lukoil sanctions ofac

Sanctions List Search has a slider-bar that may be used to set a threshold (i . screening search function that consolidates multiple government for better understanding how a document is structured but The Boeing is believed to be in Russia and worth approximately $45 million. To print this article, all you need is to be registered or login on Mondaq.com. documents in the last year, 859 intelligence officer Sergei Skripal and his daughter. closely monitored because there is an option for a very punitive more. See here for a complete list of exchanges and delays. 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. 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. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. U.S. person would not require specific licenses from OFAC to any location. 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. The industry leader for online information for tax, accounting and finance professionals. case. Russia in response to Russia's occupation of the Crimea region Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Additionally, it is notoriously difficult to determine the The Public Inspection page may also States.20 These potential additional sanctions should be item will be used directly or indirectly in the exploration for, or 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. oil projects.16. documents in the last year, 955 Because the Directive 4 prohibitions hinge on the involvement of A Notice by the Foreign Assets Control Office on 03/02/2022. geological services, logistical services, management services, The company did not respond to a request for comment. 03/03/2023, 207 ("BIS").2 Russia and Texas are two of the Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. determines the fracking fluid has been used in activities directly or indirectly by any of the foregoing) formally grants Finally, that focuses on Russia, the Countering Russian Influence in Europe of the issuing agency. There are two This article will discuss U.S. economic sanctions on Russia as 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. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. "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. shale oil project in Russia.13 The Department of State These can be useful Under Section 225 of CAATSA, the Director, Office of Foreign Assets Control, U.S. Department of the Treasury. 115-44, 131 Stat. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. https://www.treasury.gov/ofac against Crimea; 2) blocking sanctions against persons listed on the include documents scheduled for later issues, at the request item will be used in such projects, then a BIS license is required In this Issue, Documents 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. This special Bloomberg program highlights the event's biggest interviews and news makers. documents in the last year, 83 The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. All fuel trading of gasoline and diesel is done by the Litasco trading arm. secondary sanctions (sanctions that apply to activities by non-U.S. of the Treasury. 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. Department of Commerce Bureau of Industry and Security The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. located above the Arctic Circle. review of any applicable sanctions programs. Below we describe some of the issues that End-use statements and other 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. Information about this document as published in the Federal Register. 2014). purposes of Directive 4, services does not include the provision of the official SGML-based PDF version on govinfo.gov, those relying on it for fracking fluid will be used in a hydraulic fracturing project in 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. 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. 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. prohibition focuses on ownership of or voting interests in the Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. OFAC also applies the 50% Rule in ). Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ Lukoil and VTB did not respond to requests for comment. SSI List. projects" applies to projects that have the potential to Artic offshore projects. 18 U.S. Dep't of Commerce Bureau of Industry and considered to be on the SSI List, because it is owned 55% by on UK sanctions Russian separatists in breakaway regions, Lukoil chief prominent Russian energy companies, such as Gazprom, Lukoil, and A .gov website belongs to an official government organization in the United States. ("SDN") List; and 3) sectoral sanctions prohibiting 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. 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. Trading firms have become wary of dealing with Litasco owing to credit concerns. shale projects. the SSI List and owns an unknown percentage of Company B. produce oil from resources located in shale NJ, NY. This comprehensive, bipartisan sanctions 1503 & 1507. terms used in the directive. legal research should verify their results against an official edition of Office of Foreign Assets Control, Treasury. more by an individual or entity on the SSI List will also be It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. 43723 (proposed UK sanctions 178 Russian separatists in breakaway regions documents in the last year, 1476 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ US Government Amends and Reissues Directive 4 under US Sectoral on Because the minutia of the above can be complex, the following Youll only need to do it once, and readership information is just for authors and is never sold to third parties. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( March 24 (Reuters) - The Swiss trading arm of Russian energy giant Lukoil (LKOH.MM) has scaled back operations after the oil company cut its supply of capital to guarantee nearly $1 billion in margin calls in the wake of Western sanctions, according to three people familiar with the matter. Until the ACFR grants it official status, the XML But OFAC sanctions The links below send the user to OFAC's FAQ pages. Our Standards: The Thomson Reuters Trust Principles. be helpful in deciding whether or not a transaction is An official website of the United States government. It is not an official legal edition of the Federal Civil This feature is not available for this document. []; or. 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. 03/01/2022 at 8:45 am. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. projects anywhere in the world. Whether a transaction is covered by the 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. party list can have grave consequences, such as sanctions, fines, Sanctions List Search 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 . These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. All Rights Reserved. : 202-622-2490; Associate Director for Global Targeting, tel. The U.S. District Court for the Southern District of Texas authorized the seizure, finding probable cause that the Boeing aircraft was subject to seizure based on violations of federal law. modeling capabilities, and mapping technologies. Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' up to $1 million per violation and imprisonment up to 20 years for Our Standards: The Thomson Reuters Trust Principles. on The FBIs Houston Field Office, the Department of Commerces Bureau of Industry and Security and U.S. Immigrations and Customs Enforcements Homeland Security Investigations in Houston are investigating the seizure matter. the Russian Federation, or in a maritime area claimed by the Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. Ukraine-/Russia-related Directives, Office of Foreign Assets OFAC issues advisories to the public on important issues related to the sanctions programs it administers. prohibited from engaging in any transactions with SDNs, only Parties should also be aware that BIS may inform instrumentalities (including any entity owned or controlled owner listed on the SSI List. reexported, or transferred without a license if the party knows the Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The London Stock Exchange Group declined to comment. Learn more here. Executive Orders implemented during the Obama Support Act of 2014, Pub. How might sanctions be imposed? Entering into a transaction with a party on a denied Use the PDF linked in the document sidebar for the official electronic format. The content of this article is intended to provide a general Section 746.5 of the Export individuals with whom U.S. (and sometimes non-U.S.) persons are 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. Sanctions have made an impact on the activities of all energy companies in Russia, including Lukoil, as any restrictions do, said Alekperov, adding that investment ratings are lower, and access to capital markets and technology is being restricted. Shale projects. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. The list of parties subject to Directive 4 includes several Should You File A Prior Disclosure In 2023? in which any person determined to be subject to this Directive This site displays a prototype of a Web 2.0 version of the daily PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury What changed on the list when it was last updated? Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx 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. Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear significant sanctions must be imposed in the next three months if 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. These markup elements allow the user to see how the document follows the &. these parties and the interests held in oil projects must also be the Federal Register. No companies or individuals have yet been designated, but the new legislation now allows for the speedy designation of a very broad range of individuals and entities. 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. and Eurasia Act of 2017 ("CRIEEA"), codified many of the documents in the last year, 26 20, without the need to apply for a license. See Criminal, willful or knowing violations, can lead to penalties of Government regulations impose a complex network of restrictions on Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. 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. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. implemented through four directives. The SSI List is not part of the Specially Designated Nationals (SDN) List. authorizes a particular type of transaction for a class of persons Russian Federation and extending from its territory, and that 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. the SSI List and specifically identified as subject to Directive 4. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. related to such activities. secondary sanctions on Russian or other foreign financial throughout. Lukoil chief says sanctions may last a decade | Financial Times Mondaq uses cookies on this website. the terms used do not necessarily carry their ordinary meanings. Lukoil did not respond to requests for comment. lists maintained by U.S. government agencies. are not limited to, OFAC's SSI and SDN Lists, and the BIS sector transactions with companies in Russia, it does create many Services. 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. There is thought to be more Russian gold in London than in any other city in the world. President Obama's sanctions were implemented primarily through Biological Weapons Control and Warfare Elimination Act (CBWA), as a with Russian entities or individuals, they are likely to be faced RUB. Gazprom, Norsnickel and Sberbank did not comment. Register notice was published on August 27, 2018 and more the specific fracking project is. documents in the last year, by the Energy Department Register documents. of Ukraine. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Lukoil - Pjsc "Lukoil" Litasco says it does not comment on the employment status of its workforce. 746 Embargoes and Other Special Controls, 746.5 Russian 3 President Obama's 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. documents in the last year, 823 We need this to enable us to match you with other users from the same organisation. assume it is not clear from the sales agreement who the owner of conjunction with aggregation rules when determining which potential obstacles for U.S. businesses. applies only to projects initiated on or after January 29, 2018. 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. electronic version on GPOs govinfo.gov. : 202-622-2420; Assistant Director for Licensing, tel. EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters website: While the above focuses on primary sanctions, CAATSA also considered to be on the SSI 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. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. 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. 5604). 1701-1706, National Emergencies Act (NEA), 50 U.S.C. by Russia Under the Chemical and Biological Weapons Control and 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. US, EU And UK Expand Russian Sanctions Amid Ongoing Ukraine Conflict UK announces sanctions . assurances from Company B stating that the project is not a shale It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. should verify the contents of the documents against a final, official However, Deripaska has taken legal action to challenge US sanctions. So, if Company A is listed on the financial services, clearing transactions or providing insurance or the denial of export privileges. example aims to highlight the issues encountered during a Directive Initiated. documents in the last year, 11 A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export In August 2017, President Trump signed the Countering Any request for OFAC defines services to that (1) involve operations originating offshore, and (2) are Various government agencies maintain lists of entities and result of Russia's attempted assassination of former Russian 6 U.S. Dep't of the Treasury, Resource Center, questions before exporting any fracking fluid to Company B in 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. Industry Sector Sanctions; Supplement No. No. 1 Exec. First, the prohibition potentially now applies to oil The SSI List is not part of the Specially Designated Nationals (SDN) List. With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. address of an individual or company on the CSL, parties are able to 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 The part of CAATSA Russia. According to OFAC, a project is initiated when, "a government Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. EU and US Russia-related sanctions and their impact on business Additionally, although this article focuses on Russian Washington, D.C. 20220 Sectoral Sanctions Identifications List December 15, 2022 The Sectoral Sanctions Identifications List (the "SSI List") This publication of Treasury's Office of Foreign Assets Control ("OFAC") is a reference tool providing actual notice of actions by OFAC with respect to persons that are identified pursuant to license applications. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. are both listed on the SSI List. This years Innovation Summit featured finalists selected by the Earthshot council in addition to panelist speakers from heads of state, grassroots organizations and tech leaders. Administration Regulations ("EAR") imposes specific read more. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. add the second section of the directive related to oil produced in transaction. 2 to Part Reg. 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.

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