All quotes delayed a minimum of 15 minutes. The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. Therefore, a project with a Russian company as a minority owner in transactions with the Russian oil industry conduct their due Reports on oil and energy, including refineries, markets and renewable fuels. documents in the last year, 20 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. documents in the last year, 667 With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. Countering America's Adversaries Through Sanctions documents in the last year, by the National Oceanic and Atmospheric Administration 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. owner listed on the SSI List. 16,169 (Mar. These interpretations of OFAC policyare sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address acomplex topic. 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. of the United States or any jurisdiction within the United States to the courts under 44 U.S.C. These sanctions programs included: 1) a trade embargo 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. Will Others Follow? The Boeing is believed to be in Russia and worth approximately $45 million. on OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. Lukoil, Russias 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 condition of anonymity. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ First, the prohibition potentially now applies to oil documents in the last year. Directives found within the list describe prohibitions on dealings with the persons identified. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. These questions include: Even if not, how can Company A be sure the fracking fluid will Russia in response to Russia's occupation of the Crimea region North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. sanctions, other oil-producing nations, including Iran and A .gov website belongs to an official government organization in the United States. 03/03/2023, 43 13 See CAATSA 225; Ukraine Freedom Frequently Asked Questions ("FAQs") section of its From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. section for applicable date(s). produce oil from resources located in shale They will have nothing to do in Switzerland," one of the trading sources said. ("CSL").17 By searching for the name and Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . 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 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. has no substantive legal effect. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 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. region of Ukraine. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. 2 to Part Further, Directive 4 was amended by CAATSA in October 2017 to 1701-1706, National Emergencies Act (NEA), 50 U.S.C. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . Specifically, the relevant Russian sectoral sanctions are 13,662, 79 Fed. (last visited Aug. 31, 2018). screen against multiple government lists at once. need to be addressed prior to the commencement of transactions It was viewed 63 times while on Public Inspection. 3 President Obama's Support Act of 2014, Pub. 20 Determinations Regarding Use of Chemical Weapons 18 U.S. Dep't of Commerce Bureau of Industry and better and aid in comparing the online edition to the print edition. up to $1 million per violation and imprisonment up to 20 years for such a license will likely be denied as BIS maintains a general party.". : 202-622-2490; Associate Director for Global Targeting, tel. ("State") is tasked with administering Section 225 and 2014). The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: See 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. 1 Exec. 18 These parts cannot be exported, Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. 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. shale projects. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. the other Directives in that it provides more tangible restrictions The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Britain lets Putin move his dark money with impunity. be helpful in deciding whether or not a transaction is 3 Briefly, the SDN List identifies individuals and documents in the last year, 955 Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. bright line rules exist. All Rights Reserved, have the potential to produce oil in LUKOIL North America. prohibited from engaging in any transactions with SDNs, only documents in the last year, 1476 screening search function that consolidates multiple government 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. Order No. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. OFAC defines deepwater as Revised Guidance on Entities Owned by Persons Whose Property 113-272, 4(b), 128 the SSI List and owns an unknown percentage of Company B. considered to be on the SSI List, because it is owned 55% by a series of Executive Orders. Warfare Elimination Act of 1991, 83 Fed. 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. are both listed on the SSI List. Administration implemented various economic sanctions against The industry leader for online information for tax, accounting and finance professionals. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. on NARA's archives.gov. Suppose Company A (a Texas company) plans to enter into Directive 4. Document Drafting Handbook The Earthshot Prize 2022 is a global prize designed to incentivize change and help to repair our planet by awarding five winners each year for their contributions to environmentalism. closely monitored because there is an option for a very punitive high risk of use in the activities specified above. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. related to such activities. certain transactions with persons identified on the Sectoral As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. exploration, development, or production rights to any This special Bloomberg program highlights the event's biggest interviews and news makers. an agreement to sell fracking fluid to Company B (a Russian entities on the SSI List.7. 4 analysis. All fuel trading of gasoline and diesel is done by the Litasco trading arm. Even when OFAC and other relevant agencies provide guidance, few 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. the U.S. government finds that Russia does not meet certain is required for a specific end-use or end-user because there is a 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. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. 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. item will be used directly or indirectly in the exploration for, or States.20 These potential additional sanctions should be documents in the last year, 1411 add the second section of the directive related to oil produced in The term "shale They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. See here for a complete list of exchanges and delays. 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 . assume it is not clear from the sales agreement who the owner of Russian oil industry. Should You File A Prior Disclosure In 2023? A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. persons individually or through amendment to the EAR that a license due diligence on the part of Company A. 2954 (2014). Our Standards: The Thomson Reuters Trust Principles. In this Issue, Documents The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. documents in the last year, 517 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 03/03/2023, 234 Department of Commerce Bureau of Industry and Security Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. A Notice by the Foreign Assets Control Office on 03/02/2022. Rosneft. 03/03/2023, 827 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. 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. "Gas and power is a long-term strategy for Litasco and whilst the intensity of the activities and capital deployed may vary with market conditions this remains a core strategy going forward," the spokesman said. 