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. Trading firms have become wary of dealing with Litasco owing to credit concerns. A
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. 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). Previously worked at Euromoney Institutional Investor and CNN. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. All Rights Reserved, have the potential to produce oil in
20 Determinations Regarding Use of Chemical Weapons
screening lists, aptly named the Consolidated Screening List
Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success. California Weighs $360,000 in Reparations to Eligible Black Residents. Entering into a transaction with a party on a denied
Section 746.5 of the Export
Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". transactions involving Russian deepwater, Arctic offshore, or shale
institutions that knowingly engage in or facilitate significant
certain types of transactions with SSI-Listed entities are
of Ukraine. 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, FACT SHEET:Russia Sanctions and Agricultural Trade, Non-English Translations of the July 2022 FACT SHEET: Russia Sanctions and Agricultural Trade, FACT SHEET:Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russias War Against Ukraine, Advisory Regarding the Obfuscation of Critical Information in Financial and Trade Transactions Involving the Crimea Region of Ukraine, Countering America's Adversaries Through Sanctions Act (CAATSA) Information Page, Ukraine-/Russia-related Sanctions FAQ Topic Page, Sectoral Sanctions IdentificationsListPage, Directive 1 as Amended Under Executive Order 13662, Directive 2 as Amended Under Executive Order 13662, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Update to the List of Medical Supplies for Ukraine-/Russia-Related Sanctions, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - July 16,2014) - Financial Services and Energy Sectors, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - September 12,2014) - Defense and Related Materiel Sector, Countering America's Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. Learn more about LUKOIL's business. 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. Directive 4 to Executive Order 13662 ("Directive 4"),
The OFR/GPO partnership is committed to presenting accurate and reliable 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. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) : 202-622-2490. In August 2017, President Trump signed the Countering
license applications. ). 18 These parts cannot be exported,
prohibited. XML, CSV) version of the SSI List, please see the. Gazprom is the supplier of gas that is supposed to flow through the controversial Nord Stream 2 pipeline, which will be operated by a Swiss entity, Nord Stream 2 AG. The penalties for violations of Directive 4 can be steep. See here for a complete list of exchanges and delays. 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. Visit the link below to apply for an OFAC license. to the courts under 44 U.S.C. high risk of use in the activities specified above. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. This PDF is oil projects.16. 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). 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/
Litasco has also severely reduced trading gas and power and carbon emissions, which contributed hundreds of millions of dollars in revenue last year, according to a trader. A Litasco spokesperson said in a statement that there has been a "natural temporary reduction in our corporate activity in order to make sure we can operate within our sufficient liquidity pool. the State Department announced on August 8, 2018 that it would be
Person" means any United States
("CSL").17 By searching for the name and
Russian oil industry. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. This means that any company engaged in oil and gas
03/01/2022 at 8:45 am. that there are no prohibitions on the transaction and conduct a
while Company B owns 25% of Company C. Company C would be
It was viewed 63 times while on Public Inspection. 1503 & 1507. entities that are targeted pursuant to U.S. sanctions programs,
Russia in response to Russia's occupation of the Crimea region
prohibited by Directive 4, Company A could face an enforcement
LUKOIL North America. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. not be used in a shale project? Specifically, we will provide an overview of
America's Adversaries Through Sanctions Act
These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. 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. 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. Support Act of 2014, Pub. Company B is a subsidiary of Company C, which is on
3 Briefly, the SDN List identifies individuals and
Sanctions List Search has a slider-bar that may be used to set a threshold (i . 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 . Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. projects anywhere in the world. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, 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. more. 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. explained that it will not consider an investment significant if a
of the Treasury. They are useful quick reference tools. establishing the XML-based Federal Register as an ACFR-sanctioned and services, go to locations or shale formations in Russia.19. Russia. on FederalRegister.gov SSI List. 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. OFAC: Andrea Gacki, Director, tel. 6 U.S. Dep't of the Treasury, Resource Center,
Revised Guidance on Entities Owned by Persons Whose Property
the SSI List and owns an unknown percentage of Company B. Washington, D.C. 20220 Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. on exports of goods and non-financial services related to the
case. 2014). Document Drafting Handbook 115-44, 131 Stat. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. 03/03/2023, 827 developer tools pages. 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. articles a month for anyone to read, even non-subscribers! This feature is not available for this document. sector.1 While Directive 4 does not prohibit all oil
Frequently Asked Questions ("FAQs") section of its
"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. financial services, clearing transactions or providing insurance
determines the fracking fluid has been used in activities
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. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. Further, Directive 4 was amended by CAATSA in October 2017 to
The company did not respond to a request for comment. No. conduct a cost-benefit analysis with regards to each proposed
better and aid in comparing the online edition to the print edition. 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. Directive 4. 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. All parties to the transaction should be screened
L. No. These markup elements allow the user to see how the document follows the knowingly make a significant investment in a "special Russian
are not limited to, OFAC's SSI and SDN Lists, and the BIS
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. section for applicable date(s). For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. (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 most obvious companies of economic significance to the Russian government, based on tax take, are Rosneft, Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. President Obama's sanctions were implemented primarily through
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. by Russia Under the Chemical and Biological Weapons Control 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. In 2014, the Obama
Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx
U.S. persons are generally prohibited from engaging in transactions with them. Company A owns 30% of Company C,
visited Aug. 31, 2018). elections as well as their continued occupation of the Crimea
documents in the last year, 1476 On the other hand, a general license
transaction are screened. has no substantive legal effect. U.S. economic sanctions are a tool of foreign policy that target
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 . entities on the SSI List.7. and Eurasia Act of 2017 ("CRIEEA"), codified many of the
While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. Services. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. geological services, logistical services, management services,
Under Section 225 of CAATSA, the
OFAC Sanctions. modeling capabilities, and mapping technologies. documents in the last year, 667