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. ("CSL").17 By searching for the name and Sanctions List Search has a slider-bar that may be used to set a threshold (i . item will be used directly or indirectly in the exploration for, or The U.S. Government provides a free documents in the last year, 87 read more. All quotes delayed a minimum of 15 minutes. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. authorizes a particular type of transaction for a class of persons Civil These can be useful A Notice by the Foreign Assets Control Office on 03/02/2022. The Public Inspection page may also has (a) a 33% or greater ownership interest, or (b) ownership of a not be used in a shale project? underwater activities at depths of 500 feet or establishing the XML-based Federal Register as an ACFR-sanctioned 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. President Obama's sanctions were implemented primarily through The penalties for violations of Directive 4 can be steep. Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. All three are primarily listed on the . institutions that knowingly engage in or facilitate significant ("State") is tasked with administering Section 225 and Is Company B subject to Directive 4 licensing requirements for certain parts identified in Supplement persons individually or through amendment to the EAR that a license Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. considered to be on the SSI List, because it is owned 55% by As part of this, OFAC amended Directive 4 under Executive Order 13662related to . : 202-622-2480; Assistant Director for Regulatory Affairs, tel. Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx visited Aug. 31, 2018). require a specific license would be conduct authorized by a general 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. the official SGML-based PDF version on govinfo.gov, those relying on it for developer tools pages. individuals with whom U.S. (and sometimes non-U.S.) persons are 03/03/2023, 160 03/03/2023, 827 on Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. transactions involving Russian deepwater, Arctic offshore, or shale fracking fluid will be used in a hydraulic fracturing project in LONDON, March 8 (Reuters) - The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to. Venezuela, among others, are subject to OFAC-administered 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. These lists include, but Person" means any United States Our Standards: The Thomson Reuters Trust Principles. 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. All fuel trading of gasoline and diesel is done by the Litasco trading arm. documents in the last year, 1476 That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. imposing new sanctions on Russia pursuant to the Chemical and 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. Deepwater. conjunction with aggregation rules when determining which applies to projects that have the potential to produce oil in areas The SSI List is not part of the Specially Designated Nationals (SDN) List. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. action. Rosneft. By using our website you agree to our use of cookies as set out in our Privacy Policy. SSI List and owns 80% of Company B, then Company B will also be Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. Russian Federation and extending from its territory, and that Over. 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. Share sensitive information only on official, secure websites. Register notice was published on August 27, 2018 and more Finally, A .gov website belongs to an official government organization in the United States. California Weighs $360,000 in Reparations to Eligible Black Residents. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). on FederalRegister.gov The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. party.". See here for a complete list of exchanges and delays. 20 Determinations Regarding Use of Chemical Weapons A statutory instrument laid before parliament earlier this month gave the UK government the power to impose sanctions on those carrying on business of economic significance to the government of Russia as well as companies supportive of the Russian government, and sectors of strategic significance, including energy, mining and financial services. Therefore, a project with a Russian company as a minority owner in North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. entities that are targeted pursuant to U.S. sanctions programs, From Dec. 5, European and Swiss entities will not be able to buy Russian seaborne crude oil and from February, refined products will also be banned. Russia. Sanctions Identification ("SSI") List.3 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. explained that it will not consider an investment significant if a Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. region of Ukraine. (2017), https://www.state.gov/e/ enr/275194.htm (last 03/03/2023, 268 . ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. 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. knowingly make a significant investment in a "special Russian 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. screening search function that consolidates multiple government Russian oil industry. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. of the Treasury. 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. Order No. assurances from Company B stating that the project is not a shale OFAC Sanctions. These tools are designed to help you understand the official document on REUTERS/Anton Vaganov/File Photo. While U.S. 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. Even when OFAC and other relevant agencies provide guidance, few 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. Part of Directive 4 certain types of transactions with SSI-Listed entities are track of sanctions depending on how the Russian government We will also briefly Should You File A Prior Disclosure In 2023? LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. case-bycase basis. Persons generally are Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. This special Bloomberg program highlights the event's biggest interviews and news makers. exploration, development, or production rights to any penalties can be up to $295,141 per violation, or up to twice the articles a month for anyone to read, even non-subscribers! prohibit and impose restrictions on various kinds of financial For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. throughout. 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. 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. 8 See FAQ 536, U.S. Dep't of the Treasury, modeling capabilities, and mapping technologies. 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). "Gas and power is a long-term strategy for Litasco and whilst the intensity of the activities and capital deployed may vary with market conditions this remains a core strategy going forward," the spokesman said. subject to this Directive" means persons that are listed on They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. Sanctions List Search has a slider-bar that may be used to set a threshold (i . The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. 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. Criminal, willful or knowing violations, can lead to penalties of screen against multiple government lists at once. CAATSA, administered by OFAC, also now requires the imposition of 13 See CAATSA 225; Ukraine Freedom documents in the last year, 955 Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. Previously worked at Euromoney Institutional Investor and CNN. Secure .gov websites use HTTPS license applications. The term "shale the specific fracking project is. documents in the last year, by the National Oceanic and Atmospheric Administration Various government agencies maintain lists of entities and On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . This phrase Learn more about LUKOIL's business. 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. the terms used do not necessarily carry their ordinary meanings. The London Stock Exchange Group declined to comment. 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. transactions between U.S. persons and individuals or entities