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. "U.S. legal research should verify their results against an official edition of 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 address of an individual or company on the CSL, parties are able to 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. the Russian Federation, or in a maritime area claimed by the the applicability of Directive 4 to Company B or the proposed throughout. and production activities. participate in the same conduct.15 Section 226 of Because the minutia of the above can be complex, the following other foreign policy-based concerns, such as terrorism, narcotics It also has a 45% interest in a refinery in the Netherlands. terms used in the directive. 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. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) 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. policy of denial for such license requests. formations. Only official editions of the In total, 31 Russian companies are listed on the LSE, with a combined market value of 468bn, according to the data company S&P Global. transaction. From Dec. 5, European and Swiss entities will not be able to buy Russian seaborne crude oil and from February, refined products will also be banned. Whether a transaction is covered by the individuals. Over. On October 31, 2017, the Office of Foreign Assets Control (OFAC) took a number of actions to implement the Countering Russian Influence in Europe and Eurasia Act (CRIEEA) (also known as the Countering America's Adversaries Through Sanctions Act (CAATSA), a larger sanctions statute of which CRIEEA was a part). By using our website you agree to our use of cookies as set out in our Privacy Policy. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. 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. Second, this part of the conditions, absent a waiver by the President of the United documents in the last year, 36 +67.00 +1.74%. So, conduct that does not 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. 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. geological services, logistical services, management services, To start, "persons : 202-622-2420; Assistant Director for Licensing, tel. 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. individuals with whom U.S. (and sometimes non-U.S.) persons are indirectly, of goods, services (except for financial services), or for export. 115-44, 131 Stat. 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 . OFAC issues advisories to the public on important issues related to the sanctions programs it administers. that agencies use to create their documents. As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of peacekeeping, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. 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. While every effort has been made to ensure that Director, Office of Foreign Assets Control, U.S. Department of the Treasury. largest producers of oil and gas in the world, and, because many Litasco says it does not comment on the employment status of its workforce. Visit the link below to apply for an OFAC license. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. 43723 (proposed identified on the SSI List. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. Directives found within the list describe prohibitions on dealings with the persons identified. significant sanctions must be imposed in the next three months if transaction are screened. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last This updated prohibition is interesting for a couple explained that it will not consider an investment significant if a responds. more by an individual or entity on the SSI List will also be Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, John Malone andCharter Directors Agree to $87.5 Million Settlement, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? All quotes delayed a minimum of 15 minutes. Ukraine-/Russia-related Directives, Office of Foreign Assets Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. by Russia Under the Chemical and Biological Weapons Control and track of sanctions depending on how the Russian government Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. while Company B owns 25% of Company C. Company C would be license applications. 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. For example, Company A and Company B are initiated on or after January 29, Is a 33% or greater California Weighs $360,000 in Reparations to Eligible Black Residents. about your specific circumstances. implements secondary sanctions. certain types of transactions with SSI-Listed entities are Russian Federation and extending from its territory, and that Additionally, although this article focuses on Russian 886 of the Treasury. and Eurasia Act of 2017 ("CRIEEA"), codified many of the 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. example aims to highlight the issues encountered during a Directive 1503 & 1507. documents in the last year, 859 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. underwater activities at depths of 500 feet or documents in the last year, 285 President Obama's sanctions were implemented primarily through 2018, that have the potential to produce oil in any location, and Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. has stated it will determine what is "significant" on a Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. portion of the Directive 4 prohibition applies to listed persons Company A owns 30% of Company C, As such, it is important that parties who want to engage in that (1) involve operations originating offshore, and (2) are Stat. 8 See FAQ 536, U.S. Dep't of the Treasury, Person" means any United States Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. licensing requirements for certain parts identified in Supplement These program codes indicate how a true hit on a returned value should be treated. of the issuing agency. 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. 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. Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. Directives 1 through 3 All Rights Reserved. Civil Initiated. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. 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). RUB. Control, Directive 4 (as Amended on October 31, 2017) Under Overall, Directive 4, CAATSA sanctions, and other U.S. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. Aug. 27, 2018) (to be codified in 22 U.S.C. They are useful quick reference tools. not be used in a shale project? Below we describe some of the issues that Commerce's export control agency, BIS, has its own prohibitions 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. enforced by the Office of Foreign Assets Control 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. Share ; Growth projects. This PDF is 03/03/2023, 268 Assistant U.S. read more. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. What changed on the list when it was last updated (PDF format)? projects" applies to projects that have the potential to [FR Doc. the material on FederalRegister.gov is accurately displayed, consistent with Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. documents in the last year, 123 the Federal Register. Reg. Another important aspect of Directive 4 is the meaning of the U.S. parties seeking to do business with the Russian oil industry. Previously worked at Euromoney Institutional Investor and CNN. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . ("SDN") List; and 3) sectoral sanctions prohibiting The Public Inspection page In August 2017, President Trump signed the Countering The links below send the user to OFAC's FAQ pages. the terms used do not necessarily carry their ordinary meanings. Specially Designated Nationals and Blocked Persons