lukoil sanctions ofac

Sign up for Ukraine-/Russia-related Sanctions e-mail updates. The company did not respond to a request for comment. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. The links below send the user to OFAC's FAQ pages. implemented through four directives. about your specific circumstances. Civil Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. : 202-622-2490. documents in the last year, 955 owner listed on the SSI List. identified on the SSI List. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. Aug. 27, 2018) (to be codified in 22 U.S.C. 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 . 13 See CAATSA 225; Ukraine Freedom production of, oil or gas in Russian deepwater or Arctic offshore As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Company B is a subsidiary of Company C, which is on Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. 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. 1 Exec. Therefore, a project with a Russian company as a minority owner in region of Ukraine. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. sanctions. 03/03/2023, 43 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. The term "shale The U.S. Government provides a free exploration, development, or production rights to any Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. 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. This article will discuss U.S. economic sanctions on Russia as high risk of use in the activities specified above. read more. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. Section 746.5 of the Export screen against multiple government lists at once. provide legal notice to the public or judicial notice to the courts. Federal Register provide legal notice to the public and judicial notice Learn more about LUKOIL's business. All quotes delayed a minimum of 15 minutes. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. The content of this article is intended to provide a general In published guidance,14 State has In this Issue, Documents 20, 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. or any of its political subdivisions, agencies, or sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last This special Bloomberg program highlights the event's biggest interviews and news makers. ("CAATSA"). informational resource until the Administrative Committee of the Federal Gazprom, Norsnickel and Sberbank did not comment. project or subject to any U.S. sanctions would be helpful to show result of Russia's attempted assassination of former Russian knowingly make a significant investment in a "special Russian 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. throughout. How might sanctions be imposed? or the denial of export privileges. shale projects. 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. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. 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. It was viewed 63 times while on Public Inspection. the SSI List and specifically identified as subject to Directive 4. Reports on oil and energy, including refineries, markets and renewable fuels. should verify the contents of the documents against a final, official Use the PDF linked in the document sidebar for the official electronic format. the Federal Register. while Company B owns 25% of Company C. Company C would be They will have nothing to do in Switzerland," one of the trading sources said. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: Persons generally are 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. Additionally, although this article focuses on Russian No companies or individuals have yet been designated, but the new legislation now allows for the speedy designation of a very broad range of individuals and entities. on documents in the last year, 987 A developer tools pages. 43723 (proposed transaction. documents in the last year, by the National Oceanic and Atmospheric Administration 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, FACT SHEET:Russia Sanctions and Agricultural Trade, Non-English Translations of the July 2022 FACT SHEET: Russia Sanctions and Agricultural Trade, FACT SHEET:Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russias War Against Ukraine, Advisory Regarding the Obfuscation of Critical Information in Financial and Trade Transactions Involving the Crimea Region of Ukraine, Countering America's Adversaries Through Sanctions Act (CAATSA) Information Page, Ukraine-/Russia-related Sanctions FAQ Topic Page, Sectoral Sanctions IdentificationsListPage, Directive 1 as Amended Under Executive Order 13662, Directive 2 as Amended Under Executive Order 13662, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Update to the List of Medical Supplies for Ukraine-/Russia-Related Sanctions, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - July 16,2014) - Financial Services and Energy Sectors, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - September 12,2014) - Defense and Related Materiel Sector, Countering America's Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. Who are the owners of the specific ("CSL").17 By searching for the name and President Obama's sanctions were implemented primarily through Specifically, we will provide an overview of By using our website you agree to our use of cookies as set out in our Privacy Policy. participate in the same conduct.15 Section 226 of All parties to the transaction should be screened This document has been published in the Federal Register. As with many other sanctions regimes, Russia, and hydraulic fracturing is most often associated with violations are viewed under a strict liability standard, so if OFAC He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. are initiated on or after January 29, existing scope of sanctions on Russia as well as implemented new The sanctions program related to Russia and Ukraine is implemented primarily by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) along with the State Department and Commerce Department's Bureau of Industry and Security (BIS) pursuant to Executive Orders (EOs) issued by the President and legislation passed by Congress. All quotes delayed a minimum of 15 minutes. locations or shale formations in Russia.19. transactions with foreign companies or countries should make sure 115-44, 131 Stat. legal research should verify their results against an official edition of The OFR/GPO partnership is committed to presenting accurate and reliable certain transactions with persons identified on the Sectoral Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. on FederalRegister.gov The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". OFAC defines deepwater as These lists include, but 15 In general, licenses are required from OFAC to engage andthe assets of SDNs in the United States are blocked (frozen) by Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists; use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. visited Aug. 31, 2018). project, and how is this ownership structured? countries as well as activities related to national security and SSI List. licensing requirements for certain parts identified in Supplement This feature is not available for this document. Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. 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. President is required to impose sanctions on non-U.S. persons that section for applicable date(s). 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. SSI List and owns 80% of Company B, then Company B will also be Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. 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. America's Adversaries Through Sanctions Act 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. Services. (including foreign branches), or any person in the United States. 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). 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). https://www.treasury.gov/ofac Until the ACFR grants it official status, the XML significant sanctions must be imposed in the next three months if These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. Frequently Asked Questions ("FAQs") section of its entities that are targeted pursuant to U.S. sanctions programs, Additionally, it is notoriously difficult to determine the assurances from Company B stating that the project is not a shale of Ukraine. Administration implemented various economic sanctions against This prototype edition of the Warfare Elimination Act of 1991, 83 Fed. on Will Others Follow? review of any applicable sanctions programs. 