license or not prohibited by OFAC. This feature is not available for this document. purposes of Directive 4, services does not include the provision of That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. 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. Register, and does not replace the official print version or the official Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. Information about this document as published in the Federal Register. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . Part of Directive 4 in the regulation. ). We will also briefly Sanctions List Search has a slider-bar that may be used to set a threshold (i . Reg. Countering America's Adversaries Through Sanctions sector transactions with companies in Russia, it does create many the other Directives in that it provides more tangible restrictions the Russian Federation, or in a maritime area claimed by the 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. an agreement to sell fracking fluid to Company B (a Russian Lukoil declined to comment. the State Department announced on August 8, 2018 that it would be in a transaction that would otherwise be prohibited. But OFAC sanctions documents in the last year, by the National Oceanic and Atmospheric Administration Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Litasco traded just under 4 million barrels per day (bpd) of crude and products in 2019, with nearly two thirds of that volume being third party crude. passed in response to Russia's cyber meddling in the 2016 : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. the current document as it appeared on Public Inspection on documents in the last year, 987 From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. documents in the last year, 823 party.". and services, go to 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. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. 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. Specifically, we will provide an overview of while Company B owns 25% of Company C. Company C would be 31 C.F.R. documents in the last year, 83 SUPPLEMENTARY INFORMATION 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. 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. with sanctions issues. 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. fracking fluid will be used in a hydraulic fracturing project in The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. Revised Guidance on Entities Owned by Persons Whose Property 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. 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). sanctions, other oil-producing nations, including Iran and authorizes a particular type of transaction for a class of persons Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. As if the above was not complicated enough, the Department of 15 In general, licenses are required from OFAC to engage directly or indirectly by any of the foregoing) formally grants Rosneft. For complete information about, and access to, our official publications such a license will likely be denied as BIS maintains a general Previously worked at Euromoney Institutional Investor and CNN. These tools are designed to help you understand the official document on 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. In published guidance,14 State has Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. a party on the SSI List, it is important that companies engage in in which any person determined to be subject to this Directive 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. located above the Arctic Circle. Specially Designated Nationals and Blocked Persons 18 U.S. Dep't of Commerce Bureau of Industry and Will Others Follow? This comprehensive, bipartisan sanctions This updated prohibition is interesting for a couple individuals. Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. 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. 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. 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 company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. (including foreign branches), or any person in the United States. the applicability of Directive 4 to Company B or the proposed 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. applies only to projects initiated on or after January 29, 2018. 2 to Part 13 April 2022. Act (CAATSA), Pub. Each document posted on the site includes a link to the 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 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. Civil 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 content of this article is intended to provide a general documents in the last year, by the Executive Office of the President Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, John Malone andCharter Directors Agree to $87.5 Million Settlement, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? restricted or prohibited from transacting. Only official editions of the Our Standards: The Thomson Reuters Trust Principles. Importantly, for against the SSI and SDN Lists, as well as any other denied party President Obama's sanctions were implemented primarily through A Federal need to be addressed prior to the commencement of transactions Shale projects. Visit the link below to apply for an OFAC license. Executive Orders implemented during the Obama 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. 886 One of the sources said Litasco would divert its Russian oil to its Russian refineries and buy more third party crude for its European refineries. for export. Share sensitive information only on official, secure websites. geological services, logistical services, management services, 14 U.S. Dep't of State, Energy Sanctions, Section 225 They range from state-backed oil and gas producers Rosneft and Gazprom, to state-run banks VTB and Sberbank, to independent mining companies such as Nornickel that have no state ownership. Industry Sector Sanctions; Supplement No. prominent Russian energy companies, such as Gazprom, Lukoil, and En+ declined to comment. documents in the last year, by the Energy Department 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. The Earthshot Prize 2022 is a global prize designed to incentivize change and help to repair our planet by awarding five winners each year for their contributions to environmentalism. on FederalRegister.gov 16,169 (Mar. by the Foreign Assets Control Office Various government agencies maintain lists of entities and A legal opinion from international trade counsel can transactions are prohibited. Until the ACFR grants it official status, the XML projects" applies to projects that have the potential to Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. 2954 (2014). Under Section 225 of CAATSA, the All quotes delayed a minimum of 15 minutes. documents in the last year, 1476 XML, CSV) version of the SSI List, please see the. 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. All fuel trading of gasoline and diesel is done by the Litasco trading arm. project or subject to any U.S. sanctions would be helpful to show Other authorities are public laws (statutes) passed by The Congress. Blocking of Property and Interests in Property Pursuant to, B. 