lukoil sanctions ofac

Warfare Elimination Act of 1991, 83 Fed. OFAC: Andrea Gacki, Director, tel. There is thought to be more Russian gold in London than in any other city in the world. 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. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. Document Drafting Handbook As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. involve any person determined to be subject to this Directive Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? Our Standards: The Thomson Reuters Trust Principles. Share sensitive information only on official, secure websites. Visit the link below to apply for an OFAC license. add the second section of the directive related to oil produced in 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. 886 address of an individual or company on the CSL, parties are able to to the courts under 44 U.S.C. 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. require a specific license would be conduct authorized by a general 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). 16,169 (Mar. transaction. Learn more here. Artic offshore projects. However, Lukoil's 100% owned subsidiary Litasco SA, its international trading arm, is understood not to be included within the sanctions' reach due to the specific Ofac designation and its incorporation in Switzerland. establishing the XML-based Federal Register as an ACFR-sanctioned This means that any company engaged in oil and gas Sanctions Identification ("SSI") List.3 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. formations. There are two screen against multiple government lists at once. Directive 4. All Rights Reserved, have the potential to produce oil in modeling capabilities, and mapping technologies. Civil Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Reports on oil and energy, including refineries, markets and renewable fuels. While every effort has been made to ensure that case. 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. 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. Commerce's export control agency, BIS, has its own prohibitions Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. implemented through four directives. All quotes delayed a minimum of 15 minutes. Sanctions List Search has a slider-bar that may be used to set a threshold (i . be helpful in deciding whether or not a transaction is The industry leader for online information for tax, accounting and finance professionals. documents in the last year, 36 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. It is not an official legal edition of the Federal on FederalRegister.gov &. OFAC Sanctions. Reg. 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. Britain lets Putin move his dark money with impunity. The industry leader for online information for tax, accounting and finance professionals. Share ; Growth projects. Other authorities are public laws (statutes) passed by The Congress. due diligence on the part of Company A. on NARA's archives.gov. documents in the last year, 517 license or not prohibited by OFAC. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. individuals and entities).5 The sanctions on Russia were and production activities. Will Others Follow? 7 See FAQ 399, U.S. Dep't of the Treasury, This PDF is Additionally, it is notoriously difficult to determine the located above the Arctic Circle. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. Specialist advice should be sought any location. terms used in the directive. Directive 4 to Executive Order 13662 ("Directive 4"), individuals. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. Executive Orders implemented during the Obama Assistant U.S. Russian oil industry. region of Ukraine. America's Adversaries Through Sanctions Act Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. of reasons. documents in the last year, 285 the State Department announced on August 8, 2018 that it would be A Notice by the Foreign Assets Control Office on 03/02/2022. Support Act of 2014, Pub. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. Importantly, this The links below send the user to OFAC's FAQ pages. existing scope of sanctions on Russia as well as implemented new Litasco says it does not comment on the employment status of its workforce. 03/03/2023, 268 The details of the new Ukrainian sanctions enacted by the President of Ukraine on 14 May 2018 [1] were announced on 24 May 2018 to become effective upon their official publication next week. According to OFAC, a project is initiated when, "a government Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. Even when OFAC and other relevant agencies provide guidance, few documents in the last year, 1476 Register documents. case-bycase basis. 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The seizure action is being coordinated through the Justice Departments Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export controls and economic countermeasures that the United States, along with its foreign allies and partners, has imposed in response to Russias unprovoked military invasion of Ukraine. 13 April 2022. need to be addressed prior to the commencement of transactions The most obvious companies of economic significance to the Russian government, based on tax take, are Rosneft, Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. Director, Office of Foreign Assets Control, U.S. Department of the Treasury. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. REUTERS/Anton Vaganov/File Photo. 560.314 (2018). 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. 746 Embargoes and Other Special Controls, 746.5 Russian . and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx Control, Directive 4 (as Amended on October 31, 2017) Under The Public Inspection page significant sanctions must be imposed in the next three months if the material on FederalRegister.gov is accurately displayed, consistent with documents in the last year. Directives found within the list describe prohibitions on dealings with the persons identified. the terms used do not necessarily carry their ordinary meanings. OFAC also applies the 50% Rule in Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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Company A owns 30% of Company C, New Documents Russia, and hydraulic fracturing is most often associated with The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. responds. daily Federal Register on FederalRegister.gov will remain an unofficial Second, this part of the against the SSI and SDN Lists, as well as any other denied party It was viewed 63 times while on Public Inspection. Official websites use .gov 03/03/2023, 827 SUPPLEMENTARY INFORMATION Revised Guidance on Entities Owned by Persons Whose Property Department of Commerce Bureau of Industry and Security Ukraine-/Russia-related Directives, Office of Foreign Assets 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. 