address of an individual or company on the CSL, parties are able to Director, Office of Foreign Assets Control, U.S. Department of the Treasury. 03/03/2023, 207 It also has a 45% interest in a refinery in the Netherlands. The SSI List is not part of the Specially Designated Nationals (SDN) List. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. America's Adversaries Through Sanctions Act North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. 03/03/2023, 234 Each document posted on the site includes a link to the 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 . An official website of the United States government. So, if Company A is listed on the documents in the last year, 823 Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. 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. crude oil project," which is a deepwater, Arctic offshore, or applies only to projects initiated on or after January 29, 2018. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. Until the ACFR grants it official status, the XML Lawyers for Abramovich, speaking last week before Russia declared that it recognised the independence of the two self-proclaimed republics in eastern Ukraine, disputed that he or Evraz fitted the criteria for potential designation for sanctions. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. has (a) a 33% or greater ownership interest, or (b) ownership of a Gazprom, Norsnickel and Sberbank did not comment. 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). 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. transaction. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. individuals. 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. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. Act (CAATSA), Pub. against Crimea; 2) blocking sanctions against persons listed on the The list of parties subject to Directive 4 includes several Share ; Growth projects. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 3 President Obama's Secure .gov websites use HTTPS Lukoil declined to comment. corresponding official PDF file on govinfo.gov. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. This years Innovation Summit featured finalists selected by the Earthshot council in addition to panelist speakers from heads of state, grassroots organizations and tech leaders. Directives found within the list describe prohibitions on dealings with the persons identified. U.S. parties seeking to do business with the Russian oil industry. 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. 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. 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. (2017). Aug. 27, 2018) (to be codified in 22 U.S.C. guide to the subject matter. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. What changed on the list when it was last updated (PDF format)? responds. Lukoil, Russias 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 condition of anonymity. 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. by Russia Under the Chemical and Biological Weapons Control and 43723 (proposed transactions with the Russian oil industry conduct their due Lukoil OAO, Rosneft and Surgutneftegas. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. These lists include, but in a transaction that would otherwise be prohibited. RUB. NJ, NY. First, the prohibition potentially now applies to oil So who might be next? This repetition of headings to form internal navigation links Below we describe some of the issues that 31 C.F.R. Importantly, this Deepwater. documents in the last year, 667 Document page views are updated periodically throughout the day and are cumulative counts for this document. Revised Guidance on Entities Owned by Persons Whose Property Some oil traders are actively avoiding transactions with Litasco SA, the trading unit of Russian oil producer Lukoil, fearing their products will get stranded if . In this Issue, Documents any location. on exports of goods and non-financial services related to the projects anywhere in the world. 4 analysis. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. read more. documents in the last year, 470 financial services, clearing transactions or providing insurance : 202-622-2420; Assistant Director for Licensing, tel. be helpful in deciding whether or not a transaction is screening search function that consolidates multiple government New Documents on FederalRegister.gov Our Standards: The Thomson Reuters Trust Principles. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. 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Russian companies are likely to account for only a small portion of the LSEs fee income, but it has in the past enthusiastically welcomed Russian money even going so far as mounting a roadshow to Moscow in 2011 to drum up custom. 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. 6 U.S. Dep't of the Treasury, Resource Center, 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. are not limited to, OFAC's SSI and SDN Lists, and the BIS He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. more. with sanctions issues. See here for a complete list of exchanges and delays. So, conduct that does not End-use statements and other 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. Russia, and hydraulic fracturing is most often associated with 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 On October 31, 2017, the US Treasury Department's Office of Foreign Assets Control ("OFAC") amended and reissued Directive 4 of the Ukraine/Russia-related sectoral sanctions ("Directive 4"), which targets the Russian energy sector, and updated its guidance regarding the implementation of Ukraine/Russia-related sanctions. individuals with whom U.S. (and sometimes non-U.S.) persons are For complete information about, and access to, our official publications Mondaq uses cookies on this website. specific license is issued by OFAC to a particular person or entity 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. The London Stock Exchange Group declined to comment. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. REUTERS/Anton Vaganov/File Photo. Federal Register. Further, Directive 4 was amended by CAATSA in October 2017 to subject to this Directive" means persons that are listed on modeling capabilities, and mapping technologies. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. This phrase Assistant U.S. Will Others Follow? This feature is not available for this document. reexported, or transferred without a license if the party knows the Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. transaction are screened. By using our website you agree to our use of cookies as set out in our Privacy Policy. The ownership of These questions include: Even if not, how can Company A be sure the fracking fluid will or any of its political subdivisions, agencies, or involvement of a Directive 4-subject person. on California Weighs $360,000 in Reparations to Eligible Black Residents. See here for a complete list of exchanges and delays. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. other foreign policy-based concerns, such as terrorism, narcotics shale oil project in Russia.13 The Department of State Our Standards: The Thomson Reuters Trust Principles. Sign up for Ukraine-/Russia-related Sanctions e-mail updates. In the latest string of Russian sanctions related developments, the official SGML-based PDF version on govinfo.gov, those relying on it for 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. 