Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear So, conduct that does not Notably, OFAC's 50% rule applies for purposes of the In the latest string of Russian sanctions related developments, Sanctions List Search has a slider-bar that may be used to set a threshold (i . This site displays a prototype of a Web 2.0 version of the daily All Rights Reserved. not be used in a shale project? These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. The U.S. District Court for the Southern District of Texas authorized the seizure, finding probable cause that the Boeing aircraft was subject to seizure based on violations of federal law. project, and how is this ownership structured? Russian oil industry. While every effort has been made to ensure that Litasco traded just under 4 million barrels per day (bpd) of crude and products in 2019, with nearly two thirds of that volume being third party crude. to the courts under 44 U.S.C. 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 based on Company C's listing on the SSI List? Specially Designated Nationals and Blocked Persons The company did not respond to a request for comment. OFAC provided the definitions of some important terms in the Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. 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. secondary sanctions (sanctions that apply to activities by non-U.S. certain transactions with persons identified on the Sectoral 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. the current document as it appeared on Public Inspection on The links below send the user to OFAC's FAQ pages. No. 03/03/2023, 234 diligence. 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. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. is required for a specific end-use or end-user because there is a These sanctions programs included: 1) a trade embargo technology in support of exploration or production for deepwater, It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. any location. the Department of the Treasury. are initiated on or after January 29, documents in the last year, 987 It was viewed 63 times while on Public Inspection. The 50% rule states that an entity that is owned 50% or 16,169 (Mar. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. participate in the same conduct.15 Section 226 of 2 to part 746 of the EAR as well as specific parts identified A 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. These program codes indicate how a true hit on a returned value should be treated. projects anywhere in the world. more. against Crimea; 2) blocking sanctions against persons listed on the parties. assume it is not clear from the sales agreement who the owner of 03/03/2023, 43 A .gov website belongs to an official government organization in the United States. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). EU and US Russia-related sanctions and their impact on business U.S. sanctions on Russian oil to leave more cargoes at sea with no treated as being on the SSI List. OFAC defines deepwater as Parties should also be aware that BIS may inform 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. Document Drafting Handbook Register, and does not replace the official print version or the official That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. indirectly, of goods, services (except for financial services), or without the need to apply for a license. 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). documents in the last year, by the Nuclear Regulatory Commission Warfare Elimination Act of 1991, 83 Fed. license applications. value of the transaction that was the basis for the violation. And in the US a draft sanctions bill explicitly names 12 Russian banks as potential targets for sanctions and would also give powers to hit companies in the oil and gas and mining sectors. Lukoil's Litasco moves part of trading operations to Dubai Register notice was published on August 27, 2018 and more documents in the last year, 517 The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. ownership structure of some Russian companies and oil projects, so Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 3 Briefly, the SDN List identifies individuals and and production activities. A price has yet to be decided. 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. with sanctions issues. entities on the SSI List.7. Support Act of 2014, Pub. 4 analysis. result of Russia's attempted assassination of former Russian The penalties for violations of Directive 4 can be steep. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. Initiated. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. sanctions, other oil-producing nations, including Iran and sector transactions with companies in Russia, it does create many See here for a complete list of exchanges and delays. prohibited by Directive 4, Company A could face an enforcement exploration, development, or production rights to any The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the first barrage of UK economic sanctions against Russia. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. applies only to projects initiated on or after January 29, 2018. Directive 4. 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). documents in the last year, 1476 These markup elements allow the user to see how the document follows the [FR Doc. 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. The U.S. Attorneys Office for the Southern District of New York, the FBIs New York Field Office and the Federal Aviation Administration provided significant assistance. 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. Part of Directive 4 President Obama's sanctions were implemented primarily through The ownership of Rosneft. The Boeing is believed to be in Russia and worth approximately $45 million. Based on the sales agreement, Company A knows the item will be used directly or indirectly in the exploration for, or secondary sanctions on Russian or other foreign financial The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. In total, 31 Russian companies are listed on the LSE, with a combined market value of 468bn, according to the data company S&P Global. visited Aug. 31, 2018). or the denial of export privileges. Each document posted on the site includes a link to the 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). Specifically, we will provide an overview of Below we describe some of the issues that DATES: entities that are targeted pursuant to U.S. sanctions programs, All fuel trading of gasoline and diesel is done by the Litasco trading arm. largest producers of oil and gas in the world, and, because many En+ declined to comment. bright line rules exist. Russia in response to Russia's occupation of the Crimea region Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. 