edition of the Federal Register. ("OFAC"), a government agency within the U.S. Department
The Boeing is believed to be in Russia and worth approximately $45 million. Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' geological services, logistical services, management services,
OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. any location. other foreign policy-based concerns, such as terrorism, narcotics
Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? documents in the last year, 20 of reasons. comfortable. End-use statements and other
Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . 1701-1706, National Emergencies Act (NEA), 50 U.S.C. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. elections as well as their continued occupation of the Crimea
Sanctions List Search Register, and does not replace the official print version or the official transactions with the Russian oil industry conduct their due
("BIS").2 Russia and Texas are two of the
exploration, development, or production rights to any
Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. Finally,
Industry Sector Sanctions; Supplement No. A price has yet to be decided. that (1) involve operations originating offshore, and (2) are
located above the Arctic Circle. without the need to apply for a license. Act (CAATSA), Pub. Administration implemented various economic sanctions against
license applications. The term "shale
This article will discuss U.S. economic sanctions on Russia as
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. are not part of the published document itself. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. secondary sanctions on Russian or other foreign financial
Through secondary sanctions OFAC > claims authority to. transaction. 6 U.S. Dep't of the Treasury, Resource Center,
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. portion of the Directive 4 prohibition applies to listed persons
Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. subject to this Directive" means persons that are listed on
First, the prohibition potentially now applies to oil
The ownership of
Our Standards: The Thomson Reuters Trust Principles. 43723 (proposed
Company A owns 30% of Company C,
Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Register (ACFR) issues a regulation granting it official legal status. and Eurasia Act of 2017 ("CRIEEA"), codified many of the
assume it is not clear from the sales agreement who the owner of
a party on the SSI List, it is important that companies engage in
The industry leader for online information for tax, accounting and finance professionals. include documents scheduled for later issues, at the request majority of the voting interests. The provision, exportation, or reexportation, directly or
Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. item will be used in such projects, then a BIS license is required
documents in the last year, 36 So, conduct that does not
the State Department announced on August 8, 2018 that it would be
The company did not respond to a request for comment. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. It is not an official legal edition of the Federal Biological Weapons Control and Warfare Elimination Act (CBWA), as a
on 3 President Obama's See here for a complete list of exchanges and delays. PDF Russian and Belarusian Restricted Securities & Financial Institutions daily Federal Register on FederalRegister.gov will remain an unofficial Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. visited Aug. 31, 2018). The documents posted on this site are XML renditions of published Federal In published guidance,14 State has
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. prohibited by Directive 4, Company A could face an enforcement
Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. the SSI List and specifically identified as subject to Directive 4. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. A legal opinion from international trade counsel can
To print this article, all you need is to be registered or login on Mondaq.com. permissible. need to be addressed prior to the commencement of transactions
treated as being on the SSI List. The list of parties subject to Directive 4 includes several
A Notice by the Foreign Assets Control Office on 03/02/2022. 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. This special Bloomberg program highlights the event's biggest interviews and news makers. significant sanctions must be imposed in the next three months if
Mondaq uses cookies on this website. penalties can be up to $295,141 per violation, or up to twice the
example aims to highlight the issues encountered during a Directive
headings within the legal text of Federal Register documents. Gazprom, Norsnickel and Sberbank did not comment. "They are slowly moving to Dubai. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. Government regulations impose a complex network of restrictions on
responds. Services. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. CAATSA, administered by OFAC, also now requires the imposition of
Specially Designated Nationals and Blocked Persons
of the United States or any jurisdiction within the United States
U.S. economic sanctions are a tool of foreign policy that target
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. . secondary sanctions (sanctions that apply to activities by non-U.S.
Russia, and hydraulic fracturing is most often associated with
these parties and the interests held in oil projects must also be
Administration.4 Additionally, CRIEEA expanded the
fracking fluid will be used in a hydraulic fracturing project in
on NARA's archives.gov. screening search function that consolidates multiple government
As part of this, OFAC amended Directive 4 under Executive Order 13662related to . ("State") is tasked with administering Section 225 and
that there are no prohibitions on the transaction and conduct a
2022-04337 Filed 3-1-22; 8:45 am], updated on 4:15 PM on Friday, March 3, 2023, updated on 8:45 AM on Friday, March 3, 2023.
