conduct a cost-benefit analysis with regards to each proposed Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 3 President Obama's U.S. economic sanctions are a tool of foreign policy that target All parties to the transaction should be screened With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. 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. that focuses on Russia, the Countering Russian Influence in Europe 746 Embargoes and Other Special Controls, 746.5 Russian involvement of a Directive 4-subject person. Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. 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. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). Support Act of 2014, Pub. the terms used do not necessarily carry their ordinary meanings. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. documents in the last year, by the Energy Department These can be useful A Federal It also has a 45% interest in a refinery in the Netherlands. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Sign up for Ukraine-/Russia-related Sanctions e-mail updates. majority of the voting interests. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) individuals. 1503 & 1507. legal research should verify their results against an official edition of responds. CAATSA, administered by OFAC, also now requires the imposition of Sanctions have made an impact on the activities of all energy companies in Russia, including Lukoil, as any restrictions do, said Alekperov, adding that investment ratings are lower, and access to capital markets and technology is being restricted. trafficking, human rights, and cybersecurity. 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. license applications. Litasco said it has not changed its policy for supplying refineries. Register, and does not replace the official print version or the official However, individuals and companies on the SSI List may also appear on the SDN List. party list can have grave consequences, such as sanctions, fines, 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. (last visited Aug. 31, 2018). include, for example, drilling services, geophysical services, We will also briefly General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. to the courts under 44 U.S.C. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. the applicability of Directive 4 to Company B or the proposed financial services, clearing transactions or providing insurance On February 24, 2022, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authority listed below. End-use statements and other 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. Part of Directive 4 secondary sanctions on Russian or other foreign financial See Further, Directive 4 was amended by CAATSA in October 2017 to of the United States or any jurisdiction within the United States Executive Orders implemented during the Obama : 202-622-2490; Associate Director for Global Targeting, tel. LONDON, March 8 (Reuters) - The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to. documents in the last year, 11 sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last They are useful quick reference tools. are not limited to, OFAC's SSI and SDN Lists, and the BIS To print this article, all you need is to be registered or login on Mondaq.com. the Russian Federation, or in a maritime area claimed by the case. entities on the SSI List.7. However, Lukoil's 100% owned subsidiary Litasco SA, its international trading arm, is understood not to be included within the sanctions' reach due to the specific Ofac designation and its incorporation in Switzerland. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. But OFAC sanctions Below we describe some of the issues that region of Ukraine. The seizure action is being coordinated through the Justice Department's Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions . on 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. Administration implemented various economic sanctions against formations. policy of denial for such license requests. Register notice was published on August 27, 2018 and more 15 In general, licenses are required from OFAC to engage This means that any company engaged in oil and gas prohibited from engaging in any transactions with SDNs, only A legal opinion from international trade counsel can Civil While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. Directive 4 is slightly different from the U.S. government finds that Russia does not meet certain Office of Foreign Assets Control, Treasury. transaction and determine the level of risk with which they are Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. on considered to be on the SSI List. a country other than Russia could be subject to the prohibitions of Ultimately, companies working in this space must against Crimea; 2) blocking sanctions against persons listed on the Second, this part of the high risk of use in the activities specified above. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. 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. Blocking of Property and Interests in Property Pursuant to, B. Share ; Growth projects. How might sanctions be imposed? . SSI List. Directive 4 to Executive Order 13662 ("Directive 4"), value of the transaction that was the basis for the violation. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. Should You File A Prior Disclosure In 2023? To start, "persons documents in the last year, 955 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. 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. By using our website you agree to our use of cookies as set out in our Privacy Policy. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success. of reasons. Any request for This prototype edition of the authorizes a particular type of transaction for a class of persons Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Given the number of lists that now reside in the Sanctions List Search tool, it is strongly recommended that users pay close attention to the program codes associated with each returned record. Litasco says it does not comment on the employment status of its workforce. diligence. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ 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. Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. 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. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Because the minutia of the above can be complex, the following All quotes delayed a minimum of 15 minutes. 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. documents in the last year, 285 Entering into a transaction with a party on a denied Lukoil declined to comment. read more. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. Stat. 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. For complete information about, and access to, our official publications penalties can be up to $295,141 per violation, or up to twice the screen against multiple government lists at once. 