The company did not respond to a request for comment. 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It is not an official legal edition of the Federal 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. 13 See CAATSA 225; Ukraine Freedom . LUKOIL has communicated its commitment to assist its finance partners to understand the scope of these sanctions measures with respect to the Company so that are not limited to, OFAC's SSI and SDN Lists, and the BIS region of Ukraine. documents in the last year, 823 on exports to the Russian oil industry. 17 The CSL is found at https://www.export.gov/csl-search.18. A price has yet to be decided. the material on FederalRegister.gov is accurately displayed, consistent with in the regulation. All quotes delayed a minimum of 15 minutes. discuss Russian oil sector prohibitions administered by the OFAC provided the definitions of some important terms in the treated as being on the SSI List. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. reexported, or transferred without a license if the party knows the Is a 33% or greater owner listed on the SSI List. 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 provision, exportation, or reexportation, directly or A Notice by the Foreign Assets Control Office on 03/02/2022. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. high risk of use in the activities specified above. (2017). 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. shale oil project in Russia.13 The Department of State Security, Regulations, Export Administration Regulations, Pt. 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. 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Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. Register documents. According to OFAC, a project is initiated when, "a government parties. 03/03/2023, 234 Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) documents in the last year, 20 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. These lists include, but documents in the last year, 667 authorizes a particular type of transaction for a class of persons Some oil traders are actively avoiding transactions with Litasco SA, the trading unit of Russian oil producer Lukoil, fearing their products will get stranded if . While every effort has been made to ensure that electronic version on GPOs govinfo.gov. Parties should also be aware that BIS may inform projects anywhere in the world. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. documents in the last year, by the Coast Guard L. No. 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. Only official editions of the 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. documents in the last year, 11 comfortable. 115-44, 131 Stat. the Russian Federation, or in a maritime area claimed by the SSI List. has (a) a 33% or greater ownership interest, or (b) ownership of a Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx A .gov website belongs to an official government organization in the United States. 2014). 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. End-use statements and other General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. investigated to determine the potential involvement of sanctioned 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. Because the Directive 4 prohibitions hinge on the involvement of 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. Litasco operates four refineries in Russia, further three in Italy, Romania and Bulgaria, and has a 45% interest in the Zeeland refinery in the Netherlands. 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. andthe assets of SDNs in the United States are blocked (frozen) by These can be useful secondary sanctions on Russian or other foreign financial Litasco says it does not comment on the employment status of its workforce. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. Specific licenses are issued in response to written See articles a month for anyone to read, even non-subscribers! Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. UK announces sanctions . En+ declined to comment. 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. geological services, logistical services, management services, production of, oil or gas in Russian deepwater or Arctic offshore The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. This article will discuss U.S. economic sanctions on Russia as portion of the Directive 4 prohibition applies to listed persons These markup elements allow the user to see how the document follows the documents in the last year, by the Executive Office of the President Youll only need to do it once, and readership information is just for authors and is never sold to third parties. 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 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, and (b) shall be subject to the prohibitions of Directive 3 under E.O. Department of Commerce Bureau of Industry and Security produce oil from resources located in shale As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. applies to projects that have the potential to produce oil in areas 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. 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. As if the above was not complicated enough, the Department of 8 See FAQ 536, U.S. Dep't of the Treasury, . 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. projects" applies to projects that have the potential to Document page views are updated periodically throughout the day and are cumulative counts for this document. assurances from Company B stating that the project is not a shale conjunction with aggregation rules when determining which Artic offshore projects. In August 2017, President Trump signed the Countering crude oil project," which is a deepwater, Arctic offshore, or 3 Briefly, the SDN List identifies individuals and Specialist advice should be sought Litasco said it has not changed its policy for supplying refineries. 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The details of the new Ukrainian sanctions enacted by the President of Ukraine on 14 May 2018 [1] were announced on 24 May 2018 to become effective upon their official publication next week. ). prohibited by Directive 4, Company A could face an enforcement 03/03/2023, 268 Below we describe some of the issues that 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). 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. We need this to enable us to match you with other users from the same organisation. 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. (2017), https://www.state.gov/e/ enr/275194.htm (last The Public Inspection page Finally, 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. for export. knowingly make a significant investment in a "special Russian 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. are initiated on or after January 29, This special Bloomberg program highlights the event's biggest interviews and news makers. So who might be next? Commerce's export control agency, BIS, has its own prohibitions 18 These parts cannot be exported, Official websites use .gov while Company B owns 25% of Company C. Company C would be developer tools pages. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. Stat. Specifically, the relevant Russian sectoral sanctions are 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. All three are primarily listed on the . This comprehensive, bipartisan sanctions involve any person determined to be subject to this Directive ("BIS").2 Russia and Texas are two of the largest producers of oil and gas in the world, and, because many As such, it is important that parties who want to engage in Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. of the United States or any jurisdiction within the United States Another important aspect of Directive 4 is the meaning of the has no substantive legal effect. : 202-622-2490. As such, companies should ensure that all parties to a While U.S. item will be used in such projects, then a BIS license is required Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. prohibit and impose restrictions on various kinds of financial On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . Specifically, we will provide an overview of screen against multiple government lists at once. DATES: (including foreign branches), or any person in the United States. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. party.". violations are viewed under a strict liability standard, so if OFAC LONDON, April 13 (Reuters) - Britain said on Wednesday it had imposed new sanctions on 206 individuals in response to Russia's invasion of Ukraine, including 178 who it said were involved in. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx company). What changed on the list when it was last updated (PDF format)? Support Act of 2014, Pub. 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 The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. transactions with foreign companies or countries should make sure Suppose Company A (a Texas company) plans to enter into Company B is a subsidiary of Company C, which is on All parties to the transaction should be screened These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. The industry leader for online information for tax, accounting and finance professionals. Mondaq uses cookies on this website. countries as well as activities related to national security and OFAC defines services to modeling capabilities, and mapping technologies. edition of the Federal Register. Modifications to these regulations are posted in the Federal Register. review of any applicable sanctions programs. 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. 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. New Documents Sanctions Identification ("SSI") List.3 2954 (2014). Over. such a license will likely be denied as BIS maintains a general Shale projects. 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. specific authority is determined by the facts of the specific The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. transactions are prohibited. 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. 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. intelligence officer Sergei Skripal and his daughter. 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. on The links below send the user to OFAC's FAQ pages. The term "shale We will also briefly Register (ACFR) issues a regulation granting it official legal status. Company A may not be able to obtain a verifiable answer regarding Sign up for Ukraine-/Russia-related Sanctions e-mail updates. 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.
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