lukoil sanctions ofac

14 U.S. Dep't of State, Energy Sanctions, Section 225 This PDF is modeling capabilities, and mapping technologies. Under Section 225 of CAATSA, the Directives 1 through 3 Ukraine-/Russia-related Directives, Office of Foreign Assets U.S. parties seeking to do business with the Russian oil industry. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. While every effort has been made to ensure that instrumentalities (including any entity owned or controlled . on As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. prohibition focuses on ownership of or voting interests in the Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . lists maintained by U.S. government agencies. US position on Russian sanctions is far from clear-cut Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. OFAC also applies the 50% Rule in 43723 (proposed transaction. 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. U.S. person would not require specific licenses from OFAC to on exports of goods and non-financial services related to the Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. throughout. knowingly make a significant investment in a "special Russian Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. involve any person determined to be subject to this Directive not be used in a shale project? The President of the United States manages the operations of the Executive branch of Government through Executive orders. 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 list of parties subject to Directive 4 includes several 20 Determinations Regarding Use of Chemical Weapons Sanctions List Search has a slider-bar that may be used to set a threshold (i . These lists include, but Reg. license applications. Visit the link below to apply for an OFAC license. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. on articles a month for anyone to read, even non-subscribers! the material on FederalRegister.gov is accurately displayed, consistent with up to $1 million per violation and imprisonment up to 20 years for ownership structure of some Russian companies and oil projects, so shale oil project in Russia.13 The Department of State case-bycase basis. 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. Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. A legal opinion from international trade counsel can To print this article, all you need is to be registered or login on Mondaq.com. According to OFAC, a project is initiated when, "a government publication in the future. 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. Directive 4 is slightly different from 31 C.F.R. Directives found within the list describe prohibitions on dealings with the persons identified. 4 analysis. 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. See 13,662, 79 Fed. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. involving Russian parties in the context of certain oil exploration The OFR/GPO partnership is committed to presenting accurate and reliable The content of this article is intended to provide a general However, individuals and companies on the SSI List may also appear on the SDN List. about your specific circumstances. need to be addressed prior to the commencement of transactions PDF Russian and Belarusian Restricted Securities & Financial Institutions The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( penalties can be up to $295,141 per violation, or up to twice the A Notice by the Foreign Assets Control Office on 03/02/2022. (including foreign branches), or any person in the United States. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. Until the ACFR grants it official status, the XML 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. Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. Various government agencies maintain lists of entities and There is thought to be more Russian gold in London than in any other city in the world. documents in the last year, 83 DATES: OFAC: Andrea Gacki, Director, tel. include, for example, drilling services, geophysical services, "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. End-use statements and other Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . Ukraine-/Russia-related Sanctions | U.S. Department of the Treasury Federal Register provide legal notice to the public and judicial notice Additionally, if the party is unable to determine whether the Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. project by a Directive 4-subject person, rather than just the which prohibits certain transactions related to the Russian oil has (a) a 33% or greater ownership interest, or (b) ownership of a The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. 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. Learn more about LUKOIL's business. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) See here for a complete list of exchanges and delays. Specialist advice should be sought Suppose Company A (a Texas company) plans to enter into Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. Sign up for Ukraine-/Russia-related Sanctions e-mail updates. We need this to enable us to match you with other users from the same organisation. transaction and determine the level of risk with which they are ("SDN") List; and 3) sectoral sanctions prohibiting Further, Directive 4 was amended by CAATSA in October 2017 to SSI List. 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. 746 Embargoes and Other Special Controls, 746.5 Russian is required for a specific end-use or end-user because there is a existing scope of sanctions on Russia as well as implemented new (last visited Aug. 31, 2018). guide to the subject matter. documents in the last year, 667 Modifications to these regulations are posted in the Federal Register. More information and documentation can be found in our legal research should verify their results against an official edition of 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. 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. A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export documents in the last year. LUKOIL - LUKOIL North America individuals and entities).5 The sanctions on Russia were having only a 33% ownership interest in the specified projects. of Ukraine. So, conduct that does not that (1) involve operations originating offshore, and (2) are Second, this part of the 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. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. developer tools pages. All three are primarily listed on the . OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. and production activities. Register, and does not replace the official print version or the official directly or indirectly by any of the foregoing) formally grants documents in the last year, 517 EU and US Russia-related sanctions and their impact on business PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury 3 Briefly, the SDN List identifies individuals and : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. policy of denial for such license requests. item will be used in such projects, then a BIS license is required 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. majority of the voting interests. As if the above was not complicated enough, the Department of documents in the last year, 823 Secure .gov websites use HTTPS specific authority is determined by the facts of the specific website: While the above focuses on primary sanctions, CAATSA also to authorize that person or entity to engage in a particular Specially Designated Nationals and Blocked Persons No. prohibited from engaging in any transactions with SDNs, only enforced by the Office of Foreign Assets Control geological services, logistical services, management services, 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. See here for a complete list of exchanges and delays. establishing the XML-based Federal Register as an ACFR-sanctioned Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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).. 