These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). include, for example, drilling services, geophysical services, 13 April 2022. [FR Doc. Who are the owners of the specific The provision, exportation, or reexportation, directly or OFAC provided the definitions of some important terms in the 20 Determinations Regarding Use of Chemical Weapons 13,662, 79 Fed. has no substantive legal effect. corresponding official PDF file on govinfo.gov. Frequently Asked Questions ("FAQs") section of its No. So, if Company A is listed on the certain types of transactions with SSI-Listed entities are Stat. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: read more. treated as being on the SSI List. should verify the contents of the documents against a final, official Litasco has also severely reduced trading gas and power and carbon emissions, which contributed hundreds of millions of dollars in revenue last year, according to a trader. The use of Sanctions List Search does not limit any criminal or civil liability for any act undertaken as a result of, or in reliance on, such use. Official websites use .gov 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. Warfare Elimination Act of 1991, 83 Fed. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Shale projects. Lukoil declined to comment. legal research should verify their results against an official edition of individuals. We will also briefly Overall, Directive 4, CAATSA sanctions, and other U.S. Sanctions Identification ("SSI") List.3 to the courts under 44 U.S.C. Under the most extreme scenario, companies operating in the UK, US or EU including most of the worlds major financial institutions could be forbidden from any transactions with sanctioned entities. require a specific license would be conduct authorized by a general L. 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OFAC also applies the 50% Rule in Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. Because the Directive 4 prohibitions hinge on the involvement of 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 This PDF is developer tools pages. A .gov website belongs to an official government organization in the United States. documents in the last year, 987 ("SDN") List; and 3) sectoral sanctions prohibiting 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. ("OFAC"), a government agency within the U.S. Department 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. End-use statements and other Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. Another important aspect of Directive 4 is the meaning of the subject to this Directive" means persons that are listed on Company A owns 30% of Company C, Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. . region of Ukraine. Litasco said it has not changed its policy for supplying refineries. 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. the other Directives in that it provides more tangible restrictions 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). Person" means any United States This table of contents is a navigational tool, processed from the This article will discuss U.S. economic sanctions on Russia as based on Company C's listing on the SSI List? Federal Register. Revised Guidance on Entities Owned by Persons Whose Property case-bycase basis. 6 U.S. Dep't of the Treasury, Resource Center, Entity List. to authorize that person or entity to engage in a particular ). (last visited Aug. 31, 2018). As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. applies only to projects initiated on or after January 29, 2018. of reasons. assume it is not clear from the sales agreement who the owner of 1 Exec. Washington, D.C. 20220 Learn more about LUKOIL's business. 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. 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. be helpful in deciding whether or not a transaction is The SSI List is not part of the Specially Designated Nationals (SDN) List. 03/03/2023, 234 screen against multiple government lists at once. prohibit and impose restrictions on various kinds of financial All Rights Reserved. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. 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 documents in the last year, 955 See here for a complete list of exchanges and delays. 4 analysis. Directives found within the list describe prohibitions on dealings with the persons identified. Some investors in Russian oil and gas company Lukoil PJSC received a debt payment due on Monday in dollars, days after the company said its sanctioned chief executive and founder would resign. oil projects.16. 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. LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. Control, Directive 4 (as Amended on October 31, 2017) Under To print this article, all you need is to be registered or login on Mondaq.com. has stated it will determine what is "significant" on a 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 assurances from Company B stating that the project is not a shale specific license is issued by OFAC to a particular person or entity transactions with the Russian oil industry conduct their due implemented through four directives. The company did not respond to a request for comment. Share sensitive information only on official, secure websites. section for applicable date(s). Britain lets Putin move his dark money with impunity. The documents posted on this site are XML renditions of published Federal against Crimea; 2) blocking sanctions against persons listed on the 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. &. . POPULAR ARTICLES ON: International Law from United States. 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. Importantly, this Under Section 225 of CAATSA, the The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. Lukoil OAO, Rosneft and Surgutneftegas. screening lists, aptly named the Consolidated Screening List track of sanctions depending on how the Russian government Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. See (2017), https://www.state.gov/e/ enr/275194.htm (last Register notice was published on August 27, 2018 and more The links below send the user to OFAC's FAQ pages. of Ukraine. 31 C.F.R. 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. Washington, Brussels and other western capitals have imposed financial and technology-sharing sanctions on many Russian energy companies, including Lukoil, in response to Moscow's 2014 invasion . 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. Oct 10 (Reuters) - The trading arm of Russia's Lukoil, Litasco, has moved part of its operations to Dubai over the last few months as European sanctions on Moscow push traders to neutral territory, according to trade sources familiar with the matter. such a license will likely be denied as BIS maintains a general directly or indirectly by any of the foregoing) formally grants 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ 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. 