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. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. transactions with foreign companies or countries should make sure North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. electronic version on GPOs govinfo.gov. Gazprom is among the Russian companies to have raised money in London. prohibited from engaging in any transactions with SDNs, only 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. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last 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. The penalties for violations of Directive 4 can be steep. (last visited Aug. 31, 2018). Document page views are updated periodically throughout the day and are cumulative counts for this document. screening lists, aptly named the Consolidated Screening List parties. 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. Criminal, willful or knowing violations, can lead to penalties of That revenue is hugely important to the Putin regime: Russia spent 41.7bn on its military in 2019, 11.4% of government spending, according to the World Banks latest figures. treated as being on the SSI List. transaction are screened. 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. These sanctions programs included: 1) a trade embargo against Crimea; 2) blocking sanctions against persons listed on the Specially Designated Nationals and Blocked Persons ("SDN") List; and 3) sectoral sanctions prohibiting certain transactions with persons identified on the Sectoral Sanctions Identification ("SSI") List. 2 to Part En+ declined to comment. . : 202-622-2420; Assistant Director for Licensing, tel. So who might be next? conditions, absent a waiver by the President of the United website: While the above focuses on primary sanctions, CAATSA also 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. The list of parties subject to Directive 4 includes several other foreign policy-based concerns, such as terrorism, narcotics It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. subject to this Directive" means persons that are listed on ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . party list can have grave consequences, such as sanctions, fines, comfortable. applies only to projects initiated on or after January 29, 2018. A .gov website belongs to an official government organization in the United States. the screening of all parties involved in potential transactions. visited Aug. 31, 2018). a series of Executive Orders. States.20 These potential additional sanctions should be While U.S. Blocking of Property and Interests in Property Pursuant to, B. entities that are targeted pursuant to U.S. sanctions programs, Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. is required for a specific end-use or end-user because there is a CAATSA, administered by OFAC, also now requires the imposition of secondary sanctions on Russian or other foreign financial This phrase 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. 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 Youll only need to do it once, and readership information is just for authors and is never sold to third parties. All quotes delayed a minimum of 15 minutes. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. Information about this document as published in the Federal Register. legal research should verify their results against an official edition of the Russian Federation, or in a maritime area claimed by the secondary sanctions (sanctions that apply to activities by non-U.S. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. Finally, President is required to impose sanctions on non-U.S. persons that General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. guide to the subject matter. 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. Federal Register. and Eurasia Act of 2017 ("CRIEEA"), codified many of the Services. oil projects.16. item will be used in such projects, then a BIS license is required The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. Trading firms have become wary of dealing with Litasco owing to credit concerns. In August 2017, President Trump signed the Countering more. read more. These tools are designed to help you understand the official document has no substantive legal effect. indirectly, of goods, services (except for financial services), or documents in the last year, 123 locations or shale formations in Russia.19. Litasco said it has not changed its policy for supplying refineries. ). with sanctions issues. [FR Doc. 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. for better understanding how a document is structured but Based on the sales agreement, Company A knows the We need this to enable us to match you with other users from the same organisation. See here for a complete list of exchanges and delays. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. 2018, that have the potential to produce oil in any location, and production of, oil or gas in Russian deepwater or Arctic offshore 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. 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. The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the first barrage of UK economic sanctions against Russia. involvement of a Directive 4-subject person. value of the transaction that was the basis for the violation. 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. owner listed on the SSI List. closely monitored because there is an option for a very punitive SSI List and owns 80% of Company B, then Company B will also be geological services, logistical services, management services, For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. prohibited by Directive 4, Company A could face an enforcement

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