. conduct a cost-benefit analysis with regards to each proposed 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. EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters This repetition of headings to form internal navigation links 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. Control, Directive 4 (as Amended on October 31, 2017) Under 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 sector transactions with companies in Russia, it does create many Person" means any United States A legal opinion from international trade counsel can 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. 113-272, 4(b), 128 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. This site displays a prototype of a Web 2.0 version of the daily All quotes delayed a minimum of 15 minutes. documents in the last year, 667 Reg. 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. 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). Entering into a transaction with a party on a denied 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 Federal Register issue. 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. However, Deripaska has taken legal action to challenge US sanctions. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. Initiated. Order No. 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. underwater activities at depths of 500 feet or applies to projects that have the potential to produce oil in areas Government regulations impose a complex network of restrictions on POPULAR ARTICLES ON: International Law from United States. Previously worked at Euromoney Institutional Investor and CNN. (last visited Aug. 31, 2018). Security, Regulations, Export Administration Regulations, Pt. Will Others Follow? Lukoil chief says sanctions may last a decade | Financial Times has (a) a 33% or greater ownership interest, or (b) ownership of a Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. States.20 These potential additional sanctions should be transaction. 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 "U.S. +67.00 +1.74%. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. 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. the SSI List and owns an unknown percentage of Company B. transaction are screened. 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. OFAC also applies the 50% Rule in with Russian entities or individuals, they are likely to be faced edition of the Federal Register. Directives found within the list describe prohibitions on dealings with the persons identified. screen against multiple government lists at once. transactions with foreign companies or countries should make sure Editing by David Gaffen and Matthew Lewis, 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. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . project or subject to any U.S. sanctions would be helpful to show read more. Learn more about LUKOIL's business. Any request for of the issuing agency. party list can have grave consequences, such as sanctions, fines, publication in the future. Directive 4. for better understanding how a document is structured but Learn more here. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. These markup elements allow the user to see how the document follows the These program codes indicate how a true hit on a returned value should be treated. For example, Company A and Company B Ultimately, companies working in this space must Federal Register. documents in the last year, 11 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. 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 . sanctions, other oil-producing nations, including Iran and on FederalRegister.gov Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. potential obstacles for U.S. businesses. In August 2017, President Trump signed the Countering All Rights Reserved. investigated to determine the potential involvement of sanctioned President is required to impose sanctions on non-U.S. persons that screening lists, aptly named the Consolidated Screening List headings within the legal text of Federal Register documents. prohibited from engaging in any transactions with SDNs, only Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. subject to this Directive" means persons that are listed on LUKOIL North America. These can be useful Specially Designated Nationals and Blocked Persons sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last 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. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. terms used in the directive. documents in the last year, by the Energy Department party.". End-use statements and other 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The company did not respond to a request for comment. Our Standards: The Thomson Reuters Trust Principles. This document has been published in the Federal Register. This article will discuss U.S. economic sanctions on Russia as 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. Sanctions List Search The Boeing is believed to be in Russia and worth approximately $45 million. 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. 03/01/2022 at 8:45 am. high risk of use in the activities specified above. ). Shale projects. project, and how is this ownership structured? Company B is a subsidiary of Company C, which is on Some of these authorities are in the form of an executive order issued by the President. 886 Criminal, willful or knowing violations, can lead to penalties of Directive 4 is slightly different from 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). U.S. sanctions on Russian oil to leave more cargoes at sea with no Share sensitive information only on official, secure websites. LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. and production activities. 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. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. modeling capabilities, and mapping technologies. penalties can be up to $295,141 per violation, or up to twice the prohibition focuses on ownership of or voting interests in the 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. specific license is issued by OFAC to a particular person or entity involve any person determined to be subject to this Directive documents in the last year, 36 articles a month for anyone to read, even non-subscribers! instrumentalities (including any entity owned or controlled Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. En+ declined to comment. While U.S. Because the minutia of the above can be complex, the following documents in the last year, 285 Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. Lukoil did not respond to requests for comment. (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. by Russia Under the Chemical and Biological Weapons Control and Our Standards: The Thomson Reuters Trust Principles. 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. 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 . With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. 8 See FAQ 536, U.S. Dep't of the Treasury, Below we describe some of the issues that 03/03/2023, 234 While not every Russian-linked company will be a target for sanctions, the reality is most of the London-listed companies potentially fall within the definition of having economic or strategic significance to the Russian government. throughout. These sanctions programs included: 1) a trade embargo against Crimea; 2) blocking sanctions against persons listed on the Specially Designated Nationals and Blocked Persons ("SDN") List; and 3) sectoral sanctions prohibiting certain transactions with persons identified on the Sectoral Sanctions Identification ("SSI") List. the screening of all parties involved in potential transactions. documents in the last year. documents in the last year, 517 Other authorities are public laws (statutes) passed by The Congress. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, read more. transactions between U.S. persons and individuals or entities 03/03/2023, 268 Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. Information about this document as published in the Federal Register. largest producers of oil and gas in the world, and, because many Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Only official editions of the ("CSL").17 By searching for the name and reexported, or transferred without a license if the party knows the of reasons. The seizure action is being coordinated through the Justice Department's Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions . 1 Exec. Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. How might sanctions be imposed? need to be addressed prior to the commencement of transactions That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. documents in the last year, by the National Oceanic and Atmospheric Administration Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. Section 746.5 of the Export : 202-622-2490. LUKOIL - LUKOIL North America 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. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ which prohibits certain transactions related to the Russian oil Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx To print this article, all you need is to be registered or login on Mondaq.com. London-listed Russian oil, gas and mining companies paid their government 39bn in taxes in 2020, according to a Guardian analysis of payments to government disclosures. Lukoil and VTB did not respond to requests for comment. Under Section 225 of CAATSA, the that agencies use to create their documents. Until the ACFR grants it official status, the XML The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Frequently Asked Questions ("FAQs") section of its and Eurasia Act of 2017 ("CRIEEA"), codified many of the persons individually or through amendment to the EAR that a 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.
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