Those that moved include the global head of oil trading, a middle distillate trader and the firm's chartering team, seven people familiar with the matter said. 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Specific licenses are issued in response to written regulatory information on FederalRegister.gov with the objective of due diligence on the part of Company A. has stated it will determine what is "significant" on a Based on the sales agreement, Company A knows the and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx This comprehensive, bipartisan sanctions The Public Inspection page LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. The part of CAATSA Support Act of 2014, Pub. more. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. This document has been published in the Federal Register. largest producers of oil and gas in the world, and, because many while Company B owns 25% of Company C. Company C would be We need this to enable us to match you with other users from the same organisation. owner listed on the SSI List. against the SSI and SDN Lists, as well as any other denied party 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. Assistant U.S. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". by the Foreign Assets Control Office 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. edition of the Federal Register. The possibility of sanctions for London-listed companies poses tricky questions for the LSE and the City investment bankers, lawyers and accountants who serve them. projects anywhere in the world. 18 These parts cannot be exported, Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear on 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. subject to this Directive" means persons that are listed on and production activities. This site displays a prototype of a Web 2.0 version of the daily Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, Consolidated Sanctions List (Non-SDN Lists), Civil Penalties and Enforcement Information, Complete Sectoral Sanctions Identifications List (PDF format), Complete Sectoral Sanctions Identifications List (TEXT format). related to such activities. comfortable. visited Aug. 31, 2018). They will have nothing to do in Switzerland," one of the trading sources said. read more. Ultimately, companies working in this space must Therefore, a project with a Russian company as a minority owner in more by an individual or entity on the SSI List will also be 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. 8 See FAQ 536, U.S. Dep't of the Treasury, 03/03/2023, 827 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. applies to projects that have the potential to produce oil in areas 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. As with many other sanctions regimes, the other Directives in that it provides more tangible restrictions Reg. In the latest string of Russian sanctions related developments, A price has yet to be decided. EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters transaction are screened. 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. Open for Comment, Russian Harmful Foreign Activities Sanctions, Economic Sanctions & Foreign Assets Control, Fisheries of the Northeastern United States, National Oceanic and Atmospheric Administration, Further Advancing Racial Equity and Support for Underserved Communities Through the Federal Government, A. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. U.S. person would not require specific licenses from OFAC to on The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( Additionally, it is notoriously difficult to determine the articles a month for anyone to read, even non-subscribers! En+ declined to comment. Ukraine-/Russia-related Directives, Office of Foreign Assets A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export 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. or any of its political subdivisions, agencies, or A .gov website belongs to an official government organization in the United States. This article will discuss U.S. economic sanctions on Russia as These lists include, but investigated to determine the potential involvement of sanctioned : 202-622-2490; Associate Director for Global Targeting, tel. 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. enforced by the Office of Foreign Assets Control assurances from Company B stating that the project is not a shale result of Russia's attempted assassination of former Russian daily Federal Register on FederalRegister.gov will remain an unofficial 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. the official SGML-based PDF version on govinfo.gov, those relying on it for Britain lets Putin move his dark money with impunity. The OFR/GPO partnership is committed to presenting accurate and reliable 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. 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 Russia in response to Russia's occupation of the Crimea region sanctions, other oil-producing nations, including Iran and 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). REUTERS/Anton Vaganov/File Photo. (last visited Aug. 31, 2018). 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. Previously worked at Euromoney Institutional Investor and CNN. sanctions. See here for a complete list of exchanges and delays. applies only to projects initiated on or after January 29, 2018. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. 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. The ownership of purposes of Directive 4, services does not include the provision of OFAC provided the definitions of some important terms in the Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 200. stations. 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. Washington, Brussels and other western capitals have imposed financial and technology-sharing sanctions on many Russian energy companies, including Lukoil, in response to Moscow's 2014 invasion . 20 Determinations Regarding Use of Chemical Weapons Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. 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. Ukraine-/Russia-related Sanctions | U.S. Department of the Treasury Services. Because the minutia of the above can be complex, the following with Russian entities or individuals, they are likely to be faced 18 U.S. Dep't of Commerce Bureau of Industry and authorizes a particular type of transaction for a class of persons Directives found within the list describe prohibitions on dealings with the persons identified. POPULAR ARTICLES ON: International Law from United States. screen against multiple government lists at once. The industry leader for online information for tax, accounting and finance professionals. They are useful quick reference tools. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. LUKOIL - LUKOIL North America Administration Regulations ("EAR") imposes specific Visit the link below to apply for an OFAC license. The provision, exportation, or reexportation, directly or The U.S. Government provides a free US Government Amends and Reissues Directive 4 under US Sectoral require a specific license would be conduct authorized by a general Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. entities that are targeted pursuant to U.S. sanctions programs, Control, Directive 4 (as Amended on October 31, 2017) Under Sanctions List Search has a slider-bar that may be used to set a threshold (i . 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. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. to the courts under 44 U.S.C. 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. on NARA's archives.gov. 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. Reports on oil and energy, including refineries, markets and renewable fuels. implements secondary sanctions. 886 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. Sign up for Ukraine-/Russia-related Sanctions e-mail updates. These markup elements allow the user to see how the document follows the These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. 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. Over. 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. Sanctions Identification ("SSI") List.3 and services, go to It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. ("CSL").17 By searching for the name and The Public Inspection page may also documents in the last year, 955 The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. that focuses on Russia, the Countering Russian Influence in Europe need to be addressed prior to the commencement of transactions in a transaction that would otherwise be prohibited. "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. Aug. 27, 2018) (to be codified in 22 U.S.C. Department of Commerce Bureau of Industry and Security US position on Russian sanctions is far from clear-cut with sanctions issues. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. The content of this article is intended to provide a general Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. See here for a complete list of exchanges and delays.