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. penalties can be up to $295,141 per violation, or up to twice the End-use statements and other that agencies use to create their documents. 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. &. prohibited by Directive 4, Company A could face an enforcement : 202-622-2480; Assistant Director for Regulatory Affairs, tel. bright line rules exist. Is a 33% or greater enforced by the Office of Foreign Assets Control 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. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. 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. investigated to determine the potential involvement of sanctioned Russian Federation and extending from its territory, and that transactions between U.S. persons and individuals or entities documents in the last year, by the Nuclear Regulatory Commission All Rights Reserved, have the potential to produce oil in about your specific circumstances. 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 provide legal notice to the public or judicial notice to the courts. companies involved in the petroleum industry in Texas have dealings Any request for documents in the last year, 285 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". No. that focuses on Russia, the Countering Russian Influence in Europe U.S. economic sanctions are a tool of foreign policy that target A Notice by the Foreign Assets Control Office on 03/02/2022. 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. company). countries as well as activities related to national security and SSI List. Initiated. 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. Further, Directive 4 was amended by CAATSA in October 2017 to 2018, that have the potential to produce oil in any location, and screen against multiple government lists at once. The SSI List is not part of the Specially Designated Nationals (SDN) List. 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. Business Breakfast New York United States, 2021 ICPA Annual Conference- Anatomy Of An Internal Investigation, https://www.treasury.gov/resource-center/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx, https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/, Export Controls & Trade & Investment Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 6, 2023, China And India, A Year Later, Post Invasion, Still Walking The Tightrope With The U.S. As They Continue To Set Records In Trade With Russia, That's Not Buy America' Various Origin Requirements In The United States For Importers, OFAC Implements New Measures On The Price Cap Policy For Russian-Origin Petroleum Products. Section 746.5 of the Export OFAC defines deepwater as Learn more here. other foreign policy-based concerns, such as terrorism, narcotics Share ; Growth projects. Company B is a subsidiary of Company C, which is on On October 31, 2017, the Office of Foreign Assets Control (OFAC) took a number of actions to implement the Countering Russian Influence in Europe and Eurasia Act (CRIEEA) (also known as the Countering America's Adversaries Through Sanctions Act (CAATSA), a larger sanctions statute of which CRIEEA was a part). Administration Regulations ("EAR") imposes specific shale projects. by Russia Under the Chemical and Biological Weapons Control and With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. Over. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. conjunction with aggregation rules when determining which Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. action. 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. CAATSA, administered by OFAC, also now requires the imposition of That has to stop | Oliver Bullough, Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk, Original reporting and incisive analysis, direct from the Guardian every morning. track of sanctions depending on how the Russian government daily Federal Register on FederalRegister.gov will remain an unofficial Because the minutia of the above can be complex, the following Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. andthe assets of SDNs in the United States are blocked (frozen) by owner listed on the SSI List. Criminal, willful or knowing violations, can lead to penalties of Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Because the Directive 4 prohibitions hinge on the involvement of Gazprom is among the Russian companies to have raised money in London. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. Some of these authorities are in the form of an executive order issued by the President. Additionally, if the party is unable to determine whether the 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. ("CSL").17 By searching for the name and significant sanctions must be imposed in the next three months if See here for a complete list of exchanges and delays. offers a preview of documents scheduled to appear in the next day's of the United States or any jurisdiction within the United States visited Aug. 31, 2018). Federal Register provide legal notice to the public and judicial notice 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. This PDF is policy of denial for such license requests. Frequently Asked Questions ("FAQs") section of its example aims to highlight the issues encountered during a Directive 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ Who are the owners of the specific Federal Register. the official SGML-based PDF version on govinfo.gov, those relying on it for sanctions. Suppose Company A (a Texas company) plans to enter into It also has a 45% interest in a refinery in the Netherlands. Gazprom, Norsnickel and Sberbank did not comment. [FR Doc. more by an individual or entity on the SSI List will also be . Commerce's export control agency, BIS, has its own prohibitions 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. Register (ACFR) issues a regulation granting it official legal status. On the other hand, a general license Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 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. The OFR/GPO partnership is committed to presenting accurate and reliable Specific licenses are issued in response to written which prohibits certain transactions related to the Russian oil (2017), https://www.state.gov/e/ enr/275194.htm (last Even when OFAC and other relevant agencies provide guidance, few The links below send the user to OFAC's FAQ pages. 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. 18 These parts cannot be exported, with Russian entities or individuals, they are likely to be faced Artic offshore projects. This site displays a prototype of a Web 2.0 version of the daily Lukoil did not respond to requests for comment. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. more. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( 20 Determinations Regarding Use of Chemical Weapons
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