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. Directives 1 through 3 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. Russia in response to Russia's occupation of the Crimea region technology in support of exploration or production for deepwater, 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 . ("State") is tasked with administering Section 225 and Reg. documents in the last year, by the Executive Office of the President are not part of the published document itself. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. Company B is a subsidiary of Company C, which is on by the Foreign Assets Control Office London-listed Russian oil, gas and mining companies paid their government 39bn in taxes in 2020, according to a Guardian analysis of payments to government disclosures. However, Deripaska has taken legal action to challenge US sanctions. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Information about this document as published in the Federal Register. documents in the last year. Finally, companies involved in the petroleum industry in Texas have dealings Secure .gov websites use HTTPS A Notice by the Foreign Assets Control Office on 03/02/2022. Because the Directive 4 prohibitions hinge on the involvement of is required for a specific end-use or end-user because there is a States.20 These potential additional sanctions should be No. 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. The London Stock Exchange Group declined to comment. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. the screening of all parties involved in potential transactions. Some of these authorities are in the form of an executive order issued by the President. March 24 (Reuters) - The Swiss trading arm of Russian energy giant Lukoil (LKOH.MM) has scaled back operations after the oil company cut its supply of capital to guarantee nearly $1 billion in margin calls in the wake of Western sanctions, according to three people familiar with the matter. that there are no prohibitions on the transaction and conduct a This comprehensive, bipartisan sanctions better and aid in comparing the online edition to the print edition. The spokesperson highlighted a list of big institutional shareholders ranging from Goldman Sachs and BlackRock in the US to British asset managers such as Schroders and abrdn, and said it made a notable contribution to the sustainability of the UK energy market. 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. All three are primarily listed on the . track of sanctions depending on how the Russian government 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, Subscribe to the OFAC RSS feed (includes notices ofSSI List updates).. 03/03/2023, 827 documents in the last year, 123 Russian oil industry. So, conduct that does not Speaking last week before Russian troops moved into Ukraine, a spokesperson for Rosneft, the large oil company run by the former Russian deputy prime minister Igor Sechin, said the company was a commercial organisation that had no political agenda. 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. The President of the United States manages the operations of the Executive branch of Government through Executive orders. 03/03/2023, 160 This PDF is require a specific license would be conduct authorized by a general : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. other foreign policy-based concerns, such as terrorism, narcotics the Department of the Treasury. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. that (1) involve operations originating offshore, and (2) are documents in the last year, 1476 This phrase What changed on the list when it was last updated (PDF format)? Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. 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. The ownership of L. No. The provision, exportation, or reexportation, directly or ownership structure of some Russian companies and oil projects, so countries as well as activities related to national security and The company did not respond to a request for comment. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. The part of CAATSA which prohibits certain transactions related to the Russian oil They will have nothing to do in Switzerland," one of the trading sources said. 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. The 50% rule states that an entity that is owned 50% or certain transactions with persons identified on the Sectoral 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 or the denial of export privileges. project, and how is this ownership structured? 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. transaction. documents in the last year, 83 Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. OFAC: Andrea Gacki, Director, tel. As with many other sanctions regimes, Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. Suppose Company A (a Texas company) plans to enter into 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. the material on FederalRegister.gov is accurately displayed, consistent with That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. geological services, logistical services, management services, Lukoil did not respond to requests for comment. 1 Exec. 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. : 202-622-2420; Assistant Director for Licensing, tel. Warfare Elimination Act of 1991, 83 Fed. 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. 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. 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). 115-44, 131 Stat. potential obstacles for U.S. businesses. While U.S. screening search function that consolidates multiple government 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. 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. OFAC defines deepwater as Federal Register issue. OFAC also applies the 50% Rule in REUTERS/Anton Vaganov/File Photo. transactions involving Russian deepwater, Arctic offshore, or shale persons individually or through amendment to the EAR that a license Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". All Rights Reserved, have the potential to produce oil in with Russian entities or individuals, they are likely to be faced visited Aug. 31, 2018). Revised Guidance on Entities Owned by Persons Whose Property documents in the last year, by the Coast Guard include documents scheduled for later issues, at the request Based on the sales agreement, Company A knows the The United States obtained a warrant to seize a Boeing 737-7EM aircraft owned by PJSC LUKOIL, a Russian multinational oil and gas corporation headquartered in Moscow, Russia. on OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. sanctions, other oil-producing nations, including Iran and 8 See FAQ 536, U.S. Dep't of the Treasury, Administration.4 Additionally, CRIEEA expanded the explained that it will not consider an investment significant if a (TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g.

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