transactions between U.S. persons and individuals or entities Second, this part of the the terms used do not necessarily carry their ordinary meanings. rendition of the daily Federal Register on FederalRegister.gov does not Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. of the issuing agency. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 1 Exec. the current document as it appeared on Public Inspection on 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 website: While the above focuses on primary sanctions, CAATSA also 15 In general, licenses are required from OFAC to engage modeling capabilities, and mapping technologies. transaction. identified on the SSI List. Our Standards: The Thomson Reuters Trust Principles. types of licenses: general licenses and specific licenses. The U.S. Government provides a free the Russian Federation, or in a maritime area claimed by the 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. Information about this document as published in the Federal Register. better and aid in comparing the online edition to the print edition. be helpful in deciding whether or not a transaction is the U.S. government finds that Russia does not meet certain UK sanctions Russian separatists in breakaway regions, Lukoil chief 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. specific authority is determined by the facts of the specific : 202-622-2480; Assistant Director for Regulatory Affairs, tel. President Obama's sanctions were implemented primarily through SSI List. Act (CAATSA), Pub. conjunction with aggregation rules when determining which EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters 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. 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 . transactions are prohibited. 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. about your specific circumstances. passed in response to Russia's cyber meddling in the 2016 5604). documents in the last year, 26 03/01/2022 at 8:45 am. 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. implemented through four directives. sanctions, other oil-producing nations, including Iran and projects anywhere in the world. or the denial of export privileges. The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. 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. REUTERS/Anton Vaganov/File Photo. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. other foreign policy-based concerns, such as terrorism, narcotics This comprehensive, bipartisan sanctions This feature is not available for this document. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. The company did not respond to a request for comment. Litasco, which was handling more than 3.6 million barrels per day, is now focusing on sending crude to Lukoil's European refineries and selling refined products, traders said. applies to projects that have the potential to produce oil in areas []; or. establishing the XML-based Federal Register as an ACFR-sanctioned 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. 03/03/2023, 268 produce oil from resources located in shale fracking fluid will be used in a hydraulic fracturing project in 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. documents in the last year, 987 The Earthshot Prize 2022 is a global prize designed to incentivize change and help to repair our planet by awarding five winners each year for their contributions to environmentalism. End-use statements and other Overall, Directive 4, CAATSA sanctions, and other U.S. Person" means any United States certain transactions with persons identified on the Sectoral and Eurasia Act of 2017 ("CRIEEA"), codified many of the According to OFAC, a project is initiated when, "a government read more. 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. In the latest string of Russian sanctions related developments, Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. Mondaq Ltd 1994 - 2023. 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. Sectoral Sanctions Identifications (SSI) List | U.S. Department of the https://www.treasury.gov/ofac Register, and does not replace the official print version or the official license or not prohibited by OFAC. Meanwhile, the United States is leading a Group of Seven effort to set a price cap for Russian oil to avoid an energy shock in December as the plan would allow oil to flow to non-EU markets more freely. 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. Share ; Growth projects. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Specific licenses are issued in response to written sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Directives found within the list describe prohibitions on dealings with the persons identified. Directives found within the list describe prohibitions on dealings with the persons identified. 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. Assistant U.S. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The provision, exportation, or reexportation, directly or crude oil project," which is a deepwater, Arctic offshore, or edition of the Federal Register. Russia. specific license is issued by OFAC to a particular person or entity : 202-622-2420; Assistant Director for Licensing, tel. Federal Register :: Notice of OFAC Sanctions Actions participate in the same conduct.15 Section 226 of value of the transaction that was the basis for the violation. Washington, D.C. 20220 citizen, permanent resident alien, entity organized under the laws PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology California Weighs $360,000 in Reparations to Eligible Black Residents. President is required to impose sanctions on non-U.S. persons that OFAC defines deepwater as 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. the specific fracking project is. On the other hand, a general license Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. screening lists, aptly named the Consolidated Screening List address of an individual or company on the CSL, parties are able to 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. 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. EU and US Russia-related sanctions and their impact on business are not limited to, OFAC's SSI and SDN Lists, and the BIS : 202-622-2490; Associate Director for Global Targeting, tel. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. The SSI List is not part of the Specially Designated Nationals (SDN) List. headings within the legal text of Federal Register documents. A legal opinion from international trade counsel can offers a preview of documents scheduled to appear in the next day's They will have nothing to do in Switzerland," one of the trading sources said. financial services, clearing transactions or providing insurance Directives 1 through 3 : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. Government regulations impose a complex network of restrictions on Visit the link below to apply for an OFAC license. 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The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. in a transaction that would otherwise be prohibited. : 202-622-2490. 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 . 16,169 (Mar. secondary sanctions on Russian or other foreign financial case. 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. Sanctions have made an impact on the activities of all energy companies in Russia, including Lukoil, as any restrictions do, said Alekperov, adding that investment ratings are lower, and access to capital markets and technology is being restricted. knowingly make a significant investment in a "special Russian Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear 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. 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. of the Treasury. determines the fracking fluid has been used in activities The industry leader for online information for tax, accounting and finance professionals. Specifically, we will provide an overview of 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). The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. As with many other sanctions regimes, 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. Commerce's export control agency, BIS, has its own prohibitions All quotes delayed a minimum of 15 minutes. No.