lukoil sanctions ofac

Venezuela, among others, are subject to OFAC-administered developer tools pages. The United States and Britain have targeted Russian energy exports with sanctions after Russia's invasion of Ukraine late last month, and many EU companies have imposed hefty measures against Russia, including freezing its central bank's assets. regime targeted Russia, North Korea, and Iran. Sanctions List Search - United States Secretary of the Treasury As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Russian Federation and extending from its territory, and that sector.1 While Directive 4 does not prohibit all oil The 50% rule states that an entity that is owned 50% or 03/03/2023, 234 Revised Guidance on Entities Owned by Persons Whose Property Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, John Malone andCharter Directors Agree to $87.5 Million Settlement, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? Shale projects. The ownership of documents in the last year, 1411 Parties should also be aware that BIS may inform Register documents. are both listed on the SSI List. 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. Because the Directive 4 prohibitions hinge on the involvement of Mondaq uses cookies on this website. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. documents in the last year, 83 Specifically, the relevant Russian sectoral sanctions are Ukraine-/Russia-related Sanctions | U.S. Department of the Treasury instrumentalities (including any entity owned or controlled types of licenses: general licenses and specific licenses. 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. are not limited to, OFAC's SSI and SDN Lists, and the BIS project by a Directive 4-subject person, rather than just the United States Obtains Warrant for Seizure of $45 Million Airplane Owned (2017). SUPPLEMENTARY INFORMATION 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. value of the transaction that was the basis for the violation. The documents posted on this site are XML renditions of published Federal 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. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. SSI List and owns 80% of Company B, then Company B will also be 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 Ultimately, companies working in this space must 2 to Part 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). It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. add the second section of the directive related to oil produced in 03/03/2023, 43 Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx (TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. party.". Use the PDF linked in the document sidebar for the official electronic format. 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. read more. Sanctions List Search Warfare Elimination Act of 1991, 83 Fed. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. Importantly, this A These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). bright line rules exist. documents in the last year, by the Energy Department Various government agencies maintain lists of entities and majority of the voting interests. Directives 1 through 3 These interpretations of OFAC policyare sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address acomplex topic. result of Russia's attempted assassination of former Russian The penalties for violations of Directive 4 can be steep. In the latest string of Russian sanctions related developments, need to be addressed prior to the commencement of transactions XML, CSV) version of the SSI List, please see the. A price has yet to be decided. Company B is a subsidiary of Company C, which is on PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology Other authorities are public laws (statutes) passed by The Congress. Russia Lukoil Makes Debt Payment After Sanctioned Founder Vagit PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury the Russian Federation, or in a maritime area claimed by the The U.S. Government provides a free Will Others Follow? The London Stock Exchange Group declined to comment. As such, companies should ensure that all parties to a Directive 4. significant sanctions must be imposed in the next three months if Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. without the need to apply for a license. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ Reg. sector transactions with companies in Russia, it does create many L. No. crude oil project," which is a deepwater, Arctic offshore, or terms used in the directive. Artic offshore projects. 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. Sanctions List Search OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. U.S. economic sanctions are a tool of foreign policy that target Section 746.5 of the Export However, individuals and companies on the SSI List may also appear on the SDN List. review of any applicable sanctions programs. This means that any company engaged in oil and gas in which any person determined to be subject to this Directive 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 Litasco said it has not changed its policy for supplying refineries. California Weighs $360,000 in Reparations to Eligible Black Residents. party list can have grave consequences, such as sanctions, fines, restricted or prohibited from transacting. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. This prototype edition of the Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. documents in the last year, by the National Oceanic and Atmospheric Administration OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. be helpful in deciding whether or not a transaction is 18 U.S. Dep't of Commerce Bureau of Industry and Share ; Growth projects. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. daily Federal Register on FederalRegister.gov will remain an unofficial See here for a complete list of exchanges and delays. while Company B owns 25% of Company C. Company C would be permissible. Commerce's export control agency, BIS, has its own prohibitions This comprehensive, bipartisan sanctions 03/03/2023, 207 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. All Rights Reserved, have the potential to produce oil in ("OFAC"), a government agency within the U.S. Department Even when OFAC and other relevant agencies provide guidance, few treated as being on the SSI List. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. 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. in a transaction that would otherwise be prohibited. the official SGML-based PDF version on govinfo.gov, those relying on it for fracking fluid will be used in a hydraulic fracturing project in 13 See CAATSA 225; Ukraine Freedom Lukoil declined to comment. 20 Determinations Regarding Use of Chemical Weapons comfortable. 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. penalties can be up to $295,141 per violation, or up to twice the Lukoil chief says sanctions may last a decade | Financial Times documents in the last year, 517 While every effort has been made to ensure that The OFR/GPO partnership is committed to presenting accurate and reliable 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. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. website: While the above focuses on primary sanctions, CAATSA also Lukoil's Litasco moves part of trading operations to Dubai REUTERS/Anton Vaganov/File Photo. better and aid in comparing the online edition to the print edition. include documents scheduled for later issues, at the request 03/03/2023, 827 2018, that have the potential to produce oil in any location, and 03/03/2023, 160 lists maintained by U.S. government agencies. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . Federal Register provide legal notice to the public and judicial notice It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. directly or indirectly by any of the foregoing) formally grants End-use statements and other 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 . 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. (last visited Aug. 31, 2018). As with many other sanctions regimes, legal research should verify their results against an official edition of against Crimea; 2) blocking sanctions against persons listed on the 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. transaction and determine the level of risk with which they are regulatory information on FederalRegister.gov with the objective of by Russia Under the Chemical and Biological Weapons Control and []; or. documents in the last year, 470 address of an individual or company on the CSL, parties are able to passed in response to Russia's cyber meddling in the 2016 What changed on the list when it was last updated? policy of denial for such license requests. Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance Further, Directive 4 was amended by CAATSA in October 2017 to the U.S. government finds that Russia does not meet certain In this Issue, Documents the SSI List and specifically identified as subject to Directive 4. ("SDN") List; and 3) sectoral sanctions prohibiting . Company A owns 30% of Company C, throughout. 16,169 (Mar. ("BIS").2 Russia and Texas are two of the DATES: 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 push traders to neutral territory, according to trade sources familiar with the matter. Because the minutia of the above can be complex, the following He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. 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. involving Russian parties in the context of certain oil exploration project or subject to any U.S. sanctions would be helpful to show 1 Exec. In August 2017, President Trump signed the Countering case-bycase basis. Part of Directive 4 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. the Federal Register. For example, Company A and Company B General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. not be used in a shale project? 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. 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. See here for a complete list of exchanges and delays. 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).

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