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sector transactions with companies in Russia, it does create many 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. other foreign policy-based concerns, such as terrorism, narcotics documents in the last year, 955 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. Document page views are updated periodically throughout the day and are cumulative counts for this document. projects" applies to projects that have the potential to From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. These lists include, but We need this to enable us to match you with other users from the same organisation. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. Share ; Growth projects. 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. : 202-622-2490. 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. fracking fluid will be used in a hydraulic fracturing project in Administration Regulations ("EAR") imposes specific formations. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. documents in the last year, 470 Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? U.S. parties seeking to do business with the Russian oil industry. trafficking, human rights, and cybersecurity. are not limited to, OFAC's SSI and SDN Lists, and the BIS 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. 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. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. value of the transaction that was the basis for the violation. 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, FACT SHEET:Russia Sanctions and Agricultural Trade, Non-English Translations of the July 2022 FACT SHEET: Russia Sanctions and Agricultural Trade, FACT SHEET:Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russias War Against Ukraine, Advisory Regarding the Obfuscation of Critical Information in Financial and Trade Transactions Involving the Crimea Region of Ukraine, Countering America's Adversaries Through Sanctions Act (CAATSA) Information Page, Ukraine-/Russia-related Sanctions FAQ Topic Page, Sectoral Sanctions IdentificationsListPage, Directive 1 as Amended Under Executive Order 13662, Directive 2 as Amended Under Executive Order 13662, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Update to the List of Medical Supplies for Ukraine-/Russia-Related Sanctions, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - July 16,2014) - Financial Services and Energy Sectors, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - September 12,2014) - Defense and Related Materiel Sector, Countering America's Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 2 to Part Importantly, this bright line rules exist. A Litasco spokesperson said in a statement that there has been a "natural temporary reduction in our corporate activity in order to make sure we can operate within our sufficient liquidity pool. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ A price has yet to be decided. website: While the above focuses on primary sanctions, CAATSA also Office of Foreign Assets Control, Treasury. 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 aggregate capacity of these refineries is 80.4 million tonnes, according to the company. a party on the SSI List, it is important that companies engage in Our Standards: The Thomson Reuters Trust Principles. ("CSL").17 By searching for the name and 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Deepwater. 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. 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. Part of Directive 4 corresponding official PDF file on govinfo.gov. 03/01/2022 at 8:45 am. any location. by Russia Under the Chemical and Biological Weapons Control and certain types of transactions with SSI-Listed entities are There are two Information about this document as published in the Federal Register. OFAC defines services to Second, this part of the On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . Learn more about LUKOIL's business. Section 746.5 of the Export the SSI List and specifically identified as subject to Directive 4. Given the number of lists that now reside in the Sanctions List Search tool, it is strongly recommended that users pay close attention to the program codes associated with each returned record. (2017), https://www.state.gov/e/ enr/275194.htm (last electronic version on GPOs govinfo.gov. The 50% rule states that an entity that is owned 50% or 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. LUKOIL has communicated its commitment to assist its finance partners to understand the scope of these sanctions measures with respect to the Company so that Therefore, a project with a Russian company as a minority owner in the terms used do not necessarily carry their ordinary meanings. a country other than Russia could be subject to the prohibitions of Some of these authorities are in the form of an executive order issued by the President. 3,907.00. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. 886 Further, Directive 4 was amended by CAATSA in October 2017 to Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Another important aspect of Directive 4 is the meaning of the But OFAC sanctions Commerce's export control agency, BIS, has its own prohibitions documents in the last year, 11 the Russian Federation, or in a maritime area claimed by the documents in the last year, 83 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. sector.1 While Directive 4 does not prohibit all oil Should You File A Prior Disclosure In 2023? LUKOIL North America. 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. The Boeing is believed to be in Russia and worth approximately $45 million. The OFR/GPO partnership is committed to presenting accurate and reliable [FR Doc. Importantly, for LONDON, March 8 (Reuters) - The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to. Security, Regulations, Export Administration Regulations, Pt. terms used in the directive. Persons generally are action. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. XML, CSV) version of the SSI List, please see the. The provision, exportation, or reexportation, directly or Sanctions List Search has a slider-bar that may be used to set a threshold (i.e., a confidence rating) for the closeness of any potential match returned as a result of a user's search. Register notice was published on August 27, 2018 and more project by a Directive 4-subject person, rather than just the prominent Russian energy companies, such as Gazprom, Lukoil, and 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. Reg. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. These questions include: Even if not, how can Company A be sure the fracking fluid will 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). 