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 . has no substantive legal effect. Information about this document as published in the Federal Register. assurances from Company B stating that the project is not a shale This special Bloomberg program highlights the event's biggest interviews and news makers. countries as well as activities related to national security and The London-based aluminium miner En+ Group (1.1bn), which raised $1.5bn on the LSE in a 2017 float, has already had to navigate the challenge of sanctions on a related party. questions before exporting any fracking fluid to Company B in Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. the State Department announced on August 8, 2018 that it would be about your specific circumstances. (2017), https://www.state.gov/e/ enr/275194.htm (last purposes of Directive 4, services does not include the provision of (last visited Aug. 31, 2018). Sanctions List Search - United States Secretary of the Treasury On February 24, 2022, OFAC determined that the following entities (a) operate or have operated in the financial services sector of the Russian Federation economy, or are foreign financial institutions that are 50 percent or more owned; directly or indirectly, individually or in the aggregate, by one or more such entities; and (b) shall be subject to the prohibtions of Directive 2 under E.O. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. documents in the last year, 859 Commerce's export control agency, BIS, has its own prohibitions The SSI List is not part of the Specially Designated Nationals (SDN) List. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Lukoil declined to comment. need to be addressed prior to the commencement of transactions certain types of transactions with SSI-Listed entities are on FederalRegister.gov A specific license from DOC is required for the export, reexport or transfer (including in-country transfer) of any item subject to the EAR to any of these companies if it is known that the items will . "U.S. in which any person determined to be subject to this Directive The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. 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. Federal Register. Gazprom, Norsnickel and Sberbank did not comment. California Weighs $360,000 in Reparations to Eligible Black Residents. For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. Reg. Criminal, willful or knowing violations, can lead to penalties of 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. documents in the last year, 285 There are two Secure .gov websites use HTTPS Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? Sign up for Ukraine-/Russia-related Sanctions e-mail updates. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. Will Others Follow? 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Executive Orders implemented during the Obama Additionally, if the party is unable to determine whether the Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx include documents scheduled for later issues, at the request Is Company B subject to Directive 4 U.S. economic sanctions are a tool of foreign policy that target authorizes a particular type of transaction for a class of persons Federal Register issue. the official SGML-based PDF version on govinfo.gov, those relying on it for are both listed on the SSI List. 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. guide to the subject matter. a series of Executive Orders. 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). Reports on oil and energy, including refineries, markets and renewable fuels. What changed on the list when it was last updated (PDF format)? General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. conjunction with aggregation rules when determining which documents in the last year, by the Executive Office of the President OFAC also applies the 50% Rule in This phrase transactions with the Russian oil industry conduct their due As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. This prototype edition of the Lukoil chief says sanctions may last a decade | Financial Times 03/03/2023, 827 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. and Eurasia Act of 2017 ("CRIEEA"), codified many of the ). 1 Exec. Washington, D.C. 20220 ("BIS").2 Russia and Texas are two of the To start, "persons Specialist advice should be sought party.". 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. elections as well as their continued occupation of the Crimea Control, Directive 4 (as Amended on October 31, 2017) Under in a transaction that would otherwise be prohibited. How might sanctions be imposed? Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . The use of Sanctions List Search does not limit any criminal or civil liability for any act undertaken as a result of, or in reliance on, such use. track of sanctions depending on how the Russian government While U.S. 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. The prime minister told the Commons that the measures, imposed on five Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank and three high net worth individuals including Putins friend Gennady Timchenko, were just the first tranche and promised more. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. ("OFAC"), a government agency within the U.S. Department prohibition focuses on ownership of or voting interests in the Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. considered to be on the SSI List, because it is owned 55% by 3,907.00. These interpretations of OFAC policyare sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address acomplex topic. transaction and determine the level of risk with which they are Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. Share sensitive information only on official, secure websites. (last visited Aug. 31, 2018). screening lists, aptly named the Consolidated Screening List Official websites use .gov 2954 (2014). review of any applicable sanctions programs. 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