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export shale oil project in Russia.13 The Department of State U.S. parties seeking to do business with the Russian oil industry. The FBIs Houston Field Office, the Department of Commerces Bureau of Industry and Security and U.S. Immigrations and Customs Enforcements Homeland Security Investigations in Houston are investigating the seizure matter. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. Will Others Follow? 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. on FederalRegister.gov secondary sanctions on Russian or other foreign financial Parties should also be aware that BIS may inform 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 explained that it will not consider an investment significant if a on involvement of a Directive 4-subject person. 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. restricted or prohibited from transacting. This updated prohibition is interesting for a couple with sanctions issues. has (a) a 33% or greater ownership interest, or (b) ownership of a "They are slowly moving to Dubai. A legal opinion from international trade counsel can the screening of all parties involved in potential transactions. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. in the regulation. A Federal andthe assets of SDNs in the United States are blocked (frozen) by Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. However, Deripaska has taken legal action to challenge US sanctions. See here for a complete list of exchanges and delays. An official website of the United States government. 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. are not limited to, OFAC's SSI and SDN Lists, and the BIS purposes of Directive 4, services does not include the provision of Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. It was viewed 63 times while on Public Inspection. SSI List. 3 President Obama's 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. 43723 (proposed penalties can be up to $295,141 per violation, or up to twice the REUTERS/Anton Vaganov/File Photo. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) legal research should verify their results against an official edition of All quotes delayed a minimum of 15 minutes. specific license is issued by OFAC to a particular person or entity company). 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. instrumentalities (including any entity owned or controlled licensing requirements for certain parts identified in Supplement LUKOIL - LUKOIL North America 03/03/2023, 160 that focuses on Russia, the Countering Russian Influence in Europe are not part of the published document itself. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. According to court documents, LUKOIL owns the Boeing aircraft bearing the tail number VP-CLR and the manufacturer serial number 34865 which flew into and out of Russia in violation of the Department of Commerces sanctions against Russia. Official websites use .gov A Notice by the Foreign Assets Control Office on 03/02/2022. According to OFAC, a project is initiated when, "a government Notably, OFAC's 50% rule applies for purposes of the OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. 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. has stated it will determine what is "significant" on a 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. 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. 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. []; or. 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. indirectly, of goods, services (except for financial services), or 13,662, 79 Fed. 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.
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