applies to projects that have the potential to produce oil in areas
Lukoil and VTB did not respond to requests for comment. of the issuing agency. 13 April 2022. offers a preview of documents scheduled to appear in the next day's Information about this document as published in the Federal Register. Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance
("OFAC"), a government agency within the U.S. Department
Directives found within the list describe prohibitions on dealings with the persons identified. In this Issue, Documents
The list of parties subject to Directive 4 includes several
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. Until the ACFR grants it official status, the XML prohibition focuses on ownership of or voting interests in the
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. the Russian Federation, or in a maritime area claimed by the
Second, this part of the
prohibited by Directive 4, Company A could face an enforcement
types of licenses: general licenses and specific licenses. individuals with whom U.S. (and sometimes non-U.S.) persons are
Russian oil industry. other foreign policy-based concerns, such as terrorism, narcotics
reexported, or transferred without a license if the party knows the
by the Foreign Assets Control Office has (a) a 33% or greater ownership interest, or (b) ownership of a
"They are slowly moving to Dubai. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. 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. regulatory information on FederalRegister.gov with the objective of Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. terms used in the directive. 03/01/2022 at 8:45 am. require a specific license would be conduct authorized by a general
Previously worked at Euromoney Institutional Investor and CNN. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. located above the Arctic Circle. Parties should also be aware that BIS may inform
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. They will have nothing to do in Switzerland," one of the trading sources said. subject to this Directive" means persons that are listed on
Act (CAATSA), Pub. Federal Register provide legal notice to the public and judicial notice Modifications to these regulations are posted in the Federal Register. discuss Russian oil sector prohibitions administered by the
Lukoil - Pjsc "Lukoil" Should You File A Prior Disclosure In 2023? 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. should verify the contents of the documents against a final, official documents in the last year, 1411 The seizure action is being coordinated through the Justice Department's Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions . on Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. conditions, absent a waiver by the President of the United
("State") is tasked with administering Section 225 and
Lukoil OAO, Rosneft and Surgutneftegas. questions before exporting any fracking fluid to Company B in
Use the PDF linked in the document sidebar for the official electronic format. Our Standards: The Thomson Reuters Trust Principles. for export. and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx
restricted or prohibited from transacting. See 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.
Lukoil's Litasco moves part of trading operations to Dubai https://www.treasury.gov/ofac See here for a complete list of exchanges and delays. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The provision, exportation, or reexportation, directly or
is required for a specific end-use or end-user because there is a
conduct a cost-benefit analysis with regards to each proposed
Director, Office of Foreign Assets Control, U.S. Department of the Treasury. 3,907.00. oil projects.16. the applicability of Directive 4 to Company B or the proposed
Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. closely monitored because there is an option for a very punitive
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).. Under Section 225 of CAATSA, the
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. These can be useful So, if Company A is listed on the
New Documents Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. 03/03/2023, 160 ownership structure of some Russian companies and oil projects, so
action. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. This document has been published in the Federal Register. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 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 It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. projects" applies to projects that have the potential to
responds. 03/03/2023, 268 edition of the Federal Register. to authorize that person or entity to engage in a particular
: 202-622-2490. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. RUB. 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. in a transaction that would otherwise be prohibited. OFAC Sanctions. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 31 C.F.R. read more. Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx
While U.S. 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. the other Directives in that it provides more tangible restrictions
Register, and does not replace the official print version or the official sanctions. of the Treasury. 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. high risk of use in the activities specified above. 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. without the need to apply for a license. All quotes delayed a minimum of 15 minutes. The documents posted on this site are XML renditions of published Federal Warfare Elimination Act of 1991, 83 Fed. OFAC defines deepwater as
investigated to determine the potential involvement of sanctioned
03/03/2023, 207 Blocking of Property and Interests in Property Pursuant to, B. 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). Ultimately, companies working in this space must
What changed on the list when it was last updated (PDF format)? Mondaq Ltd 1994 - 2023. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club.