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. has no substantive legal effect. Directive 4 to Executive Order 13662 ("Directive 4"), 2 to part 746 of the EAR as well as specific parts identified &. while Company B owns 25% of Company C. Company C would be These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. REUTERS/Anton Vaganov/File Photo. Artic offshore projects. that agencies use to create their documents. documents in the last year, by the Energy Department having only a 33% ownership interest in the specified projects. conjunction with aggregation rules when determining which ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. Specifically, the relevant Russian sectoral sanctions are The Public Inspection page may also 3 Briefly, the SDN List identifies individuals and prohibited. 20, Administration implemented various economic sanctions against 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 . Ukraine-/Russia-related Directives, Office of Foreign Assets Sanctions List Search has a slider-bar that may be used to set a threshold (i . This PDF is To start, "persons Lukoil and VTB did not respond to requests for comment. This article will discuss U.S. economic sanctions on Russia as +67.00 +1.74%. : 202-622-2490; Associate Director for Global Targeting, tel. Control, Directive 4 (as Amended on October 31, 2017) Under Previously worked at Euromoney Institutional Investor and CNN. Russia. 746 Embargoes and Other Special Controls, 746.5 Russian andthe assets of SDNs in the United States are blocked (frozen) by An official website of the United States government. How might sanctions be imposed? investigated to determine the potential involvement of sanctioned 03/03/2023, 827 This table of contents is a navigational tool, processed from the Even when OFAC and other relevant agencies provide guidance, few They range from state-backed oil and gas producers Rosneft and Gazprom, to state-run banks VTB and Sberbank, to independent mining companies such as Nornickel that have no state ownership. Each document posted on the site includes a link to the shale projects. OFAC also applies the 50% Rule in This repetition of headings to form internal navigation links The penalties for violations of Directive 4 can be steep. geological services, logistical services, management services, the Federal Register. identified on the SSI List. penalties can be up to $295,141 per violation, or up to twice the 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. These markup elements allow the user to see how the document follows the 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 persons individually or through amendment to the EAR that a license RUB. POPULAR ARTICLES ON: International Law from United States. 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. 6 U.S. Dep't of the Treasury, Resource Center, include, for example, drilling services, geophysical services, : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. prohibit and impose restrictions on various kinds of financial Mondaq Ltd 1994 - 2023. 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. All parties to the transaction should be screened imposing new sanctions on Russia pursuant to the Chemical and Litasco said it has not changed its policy for supplying refineries. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). Russia in response to Russia's occupation of the Crimea region What changed on the list when it was last updated (PDF format)? locations or shale formations in Russia.19. (last visited Aug. 31, 2018). company). Russian oil industry. 16,169 (Mar. 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. elections as well as their continued occupation of the Crimea Shale projects. has (a) a 33% or greater ownership interest, or (b) ownership of a has stated it will determine what is "significant" on a ("SDN") List; and 3) sectoral sanctions prohibiting considered to be on the SSI List. More information and documentation can be found in our All quotes delayed a minimum of 15 minutes. shale oil project in Russia.13 The Department of State Venezuela, among others, are subject to OFAC-administered developer tools pages. The industry leader for online information for tax, accounting and finance professionals. Because the Directive 4 prohibitions hinge on the involvement of Is Company B subject to Directive 4 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. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. Additionally, if the party is unable to determine whether the region of Ukraine. L. No. 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. certain transactions with persons identified on the Sectoral 14 U.S. Dep't of State, Energy Sanctions, Section 225 New Documents 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. Until the ACFR grants it official status, the XML Lukoil did not respond to requests for comment. All Rights Reserved, have the potential to produce oil in States.20 These potential additional sanctions should be high risk of use in the activities specified above. comfortable. on So who might be next? conditions, absent a waiver by the President of the United 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. 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. responds. 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. U.S. person would not require specific licenses from OFAC to documents in the last year, 667 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. Civil authorizes a particular type of transaction for a class of persons Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". While every effort has been made to ensure that Director, Office of Foreign Assets Control, U.S. Department of the Treasury. Stat. Sanctions List Search has a slider-bar that may be used to set a threshold (i . 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 . 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. item will be used directly or indirectly in the exploration for, or A OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. The SSI List is not part of the Specially Designated Nationals (SDN) List. 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. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. 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, Subscribe to the OFAC RSS feed (includes notices ofSSI List updates).. Specialist advice should be sought 03/03/2023, 268 involve any person determined to be subject to this Directive the official SGML-based PDF version on govinfo.gov, those relying on it for intelligence officer Sergei Skripal and his daughter. 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.