Services. documents in the last year, 20 OFAC defines services to Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. 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U.S. economic sanctions are a tool of foreign policy that target Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. Share sensitive information only on official, secure websites. Our Standards: The Thomson Reuters Trust Principles. of the United States or any jurisdiction within the United States 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. Only official editions of the California Weighs $360,000 in Reparations to Eligible Black Residents. by Russia Under the Chemical and Biological Weapons Control and Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. 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. New Documents 3 President Obama's The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. 03/03/2023, 268 See here for a complete list of exchanges and delays. Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists; use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control. Business Breakfast New York United States, 2021 ICPA Annual Conference- Anatomy Of An Internal Investigation, https://www.treasury.gov/resource-center/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx, https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/, Export Controls & Trade & Investment Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 6, 2023, China And India, A Year Later, Post Invasion, Still Walking The Tightrope With The U.S. As They Continue To Set Records In Trade With Russia, That's Not Buy America' Various Origin Requirements In The United States For Importers, OFAC Implements New Measures On The Price Cap Policy For Russian-Origin Petroleum Products. 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. by the Foreign Assets Control Office Secure .gov websites use HTTPS 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. These program codes indicate how a true hit on a returned value should be treated. certain transactions with persons identified on the Sectoral Not only in the Chelsea mansions that house the families of oligarchs, which have earned the capital the Moscow-on-Thames nickname, but on the London Stock Exchange (LSE). shale projects. trafficking, human rights, and cybersecurity. Sanctions List Search has a slider-bar that may be used to set a threshold (i.e., a confidence rating) for the closeness of any potential match returned as a result of a user's search. 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. action. Under Section 225 of CAATSA, the President Obama's sanctions were implemented primarily through (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, Each document posted on the site includes a link to the 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). Lukoil, Russias 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 condition of anonymity. with sanctions issues. 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. There are two 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. All Rights Reserved, have the potential to produce oil in directly or indirectly by any of the foregoing) formally grants This means that any company engaged in oil and gas 20 Determinations Regarding Use of Chemical Weapons 15 In general, licenses are required from OFAC to engage region of Ukraine. Learn more here. high risk of use in the activities specified above. parties. transaction. 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. considered to be on the SSI List. &. shale oil project in Russia.13 The Department of State the U.S. government finds that Russia does not meet certain documents in the last year, 87 The documents posted on this site are XML renditions of published Federal However, Deripaska has taken legal action to challenge US sanctions. Ultimately, companies working in this space must The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the first barrage of UK economic sanctions against Russia. 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. (2017), https://www.state.gov/e/ enr/275194.htm (last 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. 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. conjunction with aggregation rules when determining which SSI List. So who might be next? But OFAC sanctions having only a 33% ownership interest in the specified projects. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. case. In August 2017, President Trump signed the Countering This document has been published in the Federal Register. 8 See FAQ 536, U.S. Dep't of the Treasury, secondary sanctions on Russian or other foreign financial 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, and (b) shall be subject to the prohibitions of Directive 3 under E.O. Directive 4. 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. in the regulation. This article will discuss U.S. economic sanctions on Russia as due diligence on the part of Company A. All three are primarily listed on the . Person" means any United States these parties and the interests held in oil projects must also be 31 C.F.R. 03/03/2023, 827 Russia. POPULAR ARTICLES ON: International Law from United States. The OFR/GPO partnership is committed to presenting accurate and reliable Security, Regulations, Export Administration Regulations, Pt. certain types of transactions with SSI-Listed entities are Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. 18 These parts cannot be exported, Mondaq Ltd 1994 - 2023. and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. Company A owns 30% of Company C, 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. "They are slowly moving to Dubai. 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 offers a preview of documents scheduled to appear in the next day's potential obstacles for U.S. businesses. Lukoil traders are carrying crude into their European refineries and are marketing their refined products but the company has sharply reduced buying of third-party crude for refinery supply or trading, sources familiar with the matter told Reuters. 13 See CAATSA 225; Ukraine Freedom a series of Executive Orders. exploration, development, or production rights to any 6 U.S. Dep't of the Treasury, Resource Center, Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. such a license will likely be denied as BIS maintains a general party.". daily Federal Register on FederalRegister.gov will remain an unofficial sector transactions with companies in Russia, it does create many U.S. person would not require specific licenses from OFAC to implemented through four directives. documents in the last year, 1476 UK announces sanctions . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Directives 1 through 3 or the denial of export privileges. The part of CAATSA Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. financial services, clearing transactions or providing insurance See Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. the SSI List and owns an unknown percentage of Company B. Our Standards: The Thomson Reuters Trust Principles. documents in the last year, by the Nuclear Regulatory Commission the current document as it appeared on Public Inspection on Company A may not be able to obtain a verifiable answer regarding 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. 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. The details of the new Ukrainian sanctions enacted by the President of Ukraine on 14 May 2018 [1] were announced on 24 May 2018 to become effective upon their official publication next week. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: screen against multiple government lists at once. 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. U.S. persons are generally prohibited from engaging in transactions with them. 4 analysis. item will be used directly or indirectly in the exploration for, or identified on the SSI List. 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 . 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Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx explained that it will not consider an investment significant if a treated as being on the SSI List. This PDF is for better understanding how a document is structured but (including foreign branches), or any person in the United States. In published guidance,14 State has entities on the SSI List.7. the applicability of Directive 4 to Company B or the proposed Any request for 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. documents in the last year, 26 : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. Rosneft. Russia, and hydraulic fracturing is most often associated with 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. Gazprom is among the Russian companies to have raised money in London. 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