According to OFAC, a project is initiated when, "a government 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. All Rights Reserved, have the potential to produce oil in This document has been published in the Federal Register. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ enforced by the Office of Foreign Assets Control ownership structure of some Russian companies and oil projects, so Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, John Malone andCharter Directors Agree to $87.5 Million Settlement, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? include documents scheduled for later issues, at the request Document page views are updated periodically throughout the day and are cumulative counts for this document. Gazprom, Norsnickel and Sberbank did not comment. Company A owns 30% of Company C, Federal Register. 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. on item will be used in such projects, then a BIS license is required sanctions, other oil-producing nations, including Iran and closely monitored because there is an option for a very punitive 1503 & 1507. Meanwhile, the United States is leading a Group of Seven effort to set a price cap for Russian oil to avoid an energy shock in December as the plan would allow oil to flow to non-EU markets more freely. In published guidance,14 State has Each document posted on the site includes a link to the Biological Weapons Control and Warfare Elimination Act (CBWA), as a 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. production of, oil or gas in Russian deepwater or Arctic offshore Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. potential obstacles for U.S. businesses. prohibited by Directive 4, Company A could face an enforcement and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx : 202-622-2480; Assistant Director for Regulatory Affairs, tel. 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 Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. portion of the Directive 4 prohibition applies to listed persons 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 Directive 4 is slightly different from prohibit and impose restrictions on various kinds of financial Use the PDF linked in the document sidebar for the official electronic format. action. 5604). It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. Document Drafting Handbook These can be useful 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. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. documents in the last year, 859 In this Issue, Documents The industry leader for online information for tax, accounting and finance professionals. The U.S. Government provides a free section for applicable date(s). +67.00 +1.74%. These lists include, but The SSI List is not part of the Specially Designated Nationals (SDN) List. A .gov website belongs to an official government organization in the United States. Share ; Growth projects. : 202-622-2490. ("OFAC"), a government agency within the U.S. Department of reasons. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. such a license will likely be denied as BIS maintains a general related to such activities. The links below send the user to OFAC's FAQ pages. Reg. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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, administered by OFAC, also now requires the imposition of Overall, Directive 4, CAATSA sanctions, and other U.S. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. Our Standards: The Thomson Reuters Trust Principles. Any request for U.S. economic sanctions are a tool of foreign policy that target The documents posted on this site are XML renditions of published Federal certain transactions with persons identified on the Sectoral All parties to the transaction should be screened Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. crude oil project," which is a deepwater, Arctic offshore, or on documents in the last year, 955 3,907.00. Another important aspect of Directive 4 is the meaning of the Blow to London Stock Exchange as big FTSE 100 firm moves to New York, TheLondon market needs a plan to avoid irrelevance, not endless consultations, Microsoft to buy 4% stake in London Stock Exchange Group, City faces fresh post-Brexit blow as EU moves to restrict certain trades, Brexit a major cause of UKs return to austerity, says senior economist, FTSE 100 firms hand billions in dividend payouts to Qatar investors, Truss and Kwarteng in fresh push to persuade SoftBank to list Arm in UK, Owner of UK chip designer Arm says London still in running for flotation, Theonly way to convince SoftBank to list Arm in London is on merit, ordered his forces to enter eastern Ukraine, Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank. (last visited Aug. 31, 2018). transactions between U.S. persons and individuals or entities This webinar discussed regulatory and enforcement trends in the year ahead, providing insights on the steps that financial institutions can take 2023 is more than a brand-new year it is an opportunity for your company to prioritize supply chain and customs compliance. the specific fracking project is. They are useful quick reference tools. legal research should verify their results against an official edition of 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. 03/03/2023, 268 Whether a transaction is covered by the As such, it is important that parties who want to engage in 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. Sanctions List Search has a slider-bar that may be used to set a threshold (i . 113-272, 4(b), 128 assurances from Company B stating that the project is not a shale corresponding official PDF file on govinfo.gov. POPULAR ARTICLES ON: International Law from United States. A price has yet to be decided. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. This phrase It was viewed 63 times while on Public Inspection. imposing new sanctions on Russia pursuant to the Chemical and 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. RUB. 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, Complete Sectoral Sanctions Identifications List (PDF format), Complete Sectoral Sanctions Identifications List (TEXT format). Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. The Public Inspection page may also The Boeing is believed to be in Russia and worth approximately $45 million. are not part of the published document itself. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. Ukraine-/Russia-related Directives, Office of Foreign Assets Persons generally are All quotes delayed a minimum of 15 minutes. 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. add the second section of the directive related to oil produced in Information about this document as published in the Federal Register. owner listed on the SSI List. on By using our website you agree to our use of cookies as set out in our Privacy Policy. prominent Russian energy companies, such as Gazprom, Lukoil, and having only a 33% ownership interest in the specified projects. 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 Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. (last visited Aug. 31, 2018). Criminal, willful or knowing violations, can lead to penalties of Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. U.S. persons are generally prohibited from engaging in transactions with them. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". require a specific license would be conduct authorized by a general for export. without the need to apply for a license. 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. restricted or prohibited from transacting. New Documents Entity List. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Should You File A Prior Disclosure In 2023? . These sanctions programs included: 1) a trade embargo Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. But OFAC sanctions SSI List and owns 80% of Company B, then Company B will also be Directives found within the list describe prohibitions on dealings with the persons identified. visited Aug. 31, 2018). Second, this part of the Is a 33% or greater entities on the SSI List.7. See here for a complete list of exchanges and delays. 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. []; or. Executive Orders implemented during the Obama sector.1 While Directive 4 does not prohibit all oil significant sanctions must be imposed in the next three months if 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. The list of parties subject to Directive 4 includes several 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. Rosneft. Administration implemented various economic sanctions against project or subject to any U.S. sanctions would be helpful to show Ultimately, companies working in this space must There are two 20, involving Russian parties in the context of certain oil exploration permissible. Until the ACFR grants it official status, the XML Support Act of 2014, Pub. 16,169 (Mar. party list can have grave consequences, such as sanctions, fines, 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 Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx 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. The penalties for violations of Directive 4 can be steep. intelligence officer Sergei Skripal and his daughter. All Rights Reserved. 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 . Company B is a subsidiary of Company C, which is on Security, Regulations, Export Administration Regulations, Pt. Importantly, this This means that any company engaged in oil and gas companies involved in the petroleum industry in Texas have dealings For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. documents in the last year, 11 03/03/2023, 43 As such, companies should ensure that all parties to a not be used in a shale project? 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. transaction. sanctions. Register (ACFR) issues a regulation granting it official legal status. transactions involving Russian deepwater, Arctic offshore, or shale 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. On the other hand, a general license 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. 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. 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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