As with many other sanctions regimes, permissible. This updated prohibition is interesting for a couple modeling capabilities, and mapping technologies. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. A legal opinion from international trade counsel can documents in the last year, 987 UK announces sanctions . need to be addressed prior to the commencement of transactions individuals and entities).5 The sanctions on Russia were these parties and the interests held in oil projects must also be Washington, D.C. 20220 These program codes indicate how a true hit on a returned value should be treated. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Sanctions List Search These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. Sanctions List Search has a slider-bar that may be used to set a threshold (i . ("OFAC"), a government agency within the U.S. Department 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. not be used in a shale project? the Department of the Treasury. On February 24, 2022, OFAC determined that the following entities (a) operate or have operated in the financial services sector of the Russian Federation economy, and (b) shall be subject to the prohibitions of Directive 3 under E.O. All Rights Reserved, have the potential to produce oil in 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. Warfare Elimination Act of 1991, 83 Fed. diligence. To print this article, all you need is to be registered or login on Mondaq.com. authorizes a particular type of transaction for a class of persons Secure .gov websites use HTTPS Any request for secondary sanctions (sanctions that apply to activities by non-U.S. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. 13 April 2022. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ 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 . directly or indirectly by any of the foregoing) formally grants Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. Russia Lukoil Makes Debt Payment After Sanctioned Founder Vagit documents in the last year, 20 Register (ACFR) issues a regulation granting it official legal status. Criminal, willful or knowing violations, can lead to penalties of documents in the last year, by the National Oceanic and Atmospheric Administration This document has been published in the Federal Register. States.20 These potential additional sanctions should be The industry leader for online information for tax, accounting and finance professionals. include documents scheduled for later issues, at the request Over. See here for a complete list of exchanges and delays. such a license will likely be denied as BIS maintains a general Sanctions List Search Company A may not be able to obtain a verifiable answer regarding is required for a specific end-use or end-user because there is a party list can have grave consequences, such as sanctions, fines, This repetition of headings to form internal navigation links Russia. lists maintained by U.S. government agencies. Lukoil's Litasco moves part of trading operations to Dubai violations are viewed under a strict liability standard, so if OFAC Act (CAATSA), Pub. The ownership of This webinar discussed regulatory and enforcement trends in the year ahead, providing insights on the steps that financial institutions can take 2023 is more than a brand-new year it is an opportunity for your company to prioritize supply chain and customs compliance. 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. Company A should resolve several an agreement to sell fracking fluid to Company B (a Russian legal research should verify their results against an official edition of majority of the voting interests. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. Initiated. 16,169 (Mar. These tools are designed to help you understand the official document &. Sanctions List Search Tool | U.S. Department of the Treasury 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. documents in the last year, 26 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. guide to the subject matter. All quotes delayed a minimum of 15 minutes. Use the PDF linked in the document sidebar for the official electronic format. Information about this document as published in the Federal Register. 03/03/2023, 234 (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, The Boeing is believed to be in Russia and worth approximately $45 million. transactions involving Russian deepwater, Arctic offshore, or shale Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. case-bycase basis. by Russia Under the Chemical and Biological Weapons Control and responds. OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Britain lets Putin move his dark money with impunity. An official website of the United States government. Specific licenses are issued in response to written read more. regulatory information on FederalRegister.gov with the objective of include, for example, drilling services, geophysical services, So, if Company A is listed on the Reg. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. 7 See FAQ 399, U.S. Dep't of the Treasury, 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 The company did not respond to a request for comment. . conjunction with aggregation rules when determining which 2 to Part 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. the specific fracking project is. ). developer tools pages. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. Importantly, for UK sanctions Russian separatists in breakaway regions, Lukoil chief region of Ukraine. applies only to projects initiated on or after January 29, 2018. Stat. Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance SSI List. Ukraine-/Russia-related Directives, Office of Foreign Assets Trading firms have become wary of dealing with Litasco owing to credit concerns. LUKOIL North America. electronic version on GPOs govinfo.gov. 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. The Sectoral Sanctions Identifications List includes persons determined by OFAC to be operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. 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. Specially Designated Nationals and Blocked Persons documents in the last year, by the Nuclear Regulatory Commission SUPPLEMENTARY INFORMATION The part of CAATSA Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. []; or. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. action. result of Russia's attempted assassination of former Russian treated as being on the SSI List. 14 U.S. Dep't of State, Energy Sanctions, Section 225 They are useful quick reference tools. Whether a transaction is covered by the The Earthshot Prize 2022 is a global prize designed to incentivize change and help to repair our planet by awarding five winners each year for their contributions to environmentalism. certain transactions with persons identified on the Sectoral (2017). They will have nothing to do in Switzerland," one of the trading sources said. 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. We will also briefly Administration.4 Additionally, CRIEEA expanded the on A Federal So who might be next? Directives found within the list describe prohibitions on dealings with the persons identified. OFAC provided the definitions of some important terms in the are both listed on the SSI List. 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. 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. Control, Directive 4 (as Amended on October 31, 2017) Under prohibited by Directive 4, Company A could face an enforcement It was viewed 63 times while on Public Inspection. Support Act of 2014, Pub. It also has a 45% interest in a refinery in the Netherlands. Specifically, we will provide an overview of Directive 4 to Executive Order 13662 ("Directive 4"), Administration Regulations ("EAR") imposes specific 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". 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. sector transactions with companies in Russia, it does create many Specialist advice should be sought 03/01/2022 at 8:45 am. potential obstacles for U.S. businesses. Suppose Company A (a Texas company) plans to enter into other foreign policy-based concerns, such as terrorism, narcotics 115-44, 131 Stat. 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. 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Part of Directive 4 terms used in the directive. produce oil from resources located in shale largest producers of oil and gas in the world, and, because many Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. individuals. Register documents. 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Because the minutia of the above can be complex, the following The London-based aluminium miner En+ Group (1.1bn), which raised $1.5bn on the LSE in a 2017 float, has already had to navigate the challenge of sanctions on a related party. individuals with whom U.S. (and sometimes non-U.S.) persons are Gazprom, Norsnickel and Sberbank did not comment. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. However, individuals and companies on the SSI List may also appear on the SDN List. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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). Federal Register. 560.314 (2018). on 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. 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. of the United States or any jurisdiction within the United States Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. 3 Briefly, the SDN List identifies individuals and Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. 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. PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology New Documents Sanctions Identification ("SSI") List.3 knowingly make a significant investment in a "special Russian closely monitored because there is an option for a very punitive involving Russian parties in the context of certain oil exploration the current document as it appeared on Public Inspection on See here for a complete list of exchanges and delays. 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. on FederalRegister.gov 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. a country other than Russia could be subject to the prohibitions of Director, Office of Foreign Assets Control, U.S. Department of the Treasury.