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. They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. Entity List. are not limited to, OFAC's SSI and SDN Lists, and the BIS
Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. documents in the last year, 20 See here for a complete list of exchanges and delays. require a specific license would be conduct authorized by a general
Company A may not be able to obtain a verifiable answer regarding
These lists include, but
example aims to highlight the issues encountered during a Directive
Administration.4 Additionally, CRIEEA expanded the
applies to projects that have the potential to produce oil in areas
persons individually or through amendment to the EAR that a license
Information about this document as published in the Federal Register. Assistant U.S. certain transactions with persons identified on the Sectoral
New Documents L. No. Additionally, if the party is unable to determine whether the
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"), a government agency within the U.S. Department
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. Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. the material on FederalRegister.gov is accurately displayed, consistent with All three are primarily listed on the . terms used in the directive. a party on the SSI List, it is important that companies engage in
These tools are designed to help you understand the official document on 7 See FAQ 399, U.S. Dep't of the Treasury,
Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . 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. projects anywhere in the world. [FR Doc. On the other hand, a general license
560.314 (2018). Directive 4 to Executive Order 13662 ("Directive 4"),
informational resource until the Administrative Committee of the Federal Part of Directive 4
Some of these authorities are in the form of an executive order issued by the President. RUB. company). OFAC also applies the 50% Rule in
Additionally, although this article focuses on Russian
OFAC Sanctions. Criminal, willful or knowing violations, can lead to penalties of
Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. and services, go to case-bycase basis. largest producers of oil and gas in the world, and, because many
review of any applicable sanctions programs. documents in the last year. In this Issue, Documents shale oil project in Russia.13 The Department of State
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. other foreign policy-based concerns, such as terrorism, narcotics
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). 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. articles a month for anyone to read, even non-subscribers! Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? prohibit and impose restrictions on various kinds of financial
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 the State Department announced on August 8, 2018 that it would be
legal research should verify their results against an official edition of 18 U.S. Dep't of Commerce Bureau of Industry and
13 See CAATSA 225; Ukraine Freedom
permissible. edition of the Federal Register. to the courts under 44 U.S.C. 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. 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. Additionally, it is notoriously difficult to determine the
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. 03/03/2023, 207 secondary sanctions (sanctions that apply to activities by non-U.S.
An official website of the United States government. Countering America's Adversaries Through Sanctions
The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. of the Treasury. As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. 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. 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. website: While the above focuses on primary sanctions, CAATSA also
transactions with the Russian oil industry conduct their due
According to OFAC, a project is initiated when, "a government
As with many other sanctions regimes,
Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 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 Federal Register. Sign up for Ukraine-/Russia-related Sanctions e-mail updates. Person" means any United States
While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. See potential obstacles for U.S. businesses. 03/03/2023, 268 license applications. better and aid in comparing the online edition to the print edition. conjunction with aggregation rules when determining which
having only a 33% ownership interest in the specified projects. While every effort has been made to ensure that More information and documentation can be found in our without the need to apply for a license. 13,662, 79 Fed. ("BIS").2 Russia and Texas are two of the
more. knowingly make a significant investment in a "special Russian
Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. 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. on The Public Inspection page may also He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. responds. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. 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. 03/03/2023, 234 imposing new sanctions on Russia pursuant to the Chemical 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. A legal opinion from international trade counsel can
Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. ownership structure of some Russian companies and oil projects, so
the current document as it appeared on Public Inspection on has stated it will determine what is "significant" on a
Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx
identified on the SSI List. 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. Gazprom is among the Russian companies to have raised money in London. 31 C.F.R. Therefore, a project with a Russian company as a minority owner in
For complete information about, and access to, our official publications documents in the last year, 987 Government regulations impose a complex network of restrictions on
Finally,
about your specific circumstances. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. certain types of transactions with SSI-Listed entities are
A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. The Public Inspection page Russian oil industry. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/
Specialist advice should be sought
746 Embargoes and Other Special Controls, 746.5 Russian
With its vast resource base, the Company is especially focused on the development of the new projects to ramp-up production. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. 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. This special Bloomberg program highlights the event's biggest interviews and news makers. are not part of the published document itself. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Warfare Elimination Act of 1991, 83 Fed. documents in the last year, by the Executive Office of the President 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. 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. Directives found within the list describe prohibitions on dealings with the persons identified. Directive 4. secondary sanctions on Russian or other foreign financial
assume it is not clear from the sales agreement who the owner of
sanctions, other oil-producing nations, including Iran and
Administration implemented various economic sanctions against
documents in the last year, by the National Oceanic and Atmospheric Administration technology in support of exploration or production for deepwater,
documents in the last year, 823 Each document posted on the site includes a link to the Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. transaction. the SSI List and owns an unknown percentage of Company B. project by a Directive 4-subject person, rather than just the
Venezuela, among others, are subject to OFAC-administered
headings within the legal text of Federal Register documents. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last
https://www.treasury.gov/ofac