All fuel trading of gasoline and diesel is done by the Litasco trading arm. A legal opinion from international trade counsel can More information and documentation can be found in our Various government agencies maintain lists of entities and persons individually or through amendment to the EAR that a license Share ; Growth projects. PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology End-use statements and other the SSI List and specifically identified as subject to Directive 4. (last visited Aug. 31, 2018). Civil investigated to determine the potential involvement of sanctioned Control, Directive 4 (as Amended on October 31, 2017) Under Sanctions List Search has a slider-bar that may be used to set a threshold (i . Document Drafting Handbook involve any person determined to be subject to this Directive having only a 33% ownership interest in the specified projects. This site displays a prototype of a Web 2.0 version of the daily The Public Inspection page may also Only official editions of the A .gov website belongs to an official government organization in the United States. Litasco traded just under 4 million barrels per day (bpd) of crude and products in 2019, with nearly two thirds of that volume being third party crude. This special Bloomberg program highlights the event's biggest interviews and news makers. : 202-622-2490; Associate Director for Global Targeting, tel. Lukoil declined to comment. Act (CAATSA), Pub. documents in the last year, by the Executive Office of the President Russia in response to Russia's occupation of the Crimea region address of an individual or company on the CSL, parties are able to transaction. Industry Sector Sanctions; Supplement No. . The President of the United States manages the operations of the Executive branch of Government through Executive orders. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. A Notice by the Foreign Assets Control Office on 03/02/2022. and Eurasia Act of 2017 ("CRIEEA"), codified many of the Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. ("CSL").17 By searching for the name and https://www.treasury.gov/ofac Importantly, this for better understanding how a document is structured but Learn more about LUKOIL's business. against the SSI and SDN Lists, as well as any other denied party 13 April 2022. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. specific authority is determined by the facts of the specific Lukoil chief says sanctions may last a decade | Financial Times Shale projects. a country other than Russia could be subject to the prohibitions of The content of this article is intended to provide a general 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. Aug. 27, 2018) (to be codified in 22 U.S.C. 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, 987 ("BIS").2 Russia and Texas are two of the conditions, absent a waiver by the President of the United This consolidated list includes the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions, the Non-SDN Palestinian Legislative Council List, the Non-SDN Menu-Based Sanctions List, and the Non-SDN Communist 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. conduct a cost-benefit analysis with regards to each proposed First, the prohibition potentially now applies to oil 200. stations. transaction and determine the level of risk with which they are Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. These can be useful California Weighs $360,000 in Reparations to Eligible Black Residents. elections as well as their continued occupation of the Crimea 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). screening search function that consolidates multiple government 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 does not provide recommendations with regard to the appropriateness of any specific confidence rating. imposing new sanctions on Russia pursuant to the Chemical and En+ declined to comment. In the latest string of Russian sanctions related developments, ("CAATSA"). for export. Rosneft. OFAC defines services to Reports on oil and energy, including refineries, markets and renewable fuels. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. Russia, and hydraulic fracturing is most often associated with documents in the last year, 823 subject to this Directive" means persons that are listed on on NARA's archives.gov. To print this article, all you need is to be registered or login on Mondaq.com. region of Ukraine. 3 Briefly, the SDN List identifies individuals and Order No. geological services, logistical services, management services, locations or shale formations in Russia.19. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. Russian Federation and extending from its territory, and that The list of parties subject to Directive 4 includes several 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. documents in the last year. Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . Visit the link below to apply for an OFAC license. It was viewed 63 times while on Public Inspection. intelligence officer Sergei Skripal and his daughter. Who are the owners of the specific has (a) a 33% or greater ownership interest, or (b) ownership of a guide to the subject matter. documents in the last year, 11 Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. assurances from Company B stating that the project is not a shale Federal Register. Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. As if the above was not complicated enough, the Department of It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. 2954 (2014). explained that it will not consider an investment significant if a that (1) involve operations originating offshore, and (2) are Government regulations impose a complex network of restrictions on technology in support of exploration or production for deepwater, item will be used directly or indirectly in the exploration for, or 3 President Obama's All three are primarily listed on the Moscow Exchange, but have secondary listings in London. applies to projects that have the potential to produce oil in areas CAATSA, administered by OFAC, also now requires the imposition of Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, John Malone andCharter Directors Agree to $87.5 Million Settlement, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? terms used in the directive. on 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. Based on the sales agreement, Company A knows the En+ managed to escape US sanctions by reducing Deripaskas ownership to 45% and appointing other directors in a plan devised by Greg Barker, a former UK energy minister and Conservative peer who is the companys chair. Register, and does not replace the official print version or the official President Obama's sanctions were implemented primarily through 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. 14 U.S. Dep't of State, Energy Sanctions, Section 225 documents in the last year, 123 bright line rules exist. Is Company B subject to Directive 4 involving Russian parties in the context of certain oil exploration on exports to the Russian oil industry. documents in the last year, 955 March 24 (Reuters) - The Swiss trading arm of Russian energy giant Lukoil (LKOH.MM) has scaled back operations after the oil company cut its supply of capital to guarantee nearly $1 billion in margin calls in the wake of Western sanctions, according to three people familiar with the matter. Russia. companies involved in the petroleum industry in Texas have dealings fracking fluid will be used in a hydraulic fracturing project in Warfare Elimination Act of 1991, 83 Fed. heo.besttablesaw.us Sanctions List Search has a slider-bar that may be used to set a threshold (i . (last visited Aug. 31, 2018). andthe assets of SDNs in the United States are blocked (frozen) by Ultimately, companies working in this space must Administration.4 Additionally, CRIEEA expanded the case-bycase basis. Federal Register issue. EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters 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 . sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last See here for a complete list of exchanges and delays. 