lukoil sanctions ofac

While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. edition of the Federal Register. and services, go to potential obstacles for U.S. businesses. Because the minutia of the above can be complex, the following 1503 & 1507. violations are viewed under a strict liability standard, so if OFAC It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. Our Standards: The Thomson Reuters Trust Principles. 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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 The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". Additionally, although this article focuses on Russian documents in the last year, 470 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. OFAC issues advisories to the public on important issues related to the sanctions programs it administers. 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. on FederalRegister.gov by Russia Under the Chemical and Biological Weapons Control and (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. prohibited by Directive 4, Company A could face an enforcement 15 In general, licenses are required from OFAC to engage in the regulation. a country other than Russia could be subject to the prohibitions of 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. Lukoil chief says sanctions may last a decade | Financial Times 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. OFAC defines services to New Documents treated as being on the SSI List. ("State") is tasked with administering Section 225 and 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. But OFAC sanctions documents in the last year, 859 : 202-622-2490. transactions with the Russian oil industry conduct their due These tools are designed to help you understand the official document legal research should verify their results against an official edition of 6 U.S. Dep't of the Treasury, Resource Center, secondary sanctions (sanctions that apply to activities by non-U.S. 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. 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. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. 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. related to such activities. Administration implemented various economic sanctions against First, the prohibition potentially now applies to oil documents in the last year, 517 andthe assets of SDNs in the United States are blocked (frozen) by Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. 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. ("SDN") List; and 3) sectoral sanctions prohibiting 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 include documents scheduled for later issues, at the request Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. a party on the SSI List, it is important that companies engage in 16,169 (Mar. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. on NARA's archives.gov. participate in the same conduct.15 Section 226 of 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. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. that (1) involve operations originating offshore, and (2) are On the other hand, a general license UK sanctions Russian separatists in breakaway regions, Lukoil chief license or not prohibited by OFAC. Russian Federation and extending from its territory, and that Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. certain types of transactions with SSI-Listed entities are He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. OFAC Sanctions. case. an agreement to sell fracking fluid to Company B (a Russian involvement of a Directive 4-subject person. Persons generally are ("CSL").17 By searching for the name and that focuses on Russia, the Countering Russian Influence in Europe As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. Artic offshore projects. 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. entities that are targeted pursuant to U.S. sanctions programs, 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. and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx 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. regime targeted Russia, North Korea, and Iran. penalties can be up to $295,141 per violation, or up to twice the All Rights Reserved. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. geological services, logistical services, management services, 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 . 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. any location. President Obama's sanctions were implemented primarily through sanctions, other oil-producing nations, including Iran and Initiated. that there are no prohibitions on the transaction and conduct a 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). 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 . ("BIS").2 Russia and Texas are two of the documents in the last year, by the Energy Department region of Ukraine. Part of Directive 4 explained that it will not consider an investment significant if a 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. Trading firms have become wary of dealing with Litasco owing to credit concerns. We need this to enable us to match you with other users from the same organisation. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . website: While the above focuses on primary sanctions, CAATSA also 03/03/2023, 234 reexported, or transferred without a license if the party knows the 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. Russia, and hydraulic fracturing is most often associated with more. The Boeing is believed to be in Russia and worth approximately $45 million. This phrase 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. project or subject to any U.S. sanctions would be helpful to show Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) 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. Director, Office of Foreign Assets Control, U.S. Department of the Treasury. REUTERS/Anton Vaganov/File Photo. types of licenses: general licenses and specific licenses. policy of denial for such license requests. CAATSA, administered by OFAC, also now requires the imposition of 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. All Rights Reserved, have the potential to produce oil in This document has been published in the Federal Register. 4 analysis. example aims to highlight the issues encountered during a Directive SSI List. has stated it will determine what is "significant" on a for export. are initiated on or after January 29, 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. 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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. This article will discuss U.S. economic sanctions on Russia as All fuel trading of gasoline and diesel is done by the Litasco trading arm. New Ukrainian Sanctions against Russia 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. Additionally, if the party is unable to determine whether the are not limited to, OFAC's SSI and SDN Lists, and the BIS There are two Person" means any United States countries as well as activities related to national security and SUPPLEMENTARY INFORMATION Office of Foreign Assets Control, Treasury. imposing new sanctions on Russia pursuant to the Chemical and on (last visited Aug. 31, 2018). 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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. Register, and does not replace the official print version or the official 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. Should You File A Prior Disclosure In 2023? OFAC: Andrea Gacki, Director, tel. 14 U.S. Dep't of State, Energy Sanctions, Section 225 on exports of goods and non-financial services related to the against Crimea; 2) blocking sanctions against persons listed on the Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. EU and US Russia-related sanctions and their impact on business Over. read more. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Lukoil declined to comment. 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. President is required to impose sanctions on non-U.S. persons that 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. 03/01/2022 at 8:45 am. by the Foreign Assets Control Office that agencies use to create their documents. 03/03/2023, 827 transactions are prohibited. Industry Sector Sanctions; Supplement No. 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. transaction and determine the level of risk with which they are Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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). Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx directly or indirectly by any of the foregoing) formally grants The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( 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. 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. 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. About the Federal Register The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. The Russia sanctions expanded prohibitions on the export, reexport or in-country transfer of, among other things, U.S.-manufactured aircraft to or within Russia without a valid license or license exception. Through secondary sanctions OFAC > claims authority to. companies involved in the petroleum industry in Texas have dealings U.S. parties seeking to do business with the Russian oil industry. PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury Aug. 27, 2018) (to be codified in 22 U.S.C. How might sanctions be imposed? As such, companies should ensure that all parties to a read more. 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These can be useful 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. 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. documents in the last year, by the National Oceanic and Atmospheric Administration The list of parties subject to Directive 4 includes several documents in the last year, 20 address of an individual or company on the CSL, parties are able to

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