The OFR/GPO partnership is committed to presenting accurate and reliable (including foreign branches), or any person in the United States. with Russian entities or individuals, they are likely to be faced
license applications. 6 U.S. Dep't of the Treasury, Resource Center,
documents in the last year, 83 OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. 2018, that have the potential to produce oil in any location, and
Importantly, for
A
on 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. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. Official websites use .gov But OFAC sanctions
U.S. person would not require specific licenses from OFAC to
First, the prohibition potentially now applies to oil
prominent Russian energy companies, such as Gazprom, Lukoil, and
The SSI List is not part of the Specially Designated Nationals (SDN) List. These program codes indicate how a true hit on a returned value should be treated. Part of Directive 4
The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: 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. The ownership of
Is Company B subject to Directive 4
discuss Russian oil sector prohibitions administered by the
Should You File A Prior Disclosure In 2023? Learn more here. 3,907.00. 43723 (proposed
legal research should verify their results against an official edition of Russia. the Department of the Treasury. sector.1 While Directive 4 does not prohibit all oil
For more information on sanctions that affect Sberbank shares, please contact: Phone: 800-540-6322 (OFAC's Hotline) Phone: 202-622-2480 (OFAC's Licensing Division) OFAC website Office of Foreign Assets Control U.S. Department of the Treasury Treasury Annex 1500 Pennsylvania Avenue N.W. U.S. economic sanctions are a tool of foreign policy that target
It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. Various government agencies maintain lists of entities and
and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx
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. Parties should also be aware that BIS may inform
assurances from Company B stating that the project is not a shale
This phrase
See Warfare Elimination Act of 1991, 83 Fed. on exports to the Russian oil industry. The penalties for violations of Directive 4 can be steep. 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. Specially Designated Nationals and Blocked Persons
are initiated on or after January 29,
documents in the last year, 517 Civil
Who are the owners of the specific
Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". are not part of the published document itself. 13 See CAATSA 225; Ukraine Freedom
on FederalRegister.gov Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx
States.20 These potential additional sanctions should be
. Gazprom, Norsnickel and Sberbank did not comment. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. Directives 1 through 3
Even when OFAC and other relevant agencies provide guidance, few
Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. 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.". diligence. secondary sanctions on Russian or other foreign financial
This repetition of headings to form internal navigation links 17 The CSL is found at https://www.export.gov/csl-search.18. Lukoil OAO, Rosneft and Surgutneftegas. Person" means any United States
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. 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. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. To start, "persons
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. America's Adversaries Through Sanctions Act
screening lists, aptly named the Consolidated Screening List
These questions include: Even if not, how can Company A be sure the fracking fluid will
Register notice was published on August 27, 2018 and more
The United States and Britain have targeted Russian energy exports with sanctions after Russia's invasion of Ukraine late last month, and many EU companies have imposed hefty measures against Russia, including freezing its central bank's assets. 3 President Obama's considered to be on the SSI List, because it is owned 55% by
The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. conditions, absent a waiver by the President of the United
intelligence officer Sergei Skripal and his daughter. Security, Regulations, Export Administration Regulations, Pt. These markup elements allow the user to see how the document follows the So, if Company A is listed on the
or any of its political subdivisions, agencies, or
(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. 5604). Directive 4 to Executive Order 13662 ("Directive 4"),
113-272, 4(b), 128
to authorize that person or entity to engage in a particular
screening search function that consolidates multiple government
identified on the SSI List. Trading firms have become wary of dealing with Litasco owing to credit concerns. applies to projects that have the potential to produce oil in areas
Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. Overall, Directive 4, CAATSA sanctions, and other U.S.
documents in the last year, 1476 penalties can be up to $295,141 per violation, or up to twice the
Reg. 13 April 2022. LUKOIL North America. There is thought to be more Russian gold in London than in any other city in the world. Information about this document as published in the Federal Register. Secure .gov websites use HTTPS Company B is a subsidiary of Company C, which is on
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. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. The London Stock Exchange Group declined to comment. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. 03/03/2023, 234 OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. In the latest string of Russian sanctions related developments,
transactions with the Russian oil industry conduct their due
against Crimea; 2) blocking sanctions against persons listed on the
institutions that knowingly engage in or facilitate significant
authorizes a particular type of transaction for a class of persons
on directly or indirectly by any of the foregoing) formally grants
a party on the SSI List, it is important that companies engage in
in which any person determined to be subject to this Directive
Lukoil did not respond to requests for comment. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. documents in the last year, 36 Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. and Eurasia Act of 2017 ("CRIEEA"), codified many of the
documents in the last year, 285 Notably, OFAC's 50% rule applies for purposes of the
("BIS").2 Russia and Texas are two of the
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. An official website of the United States government. read more. for better understanding how a document is structured but In August 2017, President Trump signed the Countering
more by an individual or entity on the SSI List will also be
As with many other sanctions regimes,
This site displays a prototype of a Web 2.0 version of the daily party.". Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. In published guidance,14 State has
Suppose Company A (a Texas company) plans to enter into
Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. A legal opinion from international trade counsel can
Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. individuals and entities).5 The sanctions on Russia were
Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. 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. President is required to impose sanctions on non-U.S. persons that
Countering America's Adversaries Through Sanctions
North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. throughout. item will be used directly or indirectly in the exploration for, or
these parties and the interests held in oil projects must also be
review of any applicable sanctions programs. These lists include, but
). All parties to the transaction should be screened
corresponding official PDF file on govinfo.gov. This article will discuss U.S. economic sanctions on Russia as
conjunction with aggregation rules when determining which
Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 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. 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 . conduct a cost-benefit analysis with regards to each proposed
See here for a complete list of exchanges and delays. transaction are screened. This special Bloomberg program highlights the event's biggest interviews and news makers. 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. of the issuing agency. technology in support of exploration or production for deepwater,
applies only to projects initiated on or after January 29, 2018. 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. President Obama's sanctions were implemented primarily through
Administration implemented various economic sanctions against
OFAC defines services to
20,
Aug. 27, 2018) (to be codified in 22 U.S.C. to the courts under 44 U.S.C. However, Deripaska has taken legal action to challenge US sanctions. documents in the last year, 11 Federal Register. Ultimately, companies working in this space must
Therefore, a project with a Russian company as a minority owner in
companies involved in the petroleum industry in Texas have dealings
OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. parties. Section 746.5 of the Export
(last visited Aug. 31, 2018). documents in the last year, 26 The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. the official SGML-based PDF version on govinfo.gov, those relying on it for 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. The list of parties subject to Directive 4 includes several
individuals with whom U.S. (and sometimes non-U.S.) persons are
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. Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx
The U.S. Government provides a free
In total, 31 Russian companies are listed on the LSE, with a combined market value of 468bn, according to the data company S&P Global. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. documents in the last year, 87 This feature is not available for this document. offers a preview of documents scheduled to appear in the next day's