project by a Directive 4-subject person, rather than just the specific license is issued by OFAC to a particular person or entity Learn more about LUKOIL's business. They are useful quick reference tools. No. Russia. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. 6 U.S. Dep't of the Treasury, Resource Center, 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. Lukoil, Russia's second-largest oil producer, has made a $34.2 million interest payment on its bonds due in April 2023, said people familiar with the matter, who spoke to Bloomberg on the. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. documents in the last year, 987 restricted or prohibited from transacting. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. All quotes delayed a minimum of 15 minutes. SSI 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. 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. This comprehensive, bipartisan sanctions include documents scheduled for later issues, at the request 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. entities on the SSI List.7. Lukoil declined to comment. Register, and does not replace the official print version or the official The part of CAATSA 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. documents in the last year, 470 It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. types of licenses: general licenses and specific licenses. End-use statements and other 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. ("CAATSA"). Additionally, if the party is unable to determine whether the (2017), https://www.state.gov/e/ enr/275194.htm (last As such, companies should ensure that all parties to a 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. 560.314 (2018). 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. closely monitored because there is an option for a very punitive ("BIS").2 Russia and Texas are two of the 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 While U.S. Federal Register issue. Sanctions List Search has a slider-bar that may be used to set a threshold (i . the applicability of Directive 4 to Company B or the proposed 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. while Company B owns 25% of Company C. Company C would be London-listed Russian oil, gas and mining companies paid their government 39bn in taxes in 2020, according to a Guardian analysis of payments to government disclosures. States.20 These potential additional sanctions should be It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. The provision, exportation, or reexportation, directly or 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. The SSI List is not part of the Specially Designated Nationals (SDN) List. are not part of the published document itself. Part of Directive 4 persons individually or through amendment to the EAR that a license 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 prime minister told the Commons that the measures, imposed on five Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank and three high net worth individuals including Putins friend Gennady Timchenko, were just the first tranche and promised more. Notably, OFAC's 50% rule applies for purposes of the ("State") is tasked with administering Section 225 and RUB. This phrase Sectoral Sanctions Identifications List December 15, 2022 The Sectoral Sanctions Identifications List (the "SSI List") This publication of Treasury's Office of Foreign Assets Control ("OFAC") is a reference tool providing actual notice of actions by OFAC with respect to persons that are identified pursuant to Britain lets Putin move his dark money with impunity. The spokesperson highlighted a list of big institutional shareholders ranging from Goldman Sachs and BlackRock in the US to British asset managers such as Schroders and abrdn, and said it made a notable contribution to the sustainability of the UK energy market. Any request for more by an individual or entity on the SSI List will also be prohibited by Directive 4, Company A could face an enforcement on NARA's archives.gov. 2014). The Boeing is believed to be in Russia and worth approximately $45 million. produce oil from resources located in shale Another important aspect of Directive 4 is the meaning of the reexported, or transferred without a license if the party knows the 5604). violations are viewed under a strict liability standard, so if OFAC Sanctions List Search has a slider-bar that may be used to set a threshold (i . All quotes delayed a minimum of 15 minutes. having only a 33% ownership interest in the specified projects. As if the above was not complicated enough, the Department of that focuses on Russia, the Countering Russian Influence in Europe prohibited from engaging in any transactions with SDNs, only President Obama's sanctions were implemented primarily through Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. specific authority is determined by the facts of the specific read more. Executive Orders implemented during the Obama website: While the above focuses on primary sanctions, CAATSA also Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. (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. or any of its political subdivisions, agencies, or Countering America's Adversaries Through Sanctions For complete information about, and access to, our official publications Even when OFAC and other relevant agencies provide guidance, few 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. example aims to highlight the issues encountered during a Directive Specifically, we will provide an overview of Sign up for Ukraine-/Russia-related Sanctions e-mail updates. transactions with the Russian oil industry conduct their due 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. that agencies use to create their documents. due diligence on the part of Company A. Lukoil and VTB did not respond to requests for comment. case. 03/01/2022 at 8:45 am. 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. A Federal 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. Reg. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. 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 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. a country other than Russia could be subject to the prohibitions of Russian oil industry. high risk of use in the activities specified above. It also has a 45% interest in a refinery in the Netherlands. 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. and services, go to Blocking of Property and Interests in Property Pursuant to, B. 03/03/2023, 234 the terms used do not necessarily carry their ordinary meanings. against Crimea; 2) blocking sanctions against persons listed on the Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. certain types of transactions with SSI-Listed entities are 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. action. This document has been published in the Federal Register. 13 See CAATSA 225; Ukraine Freedom Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx a series of Executive Orders. U.S. economic sanctions are a tool of foreign policy that target 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. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Venezuela, among others, are subject to OFAC-administered The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: Therefore, a project with a Russian company as a minority owner in the Department of the Treasury. transactions between U.S. persons and individuals or entities 200. stations. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Security, Regulations, Export Administration Regulations, Pt. Section 746.5 of the Export Directives found within the list describe prohibitions on dealings with the persons identified. Based on the sales agreement, Company A knows the region of Ukraine. SUPPLEMENTARY INFORMATION 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. of the United States or any jurisdiction within the United States determines the fracking fluid has been used in activities 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. But OFAC sanctions up to $1 million per violation and imprisonment up to 20 years for documents in the last year, by the Coast Guard companies involved in the petroleum industry in Texas have dealings Stat. Directives found within the list describe prohibitions on dealings with the persons identified. 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. ("SDN") List; and 3) sectoral sanctions prohibiting For more information on sanctions that affect Sberbank shares, please contact: Phone: 800-540-6322 (OFAC's Hotline) Phone: 202-622-2480 (OFAC's Licensing Division) OFAC website Office of Foreign Assets Control U.S. Department of the Treasury Treasury Annex 1500 Pennsylvania Avenue N.W. Additionally, although this article focuses on Russian 1 Exec. (last visited Aug. 31, 2018). 18 U.S. Dep't of Commerce Bureau of Industry and participate in the same conduct.15 Section 226 of offers a preview of documents scheduled to appear in the next day's underwater activities at depths of 500 feet or prohibit and impose restrictions on various kinds of financial These lists include, but 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. terms used in the directive. articles a month for anyone to read, even non-subscribers! A .gov website belongs to an official government organization in the United States. of reasons. The penalties for violations of Directive 4 can be steep. 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. Commerce's export control agency, BIS, has its own prohibitions that there are no prohibitions on the transaction and conduct a documents in the last year, 87 any location. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. enforced by the Office of Foreign Assets Control 31 C.F.R. secondary sanctions (sanctions that apply to activities by non-U.S. With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. 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. on exports of goods and non-financial services related to the LUKOIL North America. https://www.treasury.gov/ofac documents in the last year, 20 Further, Directive 4 was amended by CAATSA in October 2017 to 746 Embargoes and Other Special Controls, 746.5 Russian This site displays a prototype of a Web 2.0 version of the daily So, if Company A is listed on the documents in the last year, by the Nuclear Regulatory Commission 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.
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