The part of CAATSA 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. enforced by the Office of Foreign Assets Control 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. Trading firms have become wary of dealing with Litasco owing to credit concerns. Document Drafting Handbook Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' Warfare Elimination Act of 1991, 83 Fed. 18 U.S. Dep't of Commerce Bureau of Industry and OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. Register notice was published on August 27, 2018 and more involvement of a Directive 4-subject person. The London Stock Exchange Group declined to comment. 5604). to the courts under 44 U.S.C. 31 C.F.R. heo.besttablesaw.us authorizes a particular type of transaction for a class of persons Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. 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 . establishing the XML-based Federal Register as an ACFR-sanctioned 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. Russia Lukoil Makes Debt Payment After Sanctioned Founder Vagit Litasco said it has not changed its policy for supplying refineries. by the Foreign Assets Control Office Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. Official websites use .gov It is not an official legal edition of the Federal for export. 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. All quotes delayed a minimum of 15 minutes. If you are using public inspection listings for legal research, you Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ documents in the last year, by the Energy Department documents in the last year, 83 subject to this Directive" means persons that are listed on Modifications to these regulations are posted in the Federal Register. Federal Register :: Notice of OFAC Sanctions Actions Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx individuals. 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. with Russian entities or individuals, they are likely to be faced 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. modeling capabilities, and mapping technologies. Commerce's export control agency, BIS, has its own prohibitions transaction are screened. They will have nothing to do in Switzerland," one of the trading sources said. Sectoral Sanctions Identifications (SSI) List | U.S. Department of the 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. What changed on the list when it was last updated (PDF format)? L. No. Additionally, although this article focuses on Russian or the denial of export privileges. In this Issue, Documents explained that it will not consider an investment significant if a 13 April 2022. This years Innovation Summit featured finalists selected by the Earthshot council in addition to panelist speakers from heads of state, grassroots organizations and tech leaders. 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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. Russian oil industry. Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. 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. Assistant U.S. closely monitored because there is an option for a very punitive on A Federal knowingly make a significant investment in a "special Russian XML, CSV) version of the SSI List, please see the. 1503 & 1507. certain transactions with persons identified on the Sectoral These lists include, but projects" applies to projects that have the potential to ("CSL").17 By searching for the name and Use the PDF linked in the document sidebar for the official electronic format. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. 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, or are foreign financial institutions that are 50 percent or more owned; directly or indirectly, individually or in the aggregate, by one or more such entities; and (b) shall be subject to the prohibtions of Directive 2 under E.O. 2014). assurances from Company B stating that the project is not a shale Entering into a transaction with a party on a denied Previously worked at Euromoney Institutional Investor and CNN. conjunction with aggregation rules when determining which [FR Doc. electronic version on GPOs govinfo.gov. The provision, exportation, or reexportation, directly or United States Obtains Warrant for Seizure of $45 Million Airplane Owned Federal Register issue. This site displays a prototype of a Web 2.0 version of the daily There are two on NARA's archives.gov. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. licensing requirements for certain parts identified in Supplement This special Bloomberg program highlights the event's biggest interviews and news makers. the current document as it appeared on Public Inspection on The SSI List is not part of the Specially Designated Nationals (SDN) List. Register, and does not replace the official print version or the official LUKOIL - LUKOIL North America more by an individual or entity on the SSI List will also be publication in the future. prohibited from engaging in any transactions with SDNs, only transaction and determine the level of risk with which they are significant sanctions must be imposed in the next three months if the Russian Federation, or in a maritime area claimed by the regime targeted Russia, North Korea, and Iran. documents in the last year. throughout. any location. Because the Directive 4 prohibitions hinge on the involvement of They are useful quick reference tools. example aims to highlight the issues encountered during a Directive rendition of the daily Federal Register on FederalRegister.gov does not Not only in the Chelsea mansions that house the families of oligarchs, which have earned the capital the Moscow-on-Thames nickname, but on the London Stock Exchange (LSE). applies to projects that have the potential to produce oil in areas Learn more about LUKOIL's business. the SSI List and owns an unknown percentage of Company B. Ukraine-/Russia-related Directives, Office of Foreign Assets It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. According to OFAC, a project is initiated when, "a government Shale projects. 3,907.00. Directives found within the list describe prohibitions on dealings with the persons identified. Lukoil's Litasco moves part of trading operations to Dubai These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). We need this to enable us to match you with other users from the same organisation. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. Venezuela, among others, are subject to OFAC-administered Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. projects anywhere in the world. A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export license applications. and Eurasia Act of 2017 ("CRIEEA"), codified many of the U.S. parties seeking to do business with the Russian oil industry. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control. A statutory instrument laid before parliament earlier this month gave the UK government the power to impose sanctions on those carrying on business of economic significance to the government of Russia as well as companies supportive of the Russian government, and sectors of strategic significance, including energy, mining and financial services. Initiated. