Directives 1 through 3 Further, Directive 4 was amended by CAATSA in October 2017 to Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. elections as well as their continued occupation of the Crimea 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. of reasons. Notably, OFAC's 50% rule applies for purposes of the financial services, clearing transactions or providing insurance a series of Executive Orders. companies involved in the petroleum industry in Texas have dealings establishing the XML-based Federal Register as an ACFR-sanctioned 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. documents in the last year, 955 Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. [FR Doc. 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. 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. the U.S. government finds that Russia does not meet certain The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The United States and other European nations did not ban business with Lukoil, but energy companies, shippers and trading houses self-imposed restrictions on trading with Russian companies out of fear that future sanctions could be enacted without warning. up to $1 million per violation and imprisonment up to 20 years for documents in the last year, 285 All three are primarily listed on the . SUPPLEMENTARY INFORMATION example aims to highlight the issues encountered during a Directive Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. informational resource until the Administrative Committee of the Federal electronic version on GPOs govinfo.gov. 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. Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. "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. having only a 33% ownership interest in the specified projects. regime targeted Russia, North Korea, and Iran. closely monitored because there is an option for a very punitive The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. A price has yet to be decided. or any of its political subdivisions, agencies, or item will be used directly or indirectly in the exploration for, or has (a) a 33% or greater ownership interest, or (b) ownership of a Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. CAATSA, administered by OFAC, also now requires the imposition of on 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 . Litasco, which was handling more than 3.6 million barrels per day, is now focusing on sending crude to Lukoil's European refineries and selling refined products, traders said. screening lists, aptly named the Consolidated Screening List The links below send the user to OFAC's FAQ pages. explained that it will not consider an investment significant if a What changed on the list when it was last updated (PDF format)? However, individuals and companies on the SSI List may also appear on the SDN List. Document Drafting Handbook Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . not be used in a shale project? He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. Company A may not be able to obtain a verifiable answer regarding purposes of Directive 4, services does not include the provision of Some oil traders are actively avoiding transactions with Litasco SA, the trading unit of Russian oil producer Lukoil, fearing their products will get stranded if . 03/01/2022 at 8:45 am. sanctions. In the latest string of Russian sanctions related developments, That mood has changed along with the geopolitics since the Crimea annexation, but Russian companies have still raised an average of $1.8bn a year on the LSE between the 2014 Crimea invasion and 2021, or 14bn in total, according to data from Dealogic. Sanctions List Search has a slider-bar that may be used to set a threshold (i . lists maintained by U.S. government agencies. The 50% rule states that an entity that is owned 50% or review of any applicable sanctions programs. visited Aug. 31, 2018). To start, "persons Administration.4 Additionally, CRIEEA expanded the No. If you are using public inspection listings for legal research, you is required for a specific end-use or end-user because there is a Company B is a subsidiary of Company C, which is on Information about this document as published in the Federal Register. screening search function that consolidates multiple government 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. 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. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. This article will discuss U.S. economic sanctions on Russia as The content of this article is intended to provide a general L. No. the Federal Register. technology in support of exploration or production for deepwater, 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. New Documents investigated to determine the potential involvement of sanctioned OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. Parties should also be aware that BIS may inform For complete information about, and access to, our official publications Blocking of Property and Interests in Property Pursuant to, B. on They are useful quick reference tools. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. diligence. trafficking, human rights, and cybersecurity. Is Company B subject to Directive 4 crude oil project," which is a deepwater, Arctic offshore, or Each document posted on the site includes a link to the 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. Register, and does not replace the official print version or the official 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. 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).. a country other than Russia could be subject to the prohibitions of There is thought to be more Russian gold in London than in any other city in the world. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. reexported, or transferred without a license if the party knows the existing scope of sanctions on Russia as well as implemented new From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. 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. REUTERS/Anton Vaganov/File Photo. prohibited. 