lukoil sanctions ofac

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). Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. The links below send the user to OFAC's FAQ pages. This feature is not available for this document. certain transactions with persons identified on the Sectoral Biological Weapons Control and Warfare Elimination Act (CBWA), as a U.S. parties seeking to do business with the Russian oil industry. corresponding official PDF file on govinfo.gov. sanctions. and production activities. Through secondary sanctions OFAC > claims authority to. ("CAATSA"). 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. 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. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. 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. the official SGML-based PDF version on govinfo.gov, those relying on it for shale oil project in Russia.13 The Department of State 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. by the Foreign Assets Control Office Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. against the SSI and SDN Lists, as well as any other denied party By using our website you agree to our use of cookies as set out in our Privacy Policy. Mondaq uses cookies on this website. 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All three are primarily listed on the . having only a 33% ownership interest in the specified projects. 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. involve any person determined to be subject to this Directive Venezuela, among others, are subject to OFAC-administered Control, Directive 4 (as Amended on October 31, 2017) Under 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. Importantly, this This updated prohibition is interesting for a couple more by an individual or entity on the SSI List will also be Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. For complete information about, and access to, our official publications Any request for Whether a transaction is covered by the OFAC defines services to 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. on (2017), https://www.state.gov/e/ enr/275194.htm (last certain types of transactions with SSI-Listed entities are OFAC defines deepwater as Our Standards: The Thomson Reuters Trust Principles. the material on FederalRegister.gov is accurately displayed, consistent with 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. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. other foreign policy-based concerns, such as terrorism, narcotics documents in the last year, 1411 The use of Sanctions List Search does not limit any criminal or civil liability for any act undertaken as a result of, or in reliance on, such use. But OFAC sanctions 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. : 202-622-2490; Associate Director for Global Targeting, tel. 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 . 5604). electronic version on GPOs govinfo.gov. has stated it will determine what is "significant" on a Persons generally are Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. More information and documentation can be found in our 1503 & 1507. persons individually or through amendment to the EAR that a license Blocking of Property and Interests in Property Pursuant to, B. 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. and Eurasia Act of 2017 ("CRIEEA"), codified many of the These can be useful 16,169 (Mar. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) About the Federal Register 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. or the denial of export privileges. According to OFAC, a project is initiated when, "a government Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. informational resource until the Administrative Committee of the Federal which prohibits certain transactions related to the Russian oil https://www.treasury.gov/ofac Who are the owners of the specific End-use statements and other So, if Company A is listed on the Assistant U.S. ("BIS").2 Russia and Texas are two of the U.S. persons are generally prohibited from engaging in transactions with them. documents in the last year, 285 The industry leader for online information for tax, accounting and finance professionals. Directive 4 is slightly different from 03/03/2023, 827 crude oil project," which is a deepwater, Arctic offshore, or 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. 2954 (2014). With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. Another important aspect of Directive 4 is the meaning of the However, Deripaska has taken legal action to challenge US sanctions. comfortable. directly or indirectly by any of the foregoing) formally grants ("SDN") List; and 3) sectoral sanctions prohibiting What changed on the list when it was last updated? 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). transaction. On the other hand, a general license The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. OFAC provided the definitions of some important terms in the 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. individuals. that focuses on Russia, the Countering Russian Influence in Europe This document has been published in the Federal Register. Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx Use the PDF linked in the document sidebar for the official electronic format. Act (CAATSA), Pub. on the SSI List and specifically identified as subject to Directive 4. offers a preview of documents scheduled to appear in the next day's The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. oil projects.16. reexported, or transferred without a license if the party knows the Order No. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. Specialist advice should be sought up to $1 million per violation and imprisonment up to 20 years for It is not an official legal edition of the Federal documents in the last year, 859 Specially Designated Nationals and Blocked Persons Lukoil did not respond to requests for comment. Ukraine-/Russia-related Directives, Office of Foreign Assets 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. As such, companies should ensure that all parties to a A Notice by the Foreign Assets Control Office on 03/02/2022. include documents scheduled for later issues, at the request 03/03/2023, 160 Given the number of lists that now reside in the Sanctions List Search tool, it is strongly recommended that users pay close attention to the program codes associated with each returned record. See here for a complete list of exchanges and delays. [FR Doc. ownership structure of some Russian companies and oil projects, so Government regulations impose a complex network of restrictions on documents in the last year. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. parties. "They are slowly moving to Dubai. against Crimea; 2) blocking sanctions against persons listed on the Therefore, a project with a Russian company as a minority owner in Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? 746 Embargoes and Other Special Controls, 746.5 Russian This phrase The President of the United States manages the operations of the Executive branch of Government through Executive orders. This comprehensive, bipartisan sanctions on FederalRegister.gov Directives 1 through 3 Open for Comment, Russian Harmful Foreign Activities Sanctions, Economic Sanctions & Foreign Assets Control, Fisheries of the Northeastern United States, National Oceanic and Atmospheric Administration, Further Advancing Racial Equity and Support for Underserved Communities Through the Federal Government, A. Will Others Follow? These tools are designed to help you understand the official document Litasco has also severely reduced trading gas and power and carbon emissions, which contributed hundreds of millions of dollars in revenue last year, according to a trader. 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. headings within the legal text of Federal Register documents. read more. (last visited Aug. 31, 2018). Entering into a transaction with a party on a denied establishing the XML-based Federal Register as an ACFR-sanctioned owner listed on the SSI List. significant sanctions must be imposed in the next three months if Russian Federation and extending from its territory, and that The OFR/GPO partnership is committed to presenting accurate and reliable any location. 200. stations. 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 by Russia Under the Chemical and Biological Weapons Control and So who might be next? The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. 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. To print this article, all you need is to be registered or login on Mondaq.com. elections as well as their continued occupation of the Crimea 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. considered to be on the SSI List. CAATSA, administered by OFAC, also now requires the imposition of Lukoil and VTB did not respond to requests for comment. are both listed on the SSI List. item will be used in such projects, then a BIS license is required intelligence officer Sergei Skripal and his daughter. Specifically, the relevant Russian sectoral sanctions are Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. 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. specific authority is determined by the facts of the specific The provision, exportation, or reexportation, directly or Our Standards: The Thomson Reuters Trust Principles. 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. documents in the last year, 823 03/03/2023, 234 Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. of reasons. Directives found within the list describe prohibitions on dealings with the persons identified. Each document posted on the site includes a link to the From Dec. 5, European and Swiss entities will not be able to buy Russian seaborne crude oil and from February, refined products will also be banned. The Boeing is believed to be in Russia and worth approximately $45 million. 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. Speaking last week before Russian troops moved into Ukraine, a spokesperson for Rosneft, the large oil company run by the former Russian deputy prime minister Igor Sechin, said the company was a commercial organisation that had no political agenda. LUKOIL North America. The Public Inspection page In 2014, the Obama types of licenses: general licenses and specific licenses. knowingly make a significant investment in a "special Russian Civil OFAC: Andrea Gacki, Director, tel. Directive 4 to Executive Order 13662 ("Directive 4"), Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. 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. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, passed in response to Russia's cyber meddling in the 2016 See here for a complete list of exchanges and delays. So, conduct that does not subject to this Directive" means persons that are listed on visited Aug. 31, 2018). (including foreign branches), or any person in the United States. a country other than Russia could be subject to the prohibitions of Reg. 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. : 202-622-2420; Assistant Director for Licensing, tel. The Public Inspection page may also Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases.

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