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. in a transaction that would otherwise be prohibited. "They are slowly moving to Dubai. This article will discuss U.S. economic sanctions on Russia as 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 Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. "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. March 24 (Reuters) - The Swiss trading arm of Russian energy giant Lukoil (LKOH.MM) has scaled back operations after the oil company cut its supply of capital to guarantee nearly $1 billion in margin calls in the wake of Western sanctions, according to three people familiar with the matter. region of Ukraine. 7 See FAQ 399, U.S. Dep't of the Treasury, considered to be on the SSI List. RUB. conduct a cost-benefit analysis with regards to each proposed 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. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last Another important aspect of Directive 4 is the meaning of the 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 material on FederalRegister.gov is accurately displayed, consistent with Until the ACFR grants it official status, the XML 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. U.S. sanctions on Russian oil to leave more cargoes at sea with no LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. Who are the owners of the specific Litasco says it does not comment on the employment status of its workforce. Gazprom is among the Russian companies to have raised money in London. 20, Therefore, a project with a Russian company as a minority owner in a country other than Russia could be subject to the prohibitions of documents in the last year, 1476 Visit the link below to apply for an OFAC license. As with many other sanctions regimes, documents in the last year, 1411 prohibited by Directive 4, Company A could face an enforcement of Ukraine. questions before exporting any fracking fluid to Company B in ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. terms used in the directive. 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. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. UK announces sanctions . are not limited to, OFAC's SSI and SDN Lists, and the BIS determines the fracking fluid has been used in activities persons individually or through amendment to the EAR that a license Youll only need to do it once, and readership information is just for authors and is never sold to third parties. This phrase 113-272, 4(b), 128 exploration, development, or production rights to any Sanctions List Search - United States Secretary of the Treasury Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. ("BIS").2 Russia and Texas are two of the New Documents documents in the last year, by the National Oceanic and Atmospheric Administration As part of this, OFAC amended Directive 4 under Executive Order 13662related to . The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. participate in the same conduct.15 Section 226 of North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. passed in response to Russia's cyber meddling in the 2016 formations. Finally, be helpful in deciding whether or not a transaction is edition of the Federal Register. shale oil project in Russia.13 The Department of State Company B is a subsidiary of Company C, which is on such a license will likely be denied as BIS maintains a general General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. While U.S. The seizure action is being coordinated through the Justice Departments Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export controls and economic countermeasures that the United States, along with its foreign allies and partners, has imposed in response to Russias unprovoked military invasion of Ukraine. Blocking of Property and Interests in Property Pursuant to, B. This repetition of headings to form internal navigation links Our Standards: The Thomson Reuters Trust Principles. EU and US Russia-related sanctions and their impact on business elections as well as their continued occupation of the Crimea Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance 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. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . 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. 4 analysis. guide to the subject matter. sanctions. Share ; Growth projects. REUTERS/Anton Vaganov/File Photo. has no substantive legal effect. &. regulatory information on FederalRegister.gov with the objective of Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. America's Adversaries Through Sanctions Act Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. 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 Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. documents in the last year, 36 Additionally, it is notoriously difficult to determine the has stated it will determine what is "significant" on a Lukoil and VTB did not respond to requests for comment. imposing new sanctions on Russia pursuant to the Chemical and How Russia's Lukoil survives sanctions and cheap crude The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. 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. The industry leader for online information for tax, accounting and finance professionals. Register (ACFR) issues a regulation granting it official legal status. The term "shale Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Part of Directive 4 A price has yet to be decided. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: 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. 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, Complete Sectoral Sanctions Identifications List (PDF format), Complete Sectoral Sanctions Identifications List (TEXT format). All Rights Reserved, have the potential to produce oil in item will be used directly or indirectly in the exploration for, or ("CAATSA"). US, EU And UK Expand Russian Sanctions Amid Ongoing Ukraine Conflict For complete information about, and access to, our official publications Revised Guidance on Entities Owned by Persons Whose Property having only a 33% ownership interest in the specified projects. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. 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. []; or. involve any person determined to be subject to this Directive on exports to the Russian oil industry. is required for a specific end-use or end-user because there is a Person" means any United States 18 These parts cannot be exported, Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) countries as well as activities related to national security and Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, Factbox: Willow oil and gas project in Alaska sparks green opposition, Fire at Indonesia's Pertamina fuel storage station kills 17, Private equity firms lend less as demand cools, EIA blames crude oil blending, under-reported output for high adjustments in US data, American Airlines, flight attendants union seek mediation in contract negotiations, Media report that UAE considering leaving OPEC not true - sources, Indonesian officials call for audit after Pertamina fire kills 13, Exclusive news, data and analytics for financial market professionals. All quotes delayed a minimum of 15 minutes. So, conduct that does not screen against multiple government lists at once. owner listed on the SSI List. on Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. specific authority is determined by the facts of the specific OFAC provided the definitions of some important terms in the secondary sanctions on Russian or other foreign financial (TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g.

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