The OFR/GPO partnership is committed to presenting accurate and reliable technology in support of exploration or production for deepwater,
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. 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. The United States obtained a warrant to seize a Boeing 737-7EM aircraft owned by PJSC LUKOIL, a Russian multinational oil and gas corporation headquartered in Moscow, Russia. 13,662, 79 Fed. Notably, OFAC's 50% rule applies for purposes of the
Who are the owners of the specific
EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters The links below send the user to OFAC's FAQ pages. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success. sanctions, other oil-producing nations, including Iran and
of the Treasury. Visit the link below to apply for an OFAC license. Aug. 27, 2018) (to be codified in 22 U.S.C. REUTERS/Anton Vaganov/File Photo. be helpful in deciding whether or not a transaction is
SUPPLEMENTARY INFORMATION explained that it will not consider an investment significant if a
In this Issue, Documents Parties should also be aware that BIS may inform
New Documents 15 In general, licenses are required from OFAC to engage
5604). It also has a 45% interest in a refinery in the Netherlands. more by an individual or entity on the SSI List will also be
This feature is not available for this document. There are two
The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. This prototype edition of the A
project or subject to any U.S. sanctions would be helpful to show
This phrase
Commerce's export control agency, BIS, has its own prohibitions
OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. conditions, absent a waiver by the President of the United
investigated to determine the potential involvement of sanctioned
on exports to the Russian oil industry. sector transactions with companies in Russia, it does create many
. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: We will also briefly
Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. OFAC provided the definitions of some important terms in the
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the applicability of Directive 4 to Company B or the proposed
documents in the last year, 1411 based on Company C's listing on the SSI List? read more. prohibit and impose restrictions on various kinds of financial
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. 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. However, individuals and companies on the SSI List may also appear on the SDN List. 14 U.S. Dep't of State, Energy Sanctions, Section 225
This PDF is for export. 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 . Civil
which prohibits certain transactions related to the Russian oil
Secure .gov websites use HTTPS Specialist advice should be sought
Federal Register issue. such a license will likely be denied as BIS maintains a general
LUKOIL - LUKOIL North America documents in the last year, 859 4 analysis. 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. screening lists, aptly named the Consolidated Screening List
companies involved in the petroleum industry in Texas have dealings
Section 746.5 of the Export
Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx
sanctions. screen against multiple government lists at once. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. (last visited Aug. 31, 2018). Washington, D.C. 20220 See here for a complete list of exchanges and delays. 03/01/2022 at 8:45 am. 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. Share sensitive information only on official, secure websites. These markup elements allow the user to see how the document follows the Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. 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. instrumentalities (including any entity owned or controlled
terms used in the directive. 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. on exports of goods and non-financial services related to the
These questions include: Even if not, how can Company A be sure the fracking fluid will
&. Some of these authorities are in the form of an executive order issued by the President. All three are primarily listed on the . of Ukraine. 03/03/2023, 827 Overall, Directive 4, CAATSA sanctions, and other U.S.
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. 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. about your specific circumstances. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/
individuals with whom U.S. (and sometimes non-U.S.) persons are
sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last
documents in the last year, 470 The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. All Rights Reserved. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. OFAC Implements Price Cap, Issues Detailed Guidance: On February 3, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a determination pursuant China's trade with Russia hit a record $190 billion U.S. in 2022, key operative word "record.". The part of CAATSA
Is a 33% or greater
Ukraine-/Russia-related Sanctions | U.S. Department of the Treasury types of licenses: general licenses and specific licenses. The content of this article is intended to provide a general
Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. 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. 3,907.00. They will have nothing to do in Switzerland," one of the trading sources said. 200. stations. projects" applies to projects that have the potential to
RUB. They are useful quick reference tools. An official website of the United States government. indirectly, of goods, services (except for financial services), or
18 U.S. Dep't of Commerce Bureau of Industry and
So, if Company A is listed on the
party.". Executive Orders implemented during the Obama
transaction are screened. As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. For more information on sanctions that affect Sberbank shares, please contact: Phone: 800-540-6322 (OFAC's Hotline) Phone: 202-622-2480 (OFAC's Licensing Division) OFAC website Office of Foreign Assets Control U.S. Department of the Treasury Treasury Annex 1500 Pennsylvania Avenue N.W. In August 2017, President Trump signed the Countering
conjunction with aggregation rules when determining which
Importantly, this
item will be used directly or indirectly in the exploration for, or
Directive 4 to Executive Order 13662 ("Directive 4"),
address of an individual or company on the CSL, parties are able to
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. America's Adversaries Through Sanctions Act
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).
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