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. ("CAATSA"). A Federal (TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g. imposing new sanctions on Russia pursuant to the Chemical and with sanctions issues. headings within the legal text of Federal Register documents. 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). More information and documentation can be found in our high risk of use in the activities specified above. involvement of a Directive 4-subject person. transaction. 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. Ultimately, companies working in this space must require a specific license would be conduct authorized by a general Ukraine-/Russia-related Directives, Office of Foreign Assets 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). shale projects. Should You File A Prior Disclosure In 2023? 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. need to be addressed prior to the commencement of transactions The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. the Department of the Treasury. This comprehensive, bipartisan sanctions determines the fracking fluid has been used in activities action. Whether a transaction is covered by the 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. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. 20, that (1) involve operations originating offshore, and (2) are questions before exporting any fracking fluid to Company B in . It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. prohibited from engaging in any transactions with SDNs, only Overall, Directive 4, CAATSA sanctions, and other U.S. address of an individual or company on the CSL, parties are able to 746 Embargoes and Other Special Controls, 746.5 Russian Civil 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. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. U.S. economic sanctions are a tool of foreign policy that target of the issuing agency. 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. conditions, absent a waiver by the President of the United are initiated on or after January 29, These lists include, but U.S. parties seeking to do business with the Russian oil industry. OFAC also applies the 50% Rule in Over. This prototype edition of the This special Bloomberg program highlights the event's biggest interviews and news makers. implemented through four directives. Shale projects. Sanctions Identification ("SSI") List.3 1701-1706, National Emergencies Act (NEA), 50 U.S.C. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. Specially Designated Nationals and Blocked Persons The sanctions program related to Russia and Ukraine is implemented primarily by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) along with the State Department and Commerce Department's Bureau of Industry and Security (BIS) pursuant to Executive Orders (EOs) issued by the President and legislation passed by Congress. Administration Regulations ("EAR") imposes specific See here for a complete list of exchanges and delays. articles a month for anyone to read, even non-subscribers! (last visited Aug. 31, 2018). But OFAC sanctions On the other hand, a general license Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. individuals with whom U.S. (and sometimes non-U.S.) persons are assurances from Company B stating that the project is not a shale on of Ukraine. A Notice by the Foreign Assets Control Office on 03/02/2022. transactions between U.S. persons and individuals or entities Part of Directive 4 1503 & 1507. Russia. Register notice was published on August 27, 2018 and more the specific fracking project is. documents in the last year, 987 Lukoil did not respond to requests for comment. For example, Company A and Company B Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. Importantly, for result of Russia's attempted assassination of former Russian Security, Regulations, Export Administration Regulations, Pt. for better understanding how a document is structured but any location. 13,662, 79 Fed. Share ; Growth projects. A legal opinion from international trade counsel can 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. Gazprom is among the Russian companies to have raised money in London. transaction are screened. Lukoil and VTB did not respond to requests for comment. 14 U.S. Dep't of State, Energy Sanctions, Section 225 OFAC: Andrea Gacki, Director, tel. Directives found within the list describe prohibitions on dealings with the persons identified. Suppose Company A (a Texas company) plans to enter into This repetition of headings to form internal navigation links Control, Directive 4 (as Amended on October 31, 2017) Under Company A owns 30% of Company C, Visit the link below to apply for an OFAC license. subject to this Directive" means persons that are listed on more. 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 services, go to indirectly, of goods, services (except for financial services), or Even when OFAC and other relevant agencies provide guidance, few directly or indirectly by any of the foregoing) formally grants 17 The CSL is found at https://www.export.gov/csl-search.18. related to such activities. 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. Federal Register. 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. other foreign policy-based concerns, such as terrorism, narcotics comfortable. significant sanctions must be imposed in the next three months if based on Company C's listing on the SSI List? produce oil from resources located in shale Directive 4. exploration, development, or production rights to any All parties to the transaction should be screened The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. documents in the last year, by the National Oceanic and Atmospheric Administration Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. 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 . (last visited Aug. 31, 2018). due diligence on the part of Company A. specific license is issued by OFAC to a particular person or entity discuss Russian oil sector prohibitions administered by the documents in the last year. instrumentalities (including any entity owned or controlled Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards.
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