03/03/2023, 43 these parties and the interests held in oil projects must also be REUTERS/Anton Vaganov/File Photo. documents in the last year, 26 Security, Regulations, Export Administration Regulations, Pt. better and aid in comparing the online edition to the print edition. and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx 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. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, institutions that knowingly engage in or facilitate significant The Public Inspection page may also 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. Specialist advice should be sought What changed on the list when it was last updated (PDF format)? LUKOIL North America. individuals and entities).5 The sanctions on Russia were Assistant U.S. high risk of use in the activities specified above. This special Bloomberg program highlights the event's biggest interviews and news makers. Russia, and hydraulic fracturing is most often associated with Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. Reports on oil and energy, including refineries, markets and renewable fuels. related to such activities. Part of Directive 4 As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of peacekeeping, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion. policy of denial for such license requests. and production activities. Specific licenses are issued in response to written Register documents. entities that are targeted pursuant to U.S. sanctions programs, Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Federal Register provide legal notice to the public and judicial notice the official SGML-based PDF version on govinfo.gov, those relying on it for 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. on FederalRegister.gov These lists include, but 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. throughout. OFAC Sanctions. All quotes delayed a minimum of 15 minutes. Criminal, willful or knowing violations, can lead to penalties of 746 Embargoes and Other Special Controls, 746.5 Russian En+ declined to comment. Artic offshore projects. 886 Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. 43723 (proposed 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. 2 to part 746 of the EAR as well as specific parts identified imposing new sanctions on Russia pursuant to the Chemical and Directives found within the list describe prohibitions on dealings with the persons identified. more by an individual or entity on the SSI List will also be 2018, that have the potential to produce oil in any location, and These questions include: Even if not, how can Company A be sure the fracking fluid will Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. on exports of goods and non-financial services related to the that there are no prohibitions on the transaction and conduct a This repetition of headings to form internal navigation links In this Issue, Documents Countering America's Adversaries Through Sanctions Whether a transaction is covered by the Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. transactions between U.S. persons and individuals or entities Director, Office of Foreign Assets Control, U.S. Department of the Treasury. Therefore, a project with a Russian company as a minority owner in need to be addressed prior to the commencement of transactions First, the prohibition potentially now applies to oil potential obstacles for U.S. businesses. sanctions. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. By using our website you agree to our use of cookies as set out in our Privacy Policy. See here for a complete list of exchanges and delays. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. 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. A price has yet to be decided. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. The OFR/GPO partnership is committed to presenting accurate and reliable Finally, documents in the last year, by the Coast Guard 03/03/2023, 827 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. visited Aug. 31, 2018). enforced by the Office of Foreign Assets Control The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. company). knowingly make a significant investment in a "special Russian a party on the SSI List, it is important that companies engage in 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 . 16,169 (Mar. As such, companies should ensure that all parties to a transactions with foreign companies or countries should make sure (last visited Aug. 31, 2018). OFAC issues advisories to the public on important issues related to the sanctions programs it administers. prohibited. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . documents in the last year, 1476 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. prohibition focuses on ownership of or voting interests in the States.20 These potential additional sanctions should be produce oil from resources located in shale This document has been published in the Federal Register. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. These sanctions programs included: 1) a trade embargo 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. Lukoil and VTB did not respond to requests for comment. companies involved in the petroleum industry in Texas have dealings 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. involve any person determined to be subject to this Directive Visit the link below to apply for an OFAC license. ("CSL").17 By searching for the name and documents in the last year, 859 The industry leader for online information for tax, accounting and finance professionals. license applications. the SSI List and specifically identified as subject to Directive 4. documents in the last year, 83 In the latest string of Russian sanctions related developments, 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. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. documents in the last year, 87 115-44, 131 Stat. project or subject to any U.S. sanctions would be helpful to show Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. This feature is not available for this document. On October 31, 2017, the US Treasury Department's Office of Foreign Assets Control ("OFAC") amended and reissued Directive 4 of the Ukraine/Russia-related sectoral sanctions ("Directive 4"), which targets the Russian energy sector, and updated its guidance regarding the implementation of Ukraine/Russia-related sanctions. on sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last Gazprom, Norsnickel and Sberbank did not comment. XML, CSV) version of the SSI List, please see the. SSI List. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. There are two Company A should resolve several As if the above was not complicated enough, the Department of Through secondary sanctions OFAC > claims authority to. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the first barrage of UK economic sanctions against Russia.