and production activities. Biological Weapons Control and Warfare Elimination Act (CBWA), as a
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. indirectly, of goods, services (except for financial services), or
Rosneft. documents in the last year, by the Energy Department specific authority is determined by the facts of the specific
reexported, or transferred without a license if the party knows the
Russia in response to Russia's occupation of the Crimea region
in a transaction that would otherwise be prohibited. Visit the link below to apply for an OFAC license. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. project, and how is this ownership structured? Reports on oil and energy, including refineries, markets and renewable fuels. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. 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. 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).. authorizes a particular type of transaction for a class of persons
This document has been published in the Federal Register. has no substantive legal effect. Executive Orders implemented during the Obama
2 to Part
Mondaq uses cookies on this website. underwater activities at depths of 500 feet or
These tools are designed to help you understand the official document Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. sanctions. 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. A
Additionally, although this article focuses on Russian
Revised Guidance on Entities Owned by Persons Whose Property
not be used in a shale project? Learn more here. corresponding official PDF file on govinfo.gov. 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. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. Over. The 50% rule states that an entity that is owned 50% or
involvement of a Directive 4-subject person. Based on the sales agreement, Company A knows the
States.20 These potential additional sanctions should be
18 U.S. Dep't of Commerce Bureau of Industry and
OFAC issues advisories to the public on important issues related to the sanctions programs it administers. determines the fracking fluid has been used in activities
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Parties should also be aware that BIS may inform
to the courts under 44 U.S.C. See high risk of use in the activities specified above. 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. 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. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. penalties can be up to $295,141 per violation, or up to twice the
Another important aspect of Directive 4 is the meaning of the
For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. screening lists, aptly named the Consolidated Screening List
Litasco said it has not changed its policy for supplying refineries. +67.00 +1.74%. : 202-622-2490; Associate Director for Global Targeting, tel. potential obstacles for U.S. businesses. . Britain lets Putin move his dark money with impunity. 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. ("State") is tasked with administering Section 225 and
Directives found within the list describe prohibitions on dealings with the persons identified. Attorneys John Pearson and Brandon L. Fyffe of the U.S. Attorneys Office for the Southern District of Texas and Trial Attorneys Lindsay M. Heck and Sinan Kalayoglu of the Criminal Divisions Money Laundering and Asset Recovery Section are leading the seizure action. Director, Office of Foreign Assets Control, U.S. Department 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, 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. 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. Civil
All three are primarily listed on the Moscow Exchange, but have secondary listings in London. The Boeing last flew into the United States in March 2019 when the plane flew from overseas to Houston, Texas with LUKOIL officials, including a Russian oligarch then LUKOIL president and CEO Vagit Alekperov on board the aircraft. transaction are screened. 14 U.S. Dep't of State, Energy Sanctions, Section 225
Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Russian oil industry. documents in the last year, 823 An official website of the United States government. of reasons. Lukoil did not respond to requests for comment. Administration.4 Additionally, CRIEEA expanded the
more. that there are no prohibitions on the transaction and conduct a
RUB. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. prohibit and impose restrictions on various kinds of financial
Overall, Directive 4, CAATSA sanctions, and other U.S.
Entity 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. How might sanctions be imposed? to authorize that person or entity to engage in a particular
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. Countering America's Adversaries Through Sanctions
sector transactions with companies in Russia, it does create many
Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. Artic offshore projects. has (a) a 33% or greater ownership interest, or (b) ownership of a
the screening of all parties involved in potential transactions. fracking fluid will be used in a hydraulic fracturing project in
considered to be on the SSI List. regulatory information on FederalRegister.gov with the objective of 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 . NJ, NY. Not only in the Chelsea mansions that house the families of oligarchs, which have earned the capital the Moscow-on-Thames nickname, but on the London Stock Exchange (LSE). formations. 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. Secure .gov websites use HTTPS 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. 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). To start, "persons
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. the material on FederalRegister.gov is accurately displayed, consistent with The company did not respond to a request for 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/
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. purposes of Directive 4, services does not include the provision of
Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. 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. 4 analysis. Aug. 27, 2018) (to be codified in 22 U.S.C. 13 April 2022. 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. oil projects.16. While every effort has been made to ensure that It also has a 45% interest in a refinery in the Netherlands. entities on the SSI List.7. value of the transaction that was the basis for the violation. A price has yet to be decided. For example, Company A and Company B
while Company B owns 25% of Company C. Company C would be
Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Therefore, a project with a Russian company as a minority owner in
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.
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