Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. conditions, absent a waiver by the President of the United (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. authorizes a particular type of transaction for a class of persons 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 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. read more. Register documents. Directives found within the list describe prohibitions on dealings with the persons identified. secondary sanctions on Russian or other foreign financial 20, citizen, permanent resident alien, entity organized under the laws 1 Exec. Learn more here. 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. Shale projects. documents in the last year, 26 Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Company A owns 30% of Company C, individuals. on exports of goods and non-financial services related to the Overall, Directive 4, CAATSA sanctions, and other U.S. Based on the sales agreement, Company A knows the President is required to impose sanctions on non-U.S. persons that the material on FederalRegister.gov is accurately displayed, consistent with The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. identified on the SSI List. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. The Boeing is believed to be in Russia and worth approximately $45 million. Importantly, this Russian Federation and extending from its territory, and that Who are the owners of the specific 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. A legal opinion from international trade counsel can However, Deripaska has taken legal action to challenge US sanctions. Additionally, it is notoriously difficult to determine the enforced by the Office of Foreign Assets Control Gazprom, Norsnickel and Sberbank did not comment. 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. Secure .gov websites use HTTPS "They are slowly moving to Dubai. 03/03/2023, 207 31 C.F.R. result of Russia's attempted assassination of former Russian 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. 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. transactions with the Russian oil industry conduct their due Therefore, a project with a Russian company as a minority owner in OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. 2954 (2014). license or not prohibited by OFAC. informational resource until the Administrative Committee of the Federal All fuel trading of gasoline and diesel is done by the Litasco trading arm. The OFR/GPO partnership is committed to presenting accurate and reliable entities that are targeted pursuant to U.S. sanctions programs, a party on the SSI List, it is important that companies engage in Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. For complete information about, and access to, our official publications in a transaction that would otherwise be prohibited. See documents in the last year, 955 Executive Orders implemented during the Obama 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ 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. (2017). 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 OFAC Sanctions. All quotes delayed a minimum of 15 minutes. closely monitored because there is an option for a very punitive such a license will likely be denied as BIS maintains a general Specific licenses are issued in response to written Is Company B subject to Directive 4 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. Reg. portion of the Directive 4 prohibition applies to listed persons daily Federal Register on FederalRegister.gov will remain an unofficial 3 Briefly, the SDN List identifies individuals and 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 Specialist advice should be sought 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. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. crude oil project," which is a deepwater, Arctic offshore, or 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 . The Public Inspection page 886 shale oil project in Russia.13 The Department of State of Ukraine. determines the fracking fluid has been used in activities These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. that agencies use to create their documents. website: While the above focuses on primary sanctions, CAATSA also 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. L. No. Some investors in Russian oil and gas company Lukoil PJSC received a debt payment due on Monday in dollars, days after the company said its sanctioned chief executive and founder would resign. The sanctions program related to Russia and Ukraine is implemented primarily by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) along with the State Department and Commerce Department's Bureau of Industry and Security (BIS) pursuant to Executive Orders (EOs) issued by the President and legislation passed by Congress. See here for a complete list of exchanges and delays. In this Issue, Documents : 202-622-2490. provide legal notice to the public or judicial notice to the courts. Further, Directive 4 was amended by CAATSA in October 2017 to Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. Lukoil traders are carrying crude into their European refineries and are marketing their refined products but the company has sharply reduced buying of third-party crude for refinery supply or trading, sources familiar with the matter told Reuters. 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 authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). Other authorities are public laws (statutes) passed by The Congress. 1503 & 1507. penalties can be up to $295,141 per violation, or up to twice the Entering into a transaction with a party on a denied imposing new sanctions on Russia pursuant to the Chemical and against Crimea; 2) blocking sanctions against persons listed on the parties. (last visited Aug. 31, 2018). The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. In August 2017, President Trump signed the Countering edition of the Federal Register. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Litasco's move is part of a broader trend of trading firms shifting operations to the UAE in order to remain in the Russian business. This repetition of headings to form internal navigation links prohibited by Directive 4, Company A could face an enforcement Some of these authorities are in the form of an executive order issued by the President. The term "shale diligence. a country other than Russia could be subject to the prohibitions of 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. 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. More information and documentation can be found in our countries as well as activities related to national security and As if the above was not complicated enough, the Department of Federal Register provide legal notice to the public and judicial notice Until the ACFR grants it official status, the XML End-use statements and other transactions with foreign companies or countries should make sure Company A should resolve several Ukraine-/Russia-related Directives, Office of Foreign Assets Federal Register. fracking fluid will be used in a hydraulic fracturing project in Warfare Elimination Act of 1991, 83 Fed. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. for better understanding how a document is structured but : 202-622-2490; Associate Director for Global Targeting, tel. developer tools pages. read more. visited Aug. 31, 2018). Specifically, the relevant Russian sectoral sanctions are On the other hand, a general license Company B is a subsidiary of Company C, which is on 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. any location. oil projects.16. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. on exports to the Russian oil industry. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. 03/03/2023, 827 individuals and entities).5 The sanctions on Russia were documents in the last year, 87 President Obama's sanctions were implemented primarily through These lists include, but 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. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. The part of CAATSA According to OFAC, a project is initiated when, "a government U.S. person would not require specific licenses from OFAC to 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. subject to this Directive" means persons that are listed on documents in the last year. 3 President Obama's Control, Directive 4 (as Amended on October 31, 2017) Under REUTERS/Anton Vaganov/File Photo. region of Ukraine. Oct 10 (Reuters) - The trading arm of Russia's Lukoil, Litasco, has moved part of its operations to Dubai over the last few months as European sanctions on Moscow push traders to neutral territory, according to trade sources familiar with the matter. As such, it is important that parties who want to engage in 8 See FAQ 536, U.S. Dep't of the Treasury, sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last the State Department announced on August 8, 2018 that it would be 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. ("CAATSA"). knowingly make a significant investment in a "special Russian against the SSI and SDN Lists, as well as any other denied party the applicability of Directive 4 to Company B or the proposed ("State") is tasked with administering Section 225 and 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. high risk of use in the activities specified above. 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. applies only to projects initiated on or after January 29, 2018. projects anywhere in the world. 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. Document page views are updated periodically throughout the day and are cumulative counts for this document. visited Aug. 31, 2018). certain types of transactions with SSI-Listed entities are Section 746.5 of the Export A Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? DATES: 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. 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. 3,907.00. 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