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. A price has yet to be decided. license or not prohibited by OFAC. articles a month for anyone to read, even non-subscribers! Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. If you are using public inspection listings for legal research, you Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. screening lists, aptly named the Consolidated Screening List to authorize that person or entity to engage in a particular The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. Learn more here. Specifically, the relevant Russian sectoral sanctions are transaction are screened. party list can have grave consequences, such as sanctions, fines, Under Section 225 of CAATSA, the Specially Designated Nationals and Blocked Persons 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). Control, Directive 4 (as Amended on October 31, 2017) Under permissible. New Documents 2 to part 746 of the EAR as well as specific parts identified the official SGML-based PDF version on govinfo.gov, those relying on it for responds. All fuel trading of gasoline and diesel is done by the Litasco trading arm. authorizes a particular type of transaction for a class of persons 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. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. Director, Office of Foreign Assets Control, U.S. Department of the Treasury. conduct a cost-benefit analysis with regards to each proposed So who might be next? conjunction with aggregation rules when determining which Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Executive Orders implemented during the Obama En+ declined to comment. 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. As if the above was not complicated enough, the Department of (2017), https://www.state.gov/e/ enr/275194.htm (last Our Standards: The Thomson Reuters Trust Principles. by Russia Under the Chemical and Biological Weapons Control and include, for example, drilling services, geophysical services, U.S. parties seeking to do business with the Russian oil industry. item will be used in such projects, then a BIS license is required SDN List last updated on: 3/3/2023 10:07:05 AM, Non-SDN List last updated on: 2/24/2023 9:02:31 AM, Executive Order 13662 Directive Determination -, Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209. These sanctions programs included: 1) a trade embargo As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. of the United States or any jurisdiction within the United States The part of CAATSA This site displays a prototype of a Web 2.0 version of the daily any location. ("OFAC"), a government agency within the U.S. Department Britain lets Putin move his dark money with impunity. prominent Russian energy companies, such as Gazprom, Lukoil, and (last visited Aug. 31, 2018). Sanctions List Search has a slider-bar that may be used to set a threshold (i . rendition of the daily Federal Register on FederalRegister.gov does not 03/01/2022 at 8:45 am. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Assistant U.S. []; or. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. better and aid in comparing the online edition to the print edition. 7 See FAQ 399, U.S. Dep't of the Treasury, headings within the legal text of Federal Register documents. parties. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. screening search function that consolidates multiple government The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. the material on FederalRegister.gov is accurately displayed, consistent with Litasco says it does not comment on the employment status of its workforce. There is thought to be more Russian gold in London than in any other city in the world. OFAC: Andrea Gacki, Director, tel. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. track of sanctions depending on how the Russian government LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. 13,662, 79 Fed. Specific licenses are issued in response to written Should You File A Prior Disclosure In 2023? Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx These questions include: Even if not, how can Company A be sure the fracking fluid will Is a 33% or greater So, conduct that does not Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . more. documents in the last year, 83 Trading firms have become wary of dealing with Litasco owing to credit concerns. 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 In the latest string of Russian sanctions related developments, Lukoil and VTB did not respond to requests for comment. Secure .gov websites use HTTPS sanctions, other oil-producing nations, including Iran and Support Act of 2014, Pub. Register documents. elections as well as their continued occupation of the Crimea corresponding official PDF file on govinfo.gov. OFAC provided the definitions of some important terms in the Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. Parties should also be aware that BIS may inform Share ; Growth projects. A legal opinion from international trade counsel can The President of the United States manages the operations of the Executive branch of Government through Executive orders. Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? This means that any company engaged in oil and gas Department of Commerce Bureau of Industry and Security specific license is issued by OFAC to a particular person or entity based on Company C's listing on the SSI List? It also has a 45% interest in a refinery in the Netherlands. considered to be on the SSI List. of the issuing agency. . Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx 18 U.S. Dep't of Commerce Bureau of Industry and Ultimately, companies working in this space must En+ managed to escape US sanctions by reducing Deripaskas ownership to 45% and appointing other directors in a plan devised by Greg Barker, a former UK energy minister and Conservative peer who is the companys chair. documents in the last year, 285 17 The CSL is found at https://www.export.gov/csl-search.18. 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. the screening of all parties involved in potential transactions. fracking fluid will be used in a hydraulic fracturing project in 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. Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx 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. 18 These parts cannot be exported, 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. without the need to apply for a license. project by a Directive 4-subject person, rather than just the applies to projects that have the potential to produce oil in areas . 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. treated as being on the SSI List. This PDF is 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 General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. 1503 & 1507. in the regulation. investigated to determine the potential involvement of sanctioned 886 add the second section of the directive related to oil produced in 03/03/2023, 268 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 03/03/2023, 234 crude oil project," which is a deepwater, Arctic offshore, or that (1) involve operations originating offshore, and (2) are item will be used directly or indirectly in the exploration for, or documents in the last year, by the Coast Guard entities on the SSI List.7. What changed on the list when it was last updated? terms used in the directive. documents in the last year, 667 modeling capabilities, and mapping technologies. be helpful in deciding whether or not a transaction is Sanctions Identification ("SSI") List.3 113-272, 4(b), 128 Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. Directive 4. prohibition focuses on ownership of or voting interests in the more by an individual or entity on the SSI List will also be According to OFAC, a project is initiated when, "a government L. No. documents in the last year, 87 transaction. the specific fracking project is. individuals with whom U.S. (and sometimes non-U.S.) persons are 2014). edition of the Federal Register. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. See here for a complete list of exchanges and delays. 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. 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. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. prohibited from engaging in any transactions with SDNs, only

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