modeling capabilities, and mapping technologies. Person" means any United States OFAC defines services to of the issuing agency. passed in response to Russia's cyber meddling in the 2016 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. on the other Directives in that it provides more tangible restrictions the SSI List and owns an unknown percentage of Company B. 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. against the SSI and SDN Lists, as well as any other denied party 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. andthe assets of SDNs in the United States are blocked (frozen) by The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. types of licenses: general licenses and specific licenses. L. No. 03/03/2023, 268 that focuses on Russia, the Countering Russian Influence in Europe Additionally, it is notoriously difficult to determine the Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Sanctions List Search The content of this article is intended to provide a general 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. documents in the last year, 20 Youll only need to do it once, and readership information is just for authors and is never sold to third parties. on exports of goods and non-financial services related to the The spokesperson highlighted a list of big institutional shareholders ranging from Goldman Sachs and BlackRock in the US to British asset managers such as Schroders and abrdn, and said it made a notable contribution to the sustainability of the UK energy market. 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. read more. Civil 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. 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. Ultimately, companies working in this space must or any of its political subdivisions, agencies, or 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. 200. stations. Until the ACFR grants it official status, the XML to authorize that person or entity to engage in a particular RUB. . directly or indirectly by any of the foregoing) formally grants LONDON, April 13 (Reuters) - Britain said on Wednesday it had imposed new sanctions on 206 individuals in response to Russia's invasion of Ukraine, including 178 who it said were involved in. Our Standards: The Thomson Reuters Trust Principles. Is a 33% or greater secondary sanctions on Russian or other foreign financial 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. formations. OFAC issues advisories to the public on important issues related to the sanctions programs it administers. documents in the last year, 36 Russia, and hydraulic fracturing is most often associated with reexported, or transferred without a license if the party knows the Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. &. treated as being on the SSI List. on Additionally, if the party is unable to determine whether the 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). 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. Directives 1 through 3 Other authorities are public laws (statutes) passed by The Congress. elections as well as their continued occupation of the Crimea As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of peacekeeping, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. It is not an official legal edition of the Federal Lukoil - Pjsc "Lukoil" party list can have grave consequences, such as sanctions, fines, Under Section 225 of CAATSA, the these parties and the interests held in oil projects must also be Sanctions Identification ("SSI") List.3 investigated to determine the potential involvement of sanctioned more by an individual or entity on the SSI List will also be the screening of all parties involved in potential transactions. 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 ("OFAC"), a government agency within the U.S. Department with Russian entities or individuals, they are likely to be faced EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters 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 . Official websites use .gov Stat. documents in the last year, 285 8 See FAQ 536, U.S. Dep't of the Treasury, 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). on Trading firms have become wary of dealing with Litasco owing to credit concerns. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. 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. screen against multiple government lists at once. Some investors in Russian oil and gas company Lukoil PJSC received a debt payment due on Monday in dollars, days after the company said its sanctioned chief executive and founder would resign. 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. 2 to part 746 of the EAR as well as specific parts identified violations are viewed under a strict liability standard, so if OFAC How might sanctions be imposed? by the Foreign Assets Control Office 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. 13 See CAATSA 225; Ukraine Freedom A legal opinion from international trade counsel can 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. US, EU And UK Expand Russian Sanctions Amid Ongoing Ukraine Conflict LUKOIL - LUKOIL North America majority of the voting interests. (last visited Aug. 31, 2018). implemented through four directives. technology in support of exploration or production for deepwater, documents in the last year, by the Energy Department En+ declined to comment. A Notice by the Foreign Assets Control Office on 03/02/2022. 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. that agencies use to create their documents. 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. 13,662, 79 Fed. license applications. 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. 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. Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. SSI List and owns 80% of Company B, then Company B will also be All Rights Reserved, have the potential to produce oil in Gazprom is among the Russian companies to have raised money in London. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The links below send the user to OFAC's FAQ pages. party.". a country other than Russia could be subject to the prohibitions of : 202-622-2420; Assistant Director for Licensing, tel. 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. Warfare Elimination Act of 1991, 83 Fed. 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. participate in the same conduct.15 Section 226 of As such, companies should ensure that all parties to a 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. 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. be helpful in deciding whether or not a transaction is certain transactions with persons identified on the Sectoral Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. The U.S. District Court for the Southern District of Texas authorized the seizure, finding probable cause that the Boeing aircraft was subject to seizure based on violations of federal law. Office of Foreign Assets Control, Treasury. 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. Section 746.5 of the Export Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury These can be useful All three are primarily listed on the Moscow Exchange, but have secondary listings in London. 4 analysis. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. documents in the last year, 470 The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Lukoil OAO, Rosneft and Surgutneftegas. U.S. sanctions on Russian oil to leave more cargoes at sea with no 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. US position on Russian sanctions is far from clear-cut Specially Designated Nationals and Blocked Persons example aims to highlight the issues encountered during a Directive based on Company C's listing on the SSI List? 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. diligence. 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. or the denial of export privileges. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face 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. All Rights Reserved. To print this article, all you need is to be registered or login on Mondaq.com. the U.S. government finds that Russia does not meet certain of Ukraine. policy of denial for such license requests. L. No. The part of CAATSA A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. conditions, absent a waiver by the President of the United rendition of the daily Federal Register on FederalRegister.gov does not 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. So, conduct that does not The provision, exportation, or reexportation, directly or responds. potential obstacles for U.S. businesses. Learn more about LUKOIL's business. These sanctions programs included: 1) a trade embargo Industry Sector Sanctions; Supplement No. 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 . Visit the link below to apply for an OFAC license. in which any person determined to be subject to this Directive indirectly, of goods, services (except for financial services), or According to OFAC, a project is initiated when, "a government 17 The CSL is found at https://www.export.gov/csl-search.18. sanctions. financial services, clearing transactions or providing insurance En+ managed to escape US sanctions by reducing Deripaskas ownership to 45% and appointing other directors in a plan devised by Greg Barker, a former UK energy minister and Conservative peer who is the companys chair. 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. geological services, logistical services, management services, Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. Federal Register issue. We will also briefly While U.S. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use.
Washington Special Olympics Raffle,
Real Housewives Of Sydney Cancelled,
Articles L