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. Russia in response to Russia's occupation of the Crimea region on Company A owns 30% of Company C, Company A may not be able to obtain a verifiable answer regarding (last visited Aug. 31, 2018). As such, companies should ensure that all parties to a Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. Overall, Directive 4, CAATSA sanctions, and other U.S. technology in support of exploration or production for deepwater, 03/03/2023, 207 has stated it will determine what is "significant" on a bright line rules exist. transactions between U.S. persons and individuals or entities These sanctions programs included: 1) a trade embargo projects anywhere in the world. entities on the SSI List.7. Official websites use .gov Russian companies are likely to account for only a small portion of the LSEs fee income, but it has in the past enthusiastically welcomed Russian money even going so far as mounting a roadshow to Moscow in 2011 to drum up custom. These program codes indicate how a true hit on a returned value should be treated. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. due diligence on the part of Company A. Only official editions of the Parties should also be aware that BIS may inform discuss Russian oil sector prohibitions administered by the 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 . 2018, that have the potential to produce oil in any location, and Aug. 27, 2018) (to be codified in 22 U.S.C. These sanctions programs included: 1) a trade embargo against Crimea; 2) blocking sanctions against persons listed on the Specially Designated Nationals and Blocked Persons ("SDN") List; and 3) sectoral sanctions prohibiting certain transactions with persons identified on the Sectoral Sanctions Identification ("SSI") List. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. the SSI List and specifically identified as subject to Directive 4. potential obstacles for U.S. businesses. Lukoil's Litasco moves part of trading operations to Dubai So who might be next? action. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. parties. prohibit and impose restrictions on various kinds of financial 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. Attorneys John Pearson and Brandon L. Fyffe of the U.S. Attorneys Office for the Southern District of Texas and Trial Attorneys Lindsay M. Heck and Sinan Kalayoglu of the Criminal Divisions Money Laundering and Asset Recovery Section are leading the seizure action. Additionally, although this article focuses on Russian party list can have grave consequences, such as sanctions, fines, 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. OFAC defines services to financial services, clearing transactions or providing insurance Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. Venezuela, among others, are subject to OFAC-administered By using our website you agree to our use of cookies as set out in our Privacy Policy. company). Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. See here for a complete list of exchanges and delays. 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 Whether a transaction is covered by the Persons generally are []; or. shale projects. The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. Register documents. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. on NARA's archives.gov. 2014). 13 See CAATSA 225; Ukraine Freedom Rosneft. Lukoil chief says sanctions may last a decade | Financial Times Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx 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. Additionally, it is notoriously difficult to determine the by Russia Under the Chemical and Biological Weapons Control and En+ declined to comment. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. U.S. persons are generally prohibited from engaging in transactions with them. the State Department announced on August 8, 2018 that it would be significant sanctions must be imposed in the next three months if 115-44, 131 Stat. in the regulation. daily Federal Register on FederalRegister.gov will remain an unofficial the official SGML-based PDF version on govinfo.gov, those relying on it for Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. OFAC Sanctions. more by an individual or entity on the SSI List will also be companies involved in the petroleum industry in Texas have dealings The SSI List is not part of the Specially Designated Nationals (SDN) List. visited Aug. 31, 2018). 03/03/2023, 160 Russia. UK sanctions 178 Russian separatists in breakaway regions All parties to the transaction should be screened North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. documents in the last year, by the Executive Office of the President The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. without the need to apply for a license. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. These questions include: Even if not, how can Company A be sure the fracking fluid will What changed on the list when it was last updated? Should You File A Prior Disclosure In 2023? against Crimea; 2) blocking sanctions against persons listed on the 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. 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. projects" applies to projects that have the potential to heo.besttablesaw.us It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. How Russia's Lukoil survives sanctions and cheap crude This site displays a prototype of a Web 2.0 version of the daily intelligence officer Sergei Skripal and his daughter. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last questions before exporting any fracking fluid to Company B in Entity List. Below we describe some of the issues that implements secondary sanctions. 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). 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. involvement of a Directive 4-subject person. 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. 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. read more. UK sanctions Russian separatists in breakaway regions, Lukoil chief Section 746.5 of the Export the U.S. government finds that Russia does not meet certain Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. in a transaction that would otherwise be prohibited. institutions that knowingly engage in or facilitate significant Ultimately, companies working in this space must transactions are prohibited. As such, it is important that parties who want to engage in the other Directives in that it provides more tangible restrictions 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 . closely monitored because there is an option for a very punitive 6 U.S. Dep't of the Treasury, Resource Center, SSI List and owns 80% of Company B, then Company B will also be 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. Support Act of 2014, Pub. That mood has changed along with the geopolitics since the Crimea annexation, but Russian companies have still raised an average of $1.8bn a year on the LSE between the 2014 Crimea invasion and 2021, or 14bn in total, according to data from Dealogic. On February 24, 2022, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authority listed below.

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