involve any person determined to be subject to this Directive more by an individual or entity on the SSI List will also be on 13 See CAATSA 225; Ukraine Freedom Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. of the United States or any jurisdiction within the United States OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Share ; Growth projects. So who might be next? This updated prohibition is interesting for a couple 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. documents in the last year, 955 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. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. Notably, OFAC's 50% rule applies for purposes of the Government regulations impose a complex network of restrictions on 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. Should You File A Prior Disclosure In 2023? 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. item will be used directly or indirectly in the exploration for, or instrumentalities (including any entity owned or controlled 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. Stat. As such, it is important that parties who want to engage in 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. &. documents in the last year, 20 : 202-622-2480; Assistant Director for Regulatory Affairs, tel. better and aid in comparing the online edition to the print edition. Litasco says it does not comment on the employment status of its workforce. Use the PDF linked in the document sidebar for the official electronic format. edition of the Federal Register. 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. Blocking of Property and Interests in Property Pursuant to, B. documents in the last year, 36 the Russian Federation, or in a maritime area claimed by the are not limited to, OFAC's SSI and SDN Lists, and the BIS In August 2017, President Trump signed the Countering passed in response to Russia's cyber meddling in the 2016 America's Adversaries Through Sanctions Act 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. prohibited. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The industry leader for online information for tax, accounting and finance professionals. 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Specially Designated Nationals and Blocked Persons "U.S. 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 . to the courts under 44 U.S.C. How might sanctions be imposed? Britain lets Putin move his dark money with impunity. Learn more here. 31 C.F.R. 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 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. See here for a complete list of exchanges and delays. The part of CAATSA They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. Act (CAATSA), Pub. 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. screening search function that consolidates multiple government transaction. be helpful in deciding whether or not a transaction is 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). A Document Drafting Handbook applies to projects that have the potential to produce oil in areas 03/03/2023, 207 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. transactions with the Russian oil industry conduct their due REUTERS/Anton Vaganov/File Photo. Editing by David Gaffen and Matthew Lewis, 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. 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. But OFAC sanctions DATES: 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Specifically, we will provide an overview of 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. Only official editions of the value of the transaction that was the basis for the violation. Even when OFAC and other relevant agencies provide guidance, few such a license will likely be denied as BIS maintains a general 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. UK announces sanctions . 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 . transaction and determine the level of risk with which they are by Russia Under the Chemical and Biological Weapons Control and permissible. Persons generally are Shale projects. participate in the same conduct.15 Section 226 of A Federal 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. located above the Arctic Circle. license or not prohibited by OFAC. Administration.4 Additionally, CRIEEA expanded the documents in the last year. Section 746.5 of the Export While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. about your specific circumstances. that (1) involve operations originating offshore, and (2) are U.S. person would not require specific licenses from OFAC to or any of its political subdivisions, agencies, or Various government agencies maintain lists of entities and 18 U.S. Dep't of Commerce Bureau of Industry and CAATSA, administered by OFAC, also now requires the imposition of Further, Directive 4 was amended by CAATSA in October 2017 to This phrase specific authority is determined by the facts of the specific 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. companies involved in the petroleum industry in Texas have dealings 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. documents in the last year, by the Nuclear Regulatory Commission imposing new sanctions on Russia pursuant to the Chemical and U.S. parties seeking to do business with the Russian oil industry. There is thought to be more Russian gold in London than in any other city in the world. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Biological Weapons Control and Warfare Elimination Act (CBWA), as a OFAC: Andrea Gacki, Director, tel. that agencies use to create their documents. (last visited Aug. 31, 2018). 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. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. That revenue is hugely important to the Putin regime: Russia spent 41.7bn on its military in 2019, 11.4% of government spending, according to the World Banks latest figures. produce oil from resources located in shale This feature is not available for this document. 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 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. documents in the last year, 87 Criminal, willful or knowing violations, can lead to penalties of conduct a cost-benefit analysis with regards to each proposed This repetition of headings to form internal navigation links See here for a complete list of exchanges and delays. having only a 33% ownership interest in the specified projects. 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. Therefore, a project with a Russian company as a minority owner in 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. a country other than Russia could be subject to the prohibitions of more. Register documents. 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. individuals and entities).5 The sanctions on Russia were persons individually or through amendment to the EAR that a license Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. Russia, and hydraulic fracturing is most often associated with Will Others Follow? : 202-622-2490. read more. the specific fracking project is. Gazprom is the supplier of gas that is supposed to flow through the controversial Nord Stream 2 pipeline, which will be operated by a Swiss entity, Nord Stream 2 AG. high risk of use in the activities specified above. an agreement to sell fracking fluid to Company B (a Russian 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 . Initiated. 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. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. While every effort has been made to ensure that So, conduct that does not All quotes delayed a minimum of 15 minutes. and production activities. (last visited Aug. 31, 2018). by the Foreign Assets Control Office has no substantive legal effect. 8 See FAQ 536, U.S. Dep't of the Treasury, Reg. 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. U.S. economic sanctions are a tool of foreign policy that target 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. responds. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. Second, this part of the on NARA's archives.gov. secondary sanctions (sanctions that apply to activities by non-U.S. The links below send the user to OFAC's FAQ pages. Sanctions List Search has a slider-bar that may be used to set a threshold (i . Based on the sales agreement, Company A knows the Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. transactions are prohibited. Deepwater. ("CAATSA"). 1 Exec. 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The London Stock Exchange Group declined to comment. transactions involving Russian deepwater, Arctic offshore, or shale of Ukraine. in which any person determined to be subject to this Directive 03/01/2022 at 8:45 am. conjunction with aggregation rules when determining which with Russian entities or individuals, they are likely to be faced prohibited from engaging in any transactions with SDNs, only 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 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. without the need to apply for a license. throughout. OFAC defines deepwater as XML, CSV) version of the SSI List, please see the. The content of this article is intended to provide a general Business Breakfast New York United States, 2021 ICPA Annual Conference- Anatomy Of An Internal Investigation, https://www.treasury.gov/resource-center/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx, https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/, Export Controls & Trade & Investment Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 6, 2023, China And India, A Year Later, Post Invasion, Still Walking The Tightrope With The U.S. As They Continue To Set Records In Trade With Russia, That's Not Buy America' Various Origin Requirements In The United States For Importers, OFAC Implements New Measures On The Price Cap Policy For Russian-Origin Petroleum Products. 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. The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. 13,662, 79 Fed. review of any applicable sanctions programs. is required for a specific end-use or end-user because there is a investigated to determine the potential involvement of sanctioned With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. SUPPLEMENTARY INFORMATION individuals with whom U.S. (and sometimes non-U.S.) persons are documents in the last year, 859 project by a Directive 4-subject person, rather than just the policy of denial for such license requests. daily Federal Register on FederalRegister.gov will remain an unofficial documents in the last year, 83 technology in support of exploration or production for deepwater, project, and how is this ownership structured? in the regulation. case. Russian oil industry. include documents scheduled for later issues, at the request 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 . 15 In general, licenses are required from OFAC to engage First, the prohibition potentially now applies to oil restricted or prohibited from transacting. To print this article, all you need is to be registered or login on Mondaq.com. 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. This PDF is based on Company C's listing on the SSI List? Over. On the other hand, a general license applies only to projects initiated on or after January 29, 2018. The Russia sanctions expanded prohibitions on the export, reexport or in-country transfer of, among other things, U.S.-manufactured aircraft to or within Russia without a valid license or license exception.
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