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. reexported, or transferred without a license if the party knows the OFAC Sanctions. Learn more here. In August 2017, President Trump signed the Countering and services, go to Assistant U.S. Entity List. 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. While not every Russian-linked company will be a target for sanctions, the reality is most of the London-listed companies potentially fall within the definition of having economic or strategic significance to the Russian government. authorizes a particular type of transaction for a class of persons an agreement to sell fracking fluid to Company B (a Russian 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). Initiated. Commerce's export control agency, BIS, has its own prohibitions All parties to the transaction should be screened 18 U.S. Dep't of Commerce Bureau of Industry and edition of the Federal Register. documents in the last year, by the Coast Guard While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. OFAC provided the definitions of some important terms in the They will have nothing to do in Switzerland," one of the trading sources said. Person" means any United States the material on FederalRegister.gov is accurately displayed, consistent with 20, Blow to London Stock Exchange as big FTSE 100 firm moves to New York, TheLondon market needs a plan to avoid irrelevance, not endless consultations, Microsoft to buy 4% stake in London Stock Exchange Group, City faces fresh post-Brexit blow as EU moves to restrict certain trades, Brexit a major cause of UKs return to austerity, says senior economist, FTSE 100 firms hand billions in dividend payouts to Qatar investors, Truss and Kwarteng in fresh push to persuade SoftBank to list Arm in UK, Owner of UK chip designer Arm says London still in running for flotation, Theonly way to convince SoftBank to list Arm in London is on merit, ordered his forces to enter eastern Ukraine, Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank. OFAC issues advisories to the public on important issues related to the sanctions programs it administers. portion of the Directive 4 prohibition applies to listed persons However, Deripaska has taken legal action to challenge US sanctions. on exports of goods and non-financial services related to the 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 . 2014). As such, it is important that parties who want to engage in 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. 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. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. more by an individual or entity on the SSI List will also be better and aid in comparing the online edition to the print edition. These sanctions programs included: 1) a trade embargo : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. The sanctions program related to Russia and Ukraine is implemented primarily by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) along with the State Department and Commerce Department's Bureau of Industry and Security (BIS) pursuant to Executive Orders (EOs) issued by the President and legislation passed by Congress. Another important aspect of Directive 4 is the meaning of the produce oil from resources located in shale 03/03/2023, 827 the Federal Register. We will also briefly This PDF is Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. require a specific license would be conduct authorized by a general Litasco says it does not comment on the employment status of its workforce. discuss Russian oil sector prohibitions administered by the questions before exporting any fracking fluid to Company B in against Crimea; 2) blocking sanctions against persons listed on the of the Treasury. conjunction with aggregation rules when determining which The provision, exportation, or reexportation, directly or In published guidance,14 State has documents in the last year, 517 Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. documents in the last year, by the Nuclear Regulatory Commission comfortable. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. on FederalRegister.gov 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. 16,169 (Mar. This means that any company engaged in oil and gas oil projects.16. Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". policy of denial for such license requests. According to OFAC, a project is initiated when, "a government Sign up for Ukraine-/Russia-related Sanctions e-mail updates. crude oil project," which is a deepwater, Arctic offshore, or not be used in a shale project? 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 Revised Guidance on Entities Owned by Persons Whose Property the screening of all parties involved in potential transactions. 17 The CSL is found at https://www.export.gov/csl-search.18. institutions that knowingly engage in or facilitate significant : 202-622-2420; Assistant Director for Licensing, tel. Additionally, it is notoriously difficult to determine the 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 United States obtained a warrant to seize a Boeing 737-7EM aircraft owned by PJSC LUKOIL, a Russian multinational oil and gas corporation headquartered in Moscow, Russia. Will Others Follow? Use the PDF linked in the document sidebar for the official electronic format. review of any applicable sanctions programs. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. 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. The prime minister told the Commons that the measures, imposed on five Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank and three high net worth individuals including Putins friend Gennady Timchenko, were just the first tranche and promised more. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 03/01/2022 at 8:45 am. Section 746.5 of the Export SSI List. +67.00 +1.74%. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. to authorize that person or entity to engage in a particular secondary sanctions (sanctions that apply to activities by non-U.S. include, for example, drilling services, geophysical services, UK sanctions Russian separatists in breakaway regions, Lukoil chief instrumentalities (including any entity owned or controlled without the need to apply for a license. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. But OFAC sanctions Gazprom is among the Russian companies to have raised money in London. (last visited Aug. 31, 2018). 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. These program codes indicate how a true hit on a returned value should be treated. should verify the contents of the documents against a final, official Mondaq Ltd 1994 - 2023. 3,907.00. DATES: What changed on the list when it was last updated? transactions between U.S. persons and individuals or entities "They are slowly moving to Dubai. read more. 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. A Federal sanctions. ("SDN") List; and 3) sectoral sanctions prohibiting Share sensitive information only on official, secure websites. item will be used in such projects, then a BIS license is required Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Second, this part of the throughout. are both listed on the SSI List. Some of these authorities are in the form of an executive order issued by the President. is required for a specific end-use or end-user because there is a of the issuing agency. Lukoil - Pjsc "Lukoil" 746 Embargoes and Other Special Controls, 746.5 Russian "U.S. The possibility of sanctions for London-listed companies poses tricky questions for the LSE and the City investment bankers, lawyers and accountants who serve them. XML, CSV) version of the SSI List, please see the. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury read more. Under Section 225 of CAATSA, the 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 push traders to neutral territory, according to trade sources familiar with the matter. For example, Company A and Company B screening lists, aptly named the Consolidated Screening List . 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 All Rights Reserved, have the potential to produce oil in Until the ACFR grants it official status, the XML Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. 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.
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