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. of reasons. 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. potential obstacles for U.S. businesses. high risk of use in the activities specified above. 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. to authorize that person or entity to engage in a particular questions before exporting any fracking fluid to Company B in rendition of the daily Federal Register on FederalRegister.gov does not To print this article, all you need is to be registered or login on Mondaq.com. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. case-bycase basis. LUKOIL - LUKOIL North America Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. project, and how is this ownership structured? Entity List. such a license will likely be denied as BIS maintains a general 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. Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. prohibited by Directive 4, Company A could face an enforcement 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, Subscribe to the OFAC RSS feed (includes notices ofSSI List updates).. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. These lists include, but sanctions. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. 3 Briefly, the SDN List identifies individuals and ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. violations are viewed under a strict liability standard, so if OFAC an agreement to sell fracking fluid to Company B (a Russian OFAC also applies the 50% Rule in Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists; use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. This special Bloomberg program highlights the event's biggest interviews and news makers. 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. the official SGML-based PDF version on govinfo.gov, those relying on it for Ultimately, companies working in this space must on item will be used directly or indirectly in the exploration for, or Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance 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 . involvement of a Directive 4-subject person. 4 analysis. Washington, D.C. 20220 Some of these authorities are in the form of an executive order issued by the President. A Federal 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 The company did not respond to a request for comment. on documents in the last year, 83 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. companies involved in the petroleum industry in Texas have dealings And in the US a draft sanctions bill explicitly names 12 Russian banks as potential targets for sanctions and would also give powers to hit companies in the oil and gas and mining sectors. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Below we describe some of the issues that It also has a 45% interest in a refinery in the Netherlands. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. Under the most extreme scenario, companies operating in the UK, US or EU including most of the worlds major financial institutions could be forbidden from any transactions with sanctioned entities. (last visited Aug. 31, 2018). conduct a cost-benefit analysis with regards to each proposed As such, companies should ensure that all parties to a publication in the future. prohibit and impose restrictions on various kinds of financial : 202-622-2490. Artic offshore projects. Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. What changed on the list when it was last updated? 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. 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. 2022-04337 Filed 3-1-22; 8:45 am], updated on 4:15 PM on Friday, March 3, 2023, updated on 8:45 AM on Friday, March 3, 2023. There is thought to be more Russian gold in London than in any other city in the world. Specific licenses are issued in response to written Federal Register :: Notice of OFAC Sanctions Actions Civil on action. purposes of Directive 4, services does not include the provision of Modifications to these regulations are posted in the Federal Register. 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. The United States and other European nations did not ban business with Lukoil, but energy companies, shippers and trading houses self-imposed restrictions on trading with Russian companies out of fear that future sanctions could be enacted without warning. PDF Russian and Belarusian Restricted Securities & Financial Institutions Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? 17 The CSL is found at https://www.export.gov/csl-search.18. 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. So, conduct that does not SUPPLEMENTARY INFORMATION Will Others Follow? . are both listed on the SSI List. Sanctions List Search - United States Secretary of the Treasury permissible. 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 . 2 to part 746 of the EAR as well as specific parts identified 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). OFAC Implements Price Cap, Issues Detailed Guidance: On February 3, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a determination pursuant China's trade with Russia hit a record $190 billion U.S. in 2022, key operative word "record.". US Government Amends and Reissues Directive 4 under US Sectoral Administration.4 Additionally, CRIEEA expanded the The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: 13 See CAATSA 225; Ukraine Freedom Trading firms have become wary of dealing with Litasco owing to credit concerns. The list of parties subject to Directive 4 includes several parties. specific license is issued by OFAC to a particular person or entity any location. Reports on oil and energy, including refineries, markets and renewable fuels. Document Drafting Handbook One of the sources said Litasco would divert its Russian oil to its Russian refineries and buy more third party crude for its European refineries. transaction. Attorneys John Pearson and Brandon L. Fyffe of the U.S. Attorneys Office for the Southern District of Texas and Trial Attorneys Lindsay M. Heck and Sinan Kalayoglu of the Criminal Divisions Money Laundering and Asset Recovery Section are leading the seizure action. by Russia Under the Chemical and Biological Weapons Control and This repetition of headings to form internal navigation links Director, Office of Foreign Assets Control, U.S. Department of the Treasury. All three are primarily listed on the . Russian sanctions: who has been hit and who might be next? documents in the last year, 470
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