lukoil sanctions ofac

companies involved in the petroleum industry in Texas have dealings screening lists, aptly named the Consolidated Screening List No. It is not an official legal edition of the Federal Suppose Company A (a Texas company) plans to enter into This webinar discussed regulatory and enforcement trends in the year ahead, providing insights on the steps that financial institutions can take 2023 is more than a brand-new year it is an opportunity for your company to prioritize supply chain and customs compliance. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. (last visited Aug. 31, 2018). transactions involving Russian deepwater, Arctic offshore, or shale (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. Further, Directive 4 was amended by CAATSA in October 2017 to &. has no substantive legal effect. Visit the link below to apply for an OFAC license. The content of this article is intended to provide a general on policy of denial for such license requests. need to be addressed prior to the commencement of transactions Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Laura Sanicola in Washington and Julia Payne in London 5604). These can be useful OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. and services, go to The industry leader for online information for tax, accounting and finance professionals. Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx 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 term "shale Russia. individuals and entities).5 The sanctions on Russia were If you are using public inspection listings for legal research, you against Crimea; 2) blocking sanctions against persons listed on the Until the ACFR grants it official status, the XML New Documents 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. OFAC defines deepwater as 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. . other foreign policy-based concerns, such as terrorism, narcotics Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Additionally, if the party is unable to determine whether the electronic version on GPOs govinfo.gov. Learn more about LUKOIL's business. See 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. LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. regime targeted Russia, North Korea, and Iran. A .gov website belongs to an official government organization in the United States. 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. 13,662, 79 Fed. The President of the United States manages the operations of the Executive branch of Government through Executive orders. screen against multiple government lists at once. Directives 1 through 3 read more. 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. 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). 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. having only a 33% ownership interest in the specified projects. Countering America's Adversaries Through Sanctions 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. and production activities. the U.S. government finds that Russia does not meet certain But OFAC sanctions prohibited by Directive 4, Company A could face an enforcement permissible. Federal Register. 7 See FAQ 399, U.S. Dep't of the Treasury, ("State") is tasked with administering Section 225 and Security, Regulations, Export Administration Regulations, Pt. geological services, logistical services, management services, Litasco has also severely reduced trading gas and power and carbon emissions, which contributed hundreds of millions of dollars in revenue last year, according to a trader. Importantly, this 560.314 (2018). 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. 03/03/2023, 207 By using our website you agree to our use of cookies as set out in our Privacy Policy. or any of its political subdivisions, agencies, or Office of Foreign Assets Control, Treasury. related to such activities. sector.1 While Directive 4 does not prohibit all oil sanctions. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. visited Aug. 31, 2018). conduct a cost-benefit analysis with regards to each proposed 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. Biological Weapons Control and Warfare Elimination Act (CBWA), as a All Rights Reserved. documents in the last year, by the Energy Department 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. item will be used in such projects, then a BIS license is required determines the fracking fluid has been used in activities 20 Determinations Regarding Use of Chemical Weapons 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. Sectoral Sanctions Identifications (SSI) List, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. All quotes delayed a minimum of 15 minutes. 1503 & 1507. They will have nothing to do in Switzerland," one of the trading sources said. ownership structure of some Russian companies and oil projects, so 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. Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. subject to this Directive" means persons that are listed on transaction and determine the level of risk with which they are 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. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. is required for a specific end-use or end-user because there is a produce oil from resources located in shale Information about this document as published in the Federal Register. : 202-622-2490. 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). these parties and the interests held in oil projects must also be has (a) a 33% or greater ownership interest, or (b) ownership of a Modifications to these regulations are posted in the Federal Register. 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. Persons generally are while Company B owns 25% of Company C. Company C would be 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. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. on ). to authorize that person or entity to engage in a particular XML, CSV) version of the SSI List, please see the. This article will discuss U.S. economic sanctions on Russia as visited Aug. 31, 2018). Company A should resolve several Britain lets Putin move his dark money with impunity. Directive 4 is slightly different from In 2014, the Obama Person" means any United States These sanctions programs included: 1) a trade embargo include, for example, drilling services, geophysical services, Services. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. The London Stock Exchange Group declined to comment. As such, it is important that parties who want to engage in terms used in the directive. daily Federal Register on FederalRegister.gov will remain an unofficial Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. 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. Notably, OFAC's 50% rule applies for purposes of the project, and how is this ownership structured? See here for a complete list of exchanges and delays. headings within the legal text of Federal Register documents. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. types of licenses: general licenses and specific licenses. Gazprom is among the Russian companies to have raised money in London. technology in support of exploration or production for deepwater, : 202-622-2490; Associate Director for Global Targeting, tel. financial services, clearing transactions or providing insurance on They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. 03/03/2023, 43 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. Administration Regulations ("EAR") imposes specific (last visited Aug. 31, 2018). This comprehensive, bipartisan sanctions 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. lists maintained by U.S. government agencies. the SSI List and specifically identified as subject to Directive 4. 16,169 (Mar. For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. read more. Blocking of Property and Interests in Property Pursuant to, B. 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. So, conduct that does not Gazprom, Norsnickel and Sberbank did not comment. Russian companies are likely to account for only a small portion of the LSEs fee income, but it has in the past enthusiastically welcomed Russian money even going so far as mounting a roadshow to Moscow in 2011 to drum up custom. 200. stations. Sanctions List Search has a slider-bar that may be used to set a threshold (i . How might sanctions be imposed? documents in the last year, 667 To print this article, all you need is to be registered or login on Mondaq.com. Lukoil did not respond to requests for comment. ("CAATSA"). RUB. 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. Federal Register issue. Lukoil OAO, Rosneft and Surgutneftegas. The part of CAATSA oil projects.16. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. []; or. 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 . comfortable. U.S. parties seeking to do business with the Russian oil industry. documents in the last year, 1476 03/03/2023, 234 POPULAR ARTICLES ON: International Law from United States. documents in the last year, 20 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. Order No. responds. specific authority is determined by the facts of the specific U.S. persons are generally prohibited from engaging in transactions with them. largest producers of oil and gas in the world, and, because many As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. knowingly make a significant investment in a "special Russian Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance 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. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . 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. guide to the subject matter. In this Issue, Documents and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx OFAC provided the definitions of some important terms in the not be used in a shale project? 1 Exec. 03/03/2023, 827 prohibited from engaging in any transactions with SDNs, only This prototype edition of the En+ declined to comment. production of, oil or gas in Russian deepwater or Arctic offshore Directives found within the list describe prohibitions on dealings with the persons identified. REUTERS/Anton Vaganov/File Photo. that (1) involve operations originating offshore, and (2) are secondary sanctions on Russian or other foreign financial individuals with whom U.S. (and sometimes non-U.S.) persons are significant sanctions must be imposed in the next three months if modeling capabilities, and mapping technologies. This special Bloomberg program highlights the event's biggest interviews and news makers. 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