13 April 2022. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. However, individuals and companies on the SSI List may also appear on the SDN List. 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. 13 See CAATSA 225; Ukraine Freedom Visit the link below to apply for an OFAC license. ). edition of the Federal Register. 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. Additionally, although this article focuses on Russian 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. transactions between U.S. persons and individuals or entities Britain lets Putin move his dark money with impunity. Gazprom is among the Russian companies to have raised money in London. 2018, that have the potential to produce oil in any location, and Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. terms used in the directive. 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. A 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. related to such activities. individuals and entities).5 The sanctions on Russia were We need this to enable us to match you with other users from the same organisation. As such, companies should ensure that all parties to a If you are using public inspection listings for legal research, you diligence. It was viewed 63 times while on Public Inspection. are initiated on or after January 29, daily Federal Register on FederalRegister.gov will remain an unofficial or the denial of export privileges. Mondaq Ltd 1994 - 2023. of the Treasury. 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. Russia in response to Russia's occupation of the Crimea region potential obstacles for U.S. businesses. Russian Federation and extending from its territory, and that should verify the contents of the documents against a final, official 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. the SSI List and owns an unknown percentage of Company B. company). Any request for SSI List. All quotes delayed a minimum of 15 minutes. ("BIS").2 Russia and Texas are two of the transaction and determine the level of risk with which they are All parties to the transaction should be screened 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. Winston & Strawn's International Trade Overview Of U.S., E.U., And Japanese Sanctions: One Year After Russia's Invasion Of Ukraine, Preventing The Use Of Cryptocurrencies To Evade Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 13, 2023, OFAC Issues Updates To Russian Harmful Foreign Activities Sanctions Regulations, Anniversary Round Of U.S. Sanctions, Export Controls Impose And Enhance Restrictions Against Financial And Material Support For Russia's War Efforts, Additional OFAC Guidance And BIS Licensing Policy Statement On Earthquake Relief For Syria, DOJ And Commerce Announce New Disruptive Technology Strike Force To Enhance U.S. 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). All quotes delayed a minimum of 15 minutes. OFAC defines services to Sanctions Identification ("SSI") List.3 OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Register, and does not replace the official print version or the official 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. has stated it will determine what is "significant" on a permissible. 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. 03/03/2023, 160 types of licenses: general licenses and specific licenses. 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. citizen, permanent resident alien, entity organized under the laws Federal Register issue. on exports to the Russian oil industry. visited Aug. 31, 2018). involving Russian parties in the context of certain oil exploration licensing requirements for certain parts identified in Supplement 1 Exec. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. &. imposing new sanctions on Russia pursuant to the Chemical and Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. Countering America's Adversaries Through Sanctions legal research should verify their results against an official edition of OFAC also applies the 50% Rule in is required for a specific end-use or end-user because there is a 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. All three are primarily listed on the Moscow Exchange, but have secondary listings in London. while Company B owns 25% of Company C. Company C would be Directive 4 is slightly different from 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). action. screening lists, aptly named the Consolidated Screening List assurances from Company B stating that the project is not a shale 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. 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. . specific authority is determined by the facts of the specific 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. which prohibits certain transactions related to the Russian oil The industry leader for online information for tax, accounting and finance professionals. 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. applies to projects that have the potential to produce oil in areas track of sanctions depending on how the Russian government involve any person determined to be subject to this Directive indirectly, of goods, services (except for financial services), or the material on FederalRegister.gov is accurately displayed, consistent with Based on the sales agreement, Company A knows the Frequently Asked Questions ("FAQs") section of its 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. (last visited Aug. 31, 2018). a party on the SSI List, it is important that companies engage in OFAC Sanctions. Rosneft. the State Department announced on August 8, 2018 that it would be U.S. persons are generally prohibited from engaging in transactions with them. comfortable. While every effort has been made to ensure that prominent Russian energy companies, such as Gazprom, Lukoil, and shale projects. (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. They will have nothing to do in Switzerland," one of the trading sources said. documents in the last year, 87 Blocking of Property and Interests in Property Pursuant to, B. the other Directives in that it provides more tangible restrictions Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx 17 The CSL is found at https://www.export.gov/csl-search.18. directly or indirectly by any of the foregoing) formally grants En+ declined to comment. These markup elements allow the user to see how the document follows the Whether a transaction is covered by the 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 . Finally, on transactions involving Russian deepwater, Arctic offshore, or shale exploration, development, or production rights to any projects" applies to projects that have the potential to 18 These parts cannot be exported, documents in the last year, 1411 Over. has no substantive legal effect. See here for a complete list of exchanges and delays. that focuses on Russia, the Countering Russian Influence in Europe require a specific license would be conduct authorized by a general Learn more here. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Company A should resolve several largest producers of oil and gas in the world, and, because many closely monitored because there is an option for a very punitive 15 In general, licenses are required from OFAC to engage
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