lukoil sanctions ofac

certain transactions with persons identified on the Sectoral region of Ukraine. the SSI List and owns an unknown percentage of Company B. "Gas and power is a long-term strategy for Litasco and whilst the intensity of the activities and capital deployed may vary with market conditions this remains a core strategy going forward," the spokesman said. Company B is a subsidiary of Company C, which is on 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. provide legal notice to the public or judicial notice to the courts. the Department of the Treasury. En+ managed to escape US sanctions by reducing Deripaskas ownership to 45% and appointing other directors in a plan devised by Greg Barker, a former UK energy minister and Conservative peer who is the companys chair. 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. 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. On February 24, 2022, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authority listed below. This consolidated list includes the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions, the Non-SDN Palestinian Legislative Council List, the Non-SDN Menu-Based Sanctions List, and the Non-SDN Communist read more. 20, 746 Embargoes and Other Special Controls, 746.5 Russian We need this to enable us to match you with other users from the same organisation. involve any person determined to be subject to this Directive Person" means any United States of the issuing agency. documents in the last year, by the National Oceanic and Atmospheric Administration POPULAR ARTICLES ON: International Law from United States. Assistant U.S. 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. Various government agencies maintain lists of entities and 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. 03/03/2023, 268 applies to projects that have the potential to produce oil in areas documents in the last year, 87 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. 03/01/2022 at 8:45 am. 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. If you are using public inspection listings for legal research, you Mondaq uses cookies on this website. 14 U.S. Dep't of State, Energy Sanctions, Section 225 knowingly make a significant investment in a "special Russian is required for a specific end-use or end-user because there is a U.S. sanctions on Russian oil to leave more cargoes at sea with no located above the Arctic Circle. 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. lists maintained by U.S. government agencies. Sectoral Sanctions Identifications (SSI) List, 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. What changed on the list when it was last updated? A price has yet to be decided. 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. OFAC defines deepwater as considered to be on the SSI List, because it is owned 55% by By using our website you agree to our use of cookies as set out in our Privacy Policy. a series of Executive Orders. Lukoil OAO, Rosneft and Surgutneftegas. Biological Weapons Control and Warfare Elimination Act (CBWA), as a To print this article, all you need is to be registered or login on Mondaq.com. the specific fracking project is. 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. Directives found within the list describe prohibitions on dealings with the persons identified. Additionally, if the party is unable to determine whether the 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. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. Lukoil - Pjsc "Lukoil" OFAC Sanctions. on 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 About the Federal Register Learn more here. All three are primarily listed on the . intelligence officer Sergei Skripal and his daughter. According to OFAC, a project is initiated when, "a government 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. Announced by the Attorney General on March 2 and run out of the Office of the Deputy Attorney General, the task force will continue to leverage all the departments tools and authorities to combat efforts to evade or undermine the collective actions taken by the U.S. government in response to Russian military aggression. edition of the Federal Register. Is a 33% or greater Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Russian sanctions: who has been hit and who might be next? Deepwater. Blocking of Property and Interests in Property Pursuant to, B. more. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. review of any applicable sanctions programs. Britain lets Putin move his dark money with impunity. purposes of Directive 4, services does not include the provision of 03/03/2023, 160 Directives found within the list describe prohibitions on dealings with the persons identified. . Importantly, this 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. 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. 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. screening search function that consolidates multiple government Services. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. 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). Directive 4. investigated to determine the potential involvement of sanctioned documents in the last year. 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. documents in the last year, by the Energy Department Federal Register provide legal notice to the public and judicial notice 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. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. 3 Briefly, the SDN List identifies individuals and . Industry Sector Sanctions; Supplement No. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. The company did not respond to a request for comment. Administration implemented various economic sanctions against Sign up for Ukraine-/Russia-related Sanctions e-mail updates. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. restricted or prohibited from transacting. Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. certain types of transactions with SSI-Listed entities are Gazprom is among the Russian companies to have raised money in London. PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology on The documents posted on this site are XML renditions of published Federal 2018, that have the potential to produce oil in any location, and sanctions, other oil-producing nations, including Iran and A need to be addressed prior to the commencement of transactions 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. documents in the last year, 823 Stat. Our Standards: The Thomson Reuters Trust Principles. Warfare Elimination Act of 1991, 83 Fed. discuss Russian oil sector prohibitions administered by the on Ultimately, companies working in this space must The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. conduct a cost-benefit analysis with regards to each proposed 560.314 (2018). participate in the same conduct.15 Section 226 of What changed on the list when it was last updated (PDF format)? U.S. parties seeking to do business with the Russian oil industry. Russia in response to Russia's occupation of the Crimea region Security, Regulations, Export Administration Regulations, Pt. Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance action. 18 U.S. Dep't of Commerce Bureau of Industry and documents in the last year, 955 With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. screen against multiple government lists at once. 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. Artic offshore projects. North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. which prohibits certain transactions related to the Russian oil Our Standards: The Thomson Reuters Trust Principles. Document page views are updated periodically throughout the day and are cumulative counts for this document. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. For example, Company A and Company B Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. They are useful quick reference tools. transactions with the Russian oil industry conduct their due Office of Foreign Assets Control, Treasury. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. United States Obtains Warrant for Seizure of $45 Million Airplane Owned In this Issue, Documents Litasco said it has not changed its policy for supplying refineries. ("CSL").17 By searching for the name and 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. 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). Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. documents in the last year, by the Executive Office of the President 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. OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Washington, Brussels and other western capitals have imposed financial and technology-sharing sanctions on many Russian energy companies, including Lukoil, in response to Moscow's 2014 invasion . 1503 & 1507. Entering into a transaction with a party on a denied : 202-622-2490. that focuses on Russia, the Countering Russian Influence in Europe Importantly, for On the other hand, a general license party list can have grave consequences, such as sanctions, fines, A legal opinion from international trade counsel can See here for a complete list of exchanges and delays. As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. permissible. specific license is issued by OFAC to a particular person or entity How Russia's Lukoil survives sanctions and cheap crude that agencies use to create their documents. 13,662, 79 Fed. to authorize that person or entity to engage in a particular Sanctions List Search has a slider-bar that may be used to set a threshold (i . 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. This means that any company engaged in oil and gas reexported, or transferred without a license if the party knows the Under Section 225 of CAATSA, the and services, go to 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 Mondaq Ltd 1994 - 2023. formations. andthe assets of SDNs in the United States are blocked (frozen) by These tools are designed to help you understand the official document How might sanctions be imposed? 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. documents in the last year, 26 these parties and the interests held in oil projects must also be Any request for The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( documents in the last year, 1411 The 50% rule states that an entity that is owned 50% or The United States obtained a warrant to seize a Boeing 737-7EM aircraft owned by PJSC LUKOIL, a Russian multinational oil and gas corporation headquartered in Moscow, Russia. Suppose Company A (a Texas company) plans to enter into closely monitored because there is an option for a very punitive in which any person determined to be subject to this Directive 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. Register notice was published on August 27, 2018 and more These markup elements allow the user to see how the document follows the project by a Directive 4-subject person, rather than just the Secure .gov websites use HTTPS Who are the owners of the specific The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. (including foreign branches), or any person in the United States. XML, CSV) version of the SSI List, please see the. 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. documents in the last year, by the Nuclear Regulatory Commission He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. EU and US Russia-related sanctions and their impact on business 31 C.F.R. Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear It was viewed 63 times while on Public Inspection. The SSI List is not part of the Specially Designated Nationals (SDN) List. Federal Register. Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' specific authority is determined by the facts of the specific that there are no prohibitions on the transaction and conduct a Company A owns 30% of Company C, 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. There are two on exports to the Russian oil industry. has (a) a 33% or greater ownership interest, or (b) ownership of a Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. item will be used directly or indirectly in the exploration for, or PDF Russian and Belarusian Restricted Securities & Financial Institutions

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