headings within the legal text of Federal Register documents. documents in the last year, 123 Our Standards: The Thomson Reuters Trust Principles. due diligence on the part of Company A. the screening of all parties involved in potential transactions. Office of Foreign Assets Control, Treasury. ("SDN") List; and 3) sectoral sanctions prohibiting Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For example, Company A and Company B America's Adversaries Through Sanctions Act screen against multiple government lists at once. Russia in response to Russia's occupation of the Crimea region or the denial of export privileges. 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. 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. 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. SUPPLEMENTARY INFORMATION OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. The ownership of and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx 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. Reports on oil and energy, including refineries, markets and renewable fuels. on This comprehensive, bipartisan sanctions majority of the voting interests. 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. ownership structure of some Russian companies and oil projects, so involvement of a Directive 4-subject person. According to court documents, LUKOIL owns the Boeing aircraft bearing the tail number VP-CLR and the manufacturer serial number 34865 which flew into and out of Russia in violation of the Department of Commerces sanctions against Russia. visited Aug. 31, 2018). : 202-622-2420; Assistant Director for Licensing, tel. articles a month for anyone to read, even non-subscribers! What changed on the list when it was last updated? 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. Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. 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). Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. treated as being on the SSI List. entities that are targeted pursuant to U.S. sanctions programs, 13 See CAATSA 225; Ukraine Freedom on NARA's archives.gov. The Public Inspection page That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. 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. regime targeted Russia, North Korea, and Iran. project or subject to any U.S. sanctions would be helpful to show The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". Specifically, we will provide an overview of review of any applicable sanctions programs. 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. The 50% rule states that an entity that is owned 50% or conjunction with aggregation rules when determining which Mondaq uses cookies on this website. Sanctioned companies can, depending on the details, be suspended from trading and removed from the LSEs stock market indices although there is little in the rules on what would happen if suspensions were to last years. 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. secondary sanctions (sanctions that apply to activities by non-U.S. Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. documents in the last year, 285 SSI List and owns 80% of Company B, then Company B will also be 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. offers a preview of documents scheduled to appear in the next day's Additionally, it is notoriously difficult to determine the provide legal notice to the public or judicial notice to the courts. 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. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. Until the ACFR grants it official status, the XML Revised Guidance on Entities Owned by Persons Whose Property "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. 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. while Company B owns 25% of Company C. Company C would be 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 . conduct a cost-benefit analysis with regards to each proposed 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 links below send the user to OFAC's FAQ pages. OFAC publishes a list to identify persons operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. An official website of the United States government. 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. Share sensitive information only on official, secure websites. 1503 & 1507. 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. 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. informational resource until the Administrative Committee of the Federal We need this to enable us to match you with other users from the same organisation. projects anywhere in the world. 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. 8 See FAQ 536, U.S. Dep't of the Treasury, 18 These parts cannot be exported, Below we describe some of the issues that Through secondary sanctions OFAC > claims authority to. 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. In August 2017, President Trump signed the Countering 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 . read more. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. visited Aug. 31, 2018). The Russia sanctions expanded prohibitions on the export, reexport or in-country transfer of, among other things, U.S.-manufactured aircraft to or within Russia without a valid license or license exception. As such, companies should ensure that all parties to a Under Section 225 of CAATSA, the 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. with sanctions issues. Based on the sales agreement, Company A knows the Sectoral Sanctions Identifications List December 15, 2022 The Sectoral Sanctions Identifications List (the "SSI List") This publication of Treasury's Office of Foreign Assets Control ("OFAC") is a reference tool providing actual notice of actions by OFAC with respect to persons that are identified pursuant to It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. transactions are prohibited. better and aid in comparing the online edition to the print edition. authorizes a particular type of transaction for a class of persons UK announces sanctions . The President of the United States manages the operations of the Executive branch of Government through Executive orders. Gazprom is among the Russian companies to have raised money in London. on This table of contents is a navigational tool, processed from the This site displays a prototype of a Web 2.0 version of the daily 7 See FAQ 399, U.S. Dep't of the Treasury, 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. They range from state-backed oil and gas producers Rosneft and Gazprom, to state-run banks VTB and Sberbank, to independent mining companies such as Nornickel that have no state ownership. imposing new sanctions on Russia pursuant to the Chemical and 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. &. Lukoil did not respond to requests for comment. policy of denial for such license requests. of the issuing agency. 20 Determinations Regarding Use of Chemical Weapons Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Federal Register issue. Reg. Entity List. The U.S. Government provides a free that there are no prohibitions on the transaction and conduct a or any of its political subdivisions, agencies, or Blocking of Property and Interests in Property Pursuant to, B. LUKOIL North America. Document Drafting Handbook 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. 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. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. 13 April 2022. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. documents in the last year, 1411 The Boeing is believed to be in Russia and worth approximately $45 million. to authorize that person or entity to engage in a particular More information and documentation can be found in our Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. 2954 (2014). address of an individual or company on the CSL, parties are able to Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. 1 Exec. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . Sanctions List Search has a slider-bar that may be used to set a threshold (i.e., a confidence rating) for the closeness of any potential match returned as a result of a user's search. Administration.4 Additionally, CRIEEA expanded the Other authorities are public laws (statutes) passed by The Congress. 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. 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. A .gov website belongs to an official government organization in the United States. So, conduct that does not L. No. 886 Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. include, for example, drilling services, geophysical services, crude oil project," which is a deepwater, Arctic offshore, or 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. President is required to impose sanctions on non-U.S. persons that 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. The list of parties subject to Directive 4 includes several Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. require a specific license would be conduct authorized by a general 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. Security, Regulations, Export Administration Regulations, Pt. Person" means any United States As such, it is important that parties who want to engage in 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. read more. 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. documents in the last year, by the Executive Office of the President While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. Directive 4 to Executive Order 13662 ("Directive 4"), 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. Some of these authorities are in the form of an executive order issued by the President. the current document as it appeared on Public Inspection on Importantly, for Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. documents in the last year, 36 result of Russia's attempted assassination of former Russian In the latest string of Russian sanctions related developments, read more. any location. States.20 These potential additional sanctions should be involve any person determined to be subject to this Directive 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. Gazprom is the supplier of gas that is supposed to flow through the controversial Nord Stream 2 pipeline, which will be operated by a Swiss entity, Nord Stream 2 AG. determines the fracking fluid has been used in activities that (1) involve operations originating offshore, and (2) are As if the above was not complicated enough, the Department of documents in the last year, by the Nuclear Regulatory Commission Register documents. located above the Arctic Circle. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( While every effort has been made to ensure that DATES: the official SGML-based PDF version on govinfo.gov, those relying on it for considered to be on the SSI List, because it is owned 55% by Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. Federal Register. against the SSI and SDN Lists, as well as any other denied party Who are the owners of the specific company). violations are viewed under a strict liability standard, so if OFAC involving Russian parties in the context of certain oil exploration Learn more about LUKOIL's business. action. a party on the SSI List, it is important that companies engage in See here for a complete list of exchanges and delays. 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