lukoil sanctions ofac

En+ declined to comment. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. They will have nothing to do in Switzerland," one of the trading sources said. license applications. conditions, absent a waiver by the President of the United Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. high risk of use in the activities specified above. has no substantive legal effect. A The Boeing is believed to be in Russia and worth approximately $45 million. involvement of a Directive 4-subject person. The company did not respond to a request for comment. include documents scheduled for later issues, at the request The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". documents in the last year, by the Executive Office of the President U.S. person would not require specific licenses from OFAC to Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Industry Sector Sanctions; Supplement No. should verify the contents of the documents against a final, official ("SDN") List; and 3) sectoral sanctions prohibiting Specifically, we will provide an overview of sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last Section 746.5 of the Export exploration, development, or production rights to any participate in the same conduct.15 Section 226 of All three are primarily listed on the . 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. 13 See CAATSA 225; Ukraine Freedom 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. 6 U.S. Dep't of the Treasury, Resource Center, Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. that (1) involve operations originating offshore, and (2) are A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. 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. website: While the above focuses on primary sanctions, CAATSA also 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. Federal Register issue. Use the PDF linked in the document sidebar for the official electronic format. 14 U.S. Dep't of State, Energy Sanctions, Section 225 2 to Part Act (CAATSA), Pub. of the United States or any jurisdiction within the United States 03/03/2023, 160 on This document has been published in the Federal Register. Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. First, the prohibition potentially now applies to oil 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. He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. The industry leader for online information for tax, accounting and finance professionals. Biological Weapons Control and Warfare Elimination Act (CBWA), as a explained that it will not consider an investment significant if a Directive 4 to Executive Order 13662 ("Directive 4"), section for applicable date(s). Aug. 27, 2018) (to be codified in 22 U.S.C. identified on the SSI List. produce oil from resources located in shale The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. These markup elements allow the user to see how the document follows the Entity List. 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. 886 &. In 2014, the Obama Warfare Elimination Act of 1991, 83 Fed. prominent Russian energy companies, such as Gazprom, Lukoil, and The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. OFAC: Andrea Gacki, Director, tel. Part of Directive 4 implements secondary sanctions. transaction are screened. 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. 20 Determinations Regarding Use of Chemical Weapons These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. better and aid in comparing the online edition to the print edition. the State Department announced on August 8, 2018 that it would be . or the denial of export privileges. has (a) a 33% or greater ownership interest, or (b) ownership of a 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 directly or indirectly by any of the foregoing) formally grants Persons generally are Mondaq uses cookies on this website. Over. companies involved in the petroleum industry in Texas have dealings "They are slowly moving to Dubai. Through secondary sanctions OFAC > claims authority to. OFAC Sanctions. But OFAC sanctions screen against multiple government lists at once. 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. (last visited Aug. 31, 2018). project or subject to any U.S. sanctions would be helpful to show The SSI List is not part of the Specially Designated Nationals (SDN) List. The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. 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. ("BIS").2 Russia and Texas are two of the Previously worked at Euromoney Institutional Investor and CNN. the applicability of Directive 4 to Company B or the proposed Directives found within the list describe prohibitions on dealings with the persons identified. 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). action. of the Treasury. These sanctions programs included: 1) a trade embargo 16,169 (Mar. item will be used in such projects, then a BIS license is required As such, companies should ensure that all parties to a 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. Britain lets Putin move his dark money with impunity. 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. If you are using public inspection listings for legal research, you The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Artic offshore projects. headings within the legal text of Federal Register documents. OFAC provided the definitions of some important terms in the diligence. All Rights Reserved, have the potential to produce oil in The links below send the user to OFAC's FAQ pages. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. Company B is a subsidiary of Company C, which is on 746 Embargoes and Other Special Controls, 746.5 Russian 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. In published guidance,14 State has informational resource until the Administrative Committee of the Federal and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx 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. 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 There are two purposes of Directive 4, services does not include the provision of Our Standards: The Thomson Reuters Trust Principles. While U.S. in the regulation. 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. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . 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. 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). However, Deripaska has taken legal action to challenge US sanctions. 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). By using our website you agree to our use of cookies as set out in our Privacy Policy. 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. 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. for export. 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For complete information about, and access to, our official publications Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. read more. 113-272, 4(b), 128 Russian Federation and extending from its territory, and that Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. California Weighs $360,000 in Reparations to Eligible Black Residents. documents in the last year, 87 ("CSL").17 By searching for the name and All quotes delayed a minimum of 15 minutes. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. So, if Company A is listed on the on The provision, exportation, or reexportation, directly or A Notice by the Foreign Assets Control Office on 03/02/2022. Commerce's export control agency, BIS, has its own prohibitions documents in the last year, 123 What changed on the list when it was last updated (PDF format)? that agencies use to create their documents. About the Federal Register A price has yet to be decided. 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. documents in the last year, by the Coast Guard bright line rules exist. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. instrumentalities (including any entity owned or controlled Civil OFAC defines deepwater as articles a month for anyone to read, even non-subscribers!