Russia Lukoil Makes Debt Payment After Sanctioned Founder Vagit transactions with foreign companies or countries should make sure
andthe assets of SDNs in the United States are blocked (frozen) by
result of Russia's attempted assassination of former Russian
Section 746.5 of the Export
This repetition of headings to form internal navigation links 14 U.S. Dep't of State, Energy Sanctions, Section 225
need to be addressed prior to the commencement of transactions
1503 & 1507. Lukoil declined to comment. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: The part of CAATSA
Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. 20,
articles a month for anyone to read, even non-subscribers! transactions with the Russian oil industry conduct their due
LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. Entity List.
heo.besttablesaw.us Gazprom, Norsnickel and Sberbank did not comment. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/
documents in the last year, by the National Oceanic and Atmospheric Administration documents in the last year, 955 better and aid in comparing the online edition to the print edition. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". violations are viewed under a strict liability standard, so if OFAC
He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. Directives 1 through 3
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. Because the Directive 4 prohibitions hinge on the involvement of
Each document posted on the site includes a link to the No. 2 to part 746 of the EAR as well as specific parts identified
related to such activities. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. license or not prohibited by OFAC. Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists; use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. The links below send the user to OFAC's FAQ pages. (including foreign branches), or any person in the United States. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. A
documents in the last year, 517 instrumentalities (including any entity owned or controlled
03/03/2023, 234 specific authority is determined by the facts of the specific
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. 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. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) 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. : 202-622-2420; Assistant Director for Licensing, tel. 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). From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. 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). Below we describe some of the issues that
Executive Orders implemented during the Obama
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. Services. 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. existing scope of sanctions on Russia as well as implemented new
The Public Inspection page may also POPULAR ARTICLES ON: International Law from United States. Russian Federation and extending from its territory, and that
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. These sanctions programs included: 1) a trade embargo
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. 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. geological services, logistical services, management services,
It is not an official legal edition of the Federal 18 These parts cannot be exported,
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. According to OFAC, a project is initiated when, "a government
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. indirectly, of goods, services (except for financial services), or
Further, Directive 4 was amended by CAATSA in October 2017 to
transaction and determine the level of risk with which they are
03/03/2023, 827 that there are no prohibitions on the transaction and conduct a
transactions involving Russian deepwater, Arctic offshore, or shale
transaction. In 2014, the Obama
screening lists, aptly named the Consolidated Screening List
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 .
Lukoil chief says sanctions may last a decade | Financial Times As with many other sanctions regimes,
Aug. 27, 2018) (to be codified in 22 U.S.C. 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.
PDF Russian and Belarusian Restricted Securities & Financial Institutions underwater activities at depths of 500 feet or
For example, Company A and Company B
Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Importantly, for
citizen, permanent resident alien, entity organized under the laws
Directive 4 is slightly different from
Russia. or any of its political subdivisions, agencies, or
informational resource until the Administrative Committee of the Federal projects anywhere in the world. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The Public Inspection page Russia, and hydraulic fracturing is most often associated with
13,662, 79 Fed. Government regulations impose a complex network of restrictions on
Additionally, it is notoriously difficult to determine the
passed in response to Russia's cyber meddling in the 2016
2018, that have the potential to produce oil in any location, and
Secure .gov websites use HTTPS OFAC defines services to
(last visited Aug. 31, 2018). 3 President Obama's the material on FederalRegister.gov is accurately displayed, consistent with directly or indirectly by any of the foregoing) formally grants
4 analysis. 3 Briefly, the SDN List identifies individuals and
For complete information about, and access to, our official publications Editing by David Gaffen and Matthew Lewis, 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. By using our website you agree to our use of cookies as set out in our Privacy Policy. 03/03/2023, 43 Therefore, a project with a Russian company as a minority owner in
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. an agreement to sell fracking fluid to Company B (a Russian
We will also briefly
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 . considered to be on the SSI List. 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. are not part of the published document itself. The industry leader for online information for tax, accounting and finance professionals. 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. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. 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