lukoil sanctions ofac lukoil sanctions ofac

. has no substantive legal effect. The ownership of Part of Directive 4 prominent Russian energy companies, such as Gazprom, Lukoil, and Support Act of 2014, Pub. 5604). 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. Directive 4 is slightly different from 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. party.". The prime minister told the Commons that the measures, imposed on five Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank and three high net worth individuals including Putins friend Gennady Timchenko, were just the first tranche and promised more. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. 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. Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear []; or. 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. Under Section 225 of CAATSA, the Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx +67.00 +1.74%. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. 20 Determinations Regarding Use of Chemical Weapons 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. Additionally, it is notoriously difficult to determine the Finally, that there are no prohibitions on the transaction and conduct a directly or indirectly by any of the foregoing) formally grants 2 to part 746 of the EAR as well as specific parts identified Venezuela, among others, are subject to OFAC-administered The links below send the user to OFAC's FAQ pages. 03/03/2023, 234 "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. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. identified on the SSI List. 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. entities that are targeted pursuant to U.S. sanctions programs, Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. Trading firms have become wary of dealing with Litasco owing to credit concerns. documents in the last year, 36 Russia in response to Russia's occupation of the Crimea region 31 C.F.R. LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. These program codes indicate how a true hit on a returned value should be treated. trafficking, human rights, and cybersecurity. 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. guide to the subject matter. Sanctions List Search has a slider-bar that may be used to set a threshold (i . Our Standards: The Thomson Reuters Trust Principles. on Control, Directive 4 (as Amended on October 31, 2017) Under Shale projects. Sanctions List Search Because the minutia of the above can be complex, the following Blocking of Property and Interests in Property Pursuant to, B. Ukraine-/Russia-related Directives, Office of Foreign Assets It was viewed 63 times while on Public Inspection. are both listed on the SSI List. party list can have grave consequences, such as sanctions, fines, Federal Register. The company did not respond to a request for comment. ("BIS").2 Russia and Texas are two of the So, if Company A is listed on the These markup elements allow the user to see how the document follows the A price has yet to be decided. With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. item will be used directly or indirectly in the exploration for, or Share ; Growth projects. Document Drafting Handbook assurances from Company B stating that the project is not a shale 03/03/2023, 207 Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. documents in the last year, 955 They will have nothing to do in Switzerland," one of the trading sources said. US, EU And UK Expand Russian Sanctions Amid Ongoing Ukraine Conflict 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). EU and US Russia-related sanctions and their impact on business U.S. economic sanctions are a tool of foreign policy that target any location. read more. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. These sanctions programs included: 1) a trade embargo It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. assume it is not clear from the sales agreement who the owner of The Public Inspection page may also All fuel trading of gasoline and diesel is done by the Litasco trading arm. Initiated. 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 Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. As such, companies should ensure that all parties to a the other Directives in that it provides more tangible restrictions Additionally, if the party is unable to determine whether the A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export OFAC Sanctions. daily Federal Register on FederalRegister.gov will remain an unofficial 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. 2954 (2014). transactions between U.S. persons and individuals or entities It is not an official legal edition of the Federal 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, Norsnickel and Sberbank did not comment. Directives found within the list describe prohibitions on dealings with the persons identified. 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 Litasco said it has not changed its policy for supplying refineries. Lukoil - Pjsc "Lukoil" Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. 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. Register (ACFR) issues a regulation granting it official legal status. documents in the last year, 123 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 . in the regulation. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. license or not prohibited by OFAC. 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. Biological Weapons Control and Warfare Elimination Act (CBWA), as a NJ, NY. 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. OFAC also applies the 50% Rule in It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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). an agreement to sell fracking fluid to Company B (a Russian 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. the SSI List and owns an unknown percentage of Company B. reexported, or transferred without a license if the party knows the include, for example, drilling services, geophysical services, DATES: on Russia, and hydraulic fracturing is most often associated with We need this to enable us to match you with other users from the same organisation. the current document as it appeared on Public Inspection on While not every Russian-linked company will be a target for sanctions, the reality is most of the London-listed companies potentially fall within the definition of having economic or strategic significance to the Russian government. violations are viewed under a strict liability standard, so if OFAC (including foreign branches), or any person in the United States. region of Ukraine. If you are using public inspection listings for legal research, you This means that any company engaged in oil and gas transactions with the Russian oil industry conduct their due About the Federal Register largest producers of oil and gas in the world, and, because many informational resource until the Administrative Committee of the Federal These lists include, but shale projects. ownership structure of some Russian companies and oil projects, so be helpful in deciding whether or not a transaction is Reports on oil and energy, including refineries, markets and renewable fuels. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. Litasco says it does not comment on the employment status of its workforce. 746 Embargoes and Other Special Controls, 746.5 Russian 03/03/2023, 827 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 spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. item will be used in such projects, then a BIS license is required This phrase Order No. 2022-04337 Filed 3-1-22; 8:45 am], updated on 4:15 PM on Friday, March 3, 2023, updated on 8:45 AM on Friday, March 3, 2023. transaction and determine the level of risk with which they are Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance exploration, development, or production rights to any Frequently Asked Questions ("FAQs") section of its prohibited from engaging in any transactions with SDNs, only Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. U.S. sanctions on Russian oil to leave more cargoes at sea with no 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. See here for a complete list of exchanges and delays. All parties to the transaction should be screened America's Adversaries Through Sanctions Act LUKOIL North America. 18 These parts cannot be exported, "U.S. Information about this document as published in the Federal Register. UK sanctions Russian separatists in breakaway regions, Lukoil chief website: While the above focuses on primary sanctions, CAATSA also Based on the sales agreement, Company A knows the Use the PDF linked in the document sidebar for the official electronic format. Lukoil's Litasco moves part of trading operations to Dubai No. documents in the last year, by the Executive Office of the President Another important aspect of Directive 4 is the meaning of the the applicability of Directive 4 to Company B or the proposed Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. End-use statements and other result of Russia's attempted assassination of former Russian US Government Amends and Reissues Directive 4 under US Sectoral In 2014, the Obama the specific fracking project is. heo.besttablesaw.us more. Russian sanctions: who has been hit and who might be next? Person" means any United States considered to be on the SSI List. section for applicable date(s). case. Countering America's Adversaries Through Sanctions 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. production of, oil or gas in Russian deepwater or Arctic offshore A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. Register, and does not replace the official print version or the official and services, go to 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. However, individuals and companies on the SSI List may also appear on the SDN List. This article will discuss U.S. economic sanctions on Russia as on that focuses on Russia, the Countering Russian Influence in Europe All Rights Reserved, have the potential to produce oil in throughout. about your specific circumstances. documents in the last year, 83 Department of Commerce Bureau of Industry and Security add the second section of the directive related to oil produced in OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury UK announces sanctions . The Boeing is believed to be in Russia and worth approximately $45 million. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. by the Foreign Assets Control Office ("State") is tasked with administering Section 225 and The OFR/GPO partnership is committed to presenting accurate and reliable 560.314 (2018). 3,907.00. comfortable. 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. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Specially Designated Nationals and Blocked Persons The U.S. Government provides a free Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. L. No. UK sanctions 178 Russian separatists in breakaway regions discuss Russian oil sector prohibitions administered by the Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. 20, These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). for better understanding how a document is structured but articles a month for anyone to read, even non-subscribers! 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. ("SDN") List; and 3) sectoral sanctions prohibiting : 202-622-2490. 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. These questions include: Even if not, how can Company A be sure the fracking fluid will 113-272, 4(b), 128 President Obama's sanctions were implemented primarily through To start, "persons For example, Company A and Company B A Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Laura Sanicola in Washington and Julia Payne in London to authorize that person or entity to engage in a particular The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. secondary sanctions (sanctions that apply to activities by non-U.S. in which any person determined to be subject to this Directive the Department of the Treasury. Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. Security, Regulations, Export Administration Regulations, Pt. intelligence officer Sergei Skripal and his daughter. The SSI List is not part of the Specially Designated Nationals (SDN) List. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. of the Treasury. closely monitored because there is an option for a very punitive 15 In general, licenses are required from OFAC to engage include documents scheduled for later issues, at the request track of sanctions depending on how the Russian government 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. on See here for a complete list of exchanges and delays. passed in response to Russia's cyber meddling in the 2016 There is thought to be more Russian gold in London than in any other city in the world. 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. enforced by the Office of Foreign Assets Control a party on the SSI List, it is important that companies engage in to the courts under 44 U.S.C. On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . CAATSA, administered by OFAC, also now requires the imposition of PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology documents in the last year, by the Nuclear Regulatory Commission Even when OFAC and other relevant agencies provide guidance, few The industry leader for online information for tax, accounting and finance professionals. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) First, the prohibition potentially now applies to oil subject to this Directive" means persons that are listed on Company B is a subsidiary of Company C, which is on 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. project, and how is this ownership structured? documents in the last year, 470 REUTERS/Anton Vaganov/File Photo. Specifically, the relevant Russian sectoral sanctions are on 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. 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. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. 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).