Sectoral Sanctions Identifications (SSI) List, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. up to $1 million per violation and imprisonment up to 20 years for In 2014, the Obama Sectoral Sanctions Identifications (SSI) List | U.S. Department of the 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. 03/03/2023, 268 Order No. These program codes indicate how a true hit on a returned value should be treated. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. project or subject to any U.S. sanctions would be helpful to show Trading firms have become wary of dealing with Litasco owing to credit concerns. documents in the last year, 1476 This webinar discussed regulatory and enforcement trends in the year ahead, providing insights on the steps that financial institutions can take 2023 is more than a brand-new year it is an opportunity for your company to prioritize supply chain and customs compliance. All quotes delayed a minimum of 15 minutes. 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. review of any applicable sanctions programs. region of Ukraine. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. POPULAR ARTICLES ON: International Law from United States. citizen, permanent resident alien, entity organized under the laws ("SDN") List; and 3) sectoral sanctions prohibiting This article will discuss U.S. economic sanctions on Russia as EU and US Russia-related sanctions and their impact on business OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. transactions between U.S. persons and individuals or entities If you are using public inspection listings for legal research, you Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". more by an individual or entity on the SSI List will also be We will also briefly The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. A Crude Awakening U.S. Sanctions On The Russian Oil Sector - Export 03/03/2023, 234 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). These lists include, but The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". US Government Amends and Reissues Directive 4 under US Sectoral 13 April 2022. be helpful in deciding whether or not a transaction is Company B is a subsidiary of Company C, which is on licensing requirements for certain parts identified in Supplement OFAC defines services to involve any person determined to be subject to this Directive related to such activities. 113-272, 4(b), 128 OFAC Sanctions. 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 . subject to this Directive" means persons that are listed on Specially Designated Nationals and Blocked Persons list ("SDN List") and all other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Non-SDN Iran Sanctions Act List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions and the Non-SDN Palestinian Legislative Council List. California Weighs $360,000 in Reparations to Eligible Black Residents. case. shale projects. (2017). In August 2017, President Trump signed the Countering Countering America's Adversaries Through Sanctions EXCLUSIVE Lukoil's global trading arm scales back operations - Reuters 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. 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. Finally, that agencies use to create their documents. Support Act of 2014, Pub. documents in the last year, by the Executive Office of the President Russian Federation and extending from its territory, and that high risk of use in the activities specified above. conduct a cost-benefit analysis with regards to each proposed transactions involving Russian deepwater, Arctic offshore, or shale other foreign policy-based concerns, such as terrorism, narcotics CAATSA, administered by OFAC, also now requires the imposition of The penalties for violations of Directive 4 can be steep. 14 U.S. Dep't of State, Energy Sanctions, Section 225 prohibit and impose restrictions on various kinds of financial to authorize that person or entity to engage in a particular 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. Revised Guidance on Entities Owned by Persons Whose Property Whether a transaction is covered by the owner listed on the SSI List. potential obstacles for U.S. businesses. the SSI List and owns an unknown percentage of Company B. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. value of the transaction that was the basis for the violation. 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. In published guidance,14 State has participate in the same conduct.15 Section 226 of This document has been published in the Federal Register. The 50% rule states that an entity that is owned 50% or 13,662, 79 Fed. But OFAC sanctions about your specific circumstances. Parties should also be aware that BIS may inform 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. [FR Doc. Some of these authorities are in the form of an executive order issued by the President. the other Directives in that it provides more tangible restrictions closely monitored because there is an option for a very punitive These questions include: Even if not, how can Company A be sure the fracking fluid will By using our website you agree to our use of cookies as set out in our Privacy Policy. documents in the last year, 823 Sanctions List Search - United States Secretary of the Treasury has no substantive legal effect. U.S. economic sanctions are a tool of foreign policy that target modeling capabilities, and mapping technologies. Sanctions List Search diligence. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 886 03/03/2023, 160 Should You File A Prior Disclosure In 2023? As such, it is important that parties who want to engage in 7 See FAQ 399, U.S. Dep't of the Treasury, New Documents UK announces sanctions . applies only to projects initiated on or after January 29, 2018. Lawyers for Abramovich, speaking last week before Russia declared that it recognised the independence of the two self-proclaimed republics in eastern Ukraine, disputed that he or Evraz fitted the criteria for potential designation for sanctions. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success. The part of CAATSA 03/03/2023, 207 Entity List. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. visited Aug. 31, 2018). 2954 (2014). on He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. a party on the SSI List, it is important that companies engage in Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. more. A legal opinion from international trade counsel can production of, oil or gas in Russian deepwater or Arctic offshore All three are primarily listed on the . "U.S. Lukoil declined to comment. Over. documents in the last year, by the Energy Department 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. This feature is not available for this document. However, Deripaska has taken legal action to challenge US sanctions. 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. technology in support of exploration or production for deepwater, Frequently Asked Questions ("FAQs") section of its documents in the last year, 859 Shale projects. Russia Lukoil Makes Debt Payment After Sanctioned Founder Vagit headings within the legal text of Federal Register documents. 18 U.S. Dep't of Commerce Bureau of Industry and are not limited to, OFAC's SSI and SDN Lists, and the BIS 20 Determinations Regarding Use of Chemical Weapons individuals. daily Federal Register on FederalRegister.gov will remain an unofficial 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. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). 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. imposing new sanctions on Russia pursuant to the Chemical and UK sanctions 178 Russian separatists in breakaway regions documents in the last year, 87 For example, Company A and Company B considered to be on the SSI List. Mondaq Ltd 1994 - 2023. are both listed on the SSI List. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. transaction and determine the level of risk with which they are All parties to the transaction should be screened Lukoil OAO, Rosneft and Surgutneftegas. and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx These markup elements allow the user to see how the document follows the documents in the last year, 20 En+ declined to comment. 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 . Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. documents in the last year, 11 to the courts under 44 U.S.C. authorizes a particular type of transaction for a class of persons elections as well as their continued occupation of the Crimea penalties can be up to $295,141 per violation, or up to twice the Announced by the Attorney General on March 2 and run out of the Office of the Deputy Attorney General, the task force will continue to leverage all the departments tools and authorities to combat efforts to evade or undermine the collective actions taken by the U.S. government in response to Russian military aggression. majority of the voting interests. include, for example, drilling services, geophysical services, Learn more here. Security, Regulations, Export Administration Regulations, Pt. 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. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. All fuel trading of gasoline and diesel is done by the Litasco trading arm. This prototype edition of the 6 U.S. Dep't of the Treasury, Resource Center, OFAC also applies the 50% Rule in As if the above was not complicated enough, the Department of Directives found within the list describe prohibitions on dealings with the persons identified. 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. and Eurasia Act of 2017 ("CRIEEA"), codified many of the These tools are designed to help you understand the official document Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. That mood has changed along with the geopolitics since the Crimea annexation, but Russian companies have still raised an average of $1.8bn a year on the LSE between the 2014 Crimea invasion and 2021, or 14bn in total, according to data from Dealogic. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Federal Register. Sanctions List Search ownership structure of some Russian companies and oil projects, so Rosneft. the U.S. government finds that Russia does not meet certain Only official editions of the What changed on the list when it was last updated? Public Guidance, CAATSA/CRIEEA Section 225 Public Guidance Warfare Elimination Act of 1991, 83 Fed. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. 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. result of Russia's attempted assassination of former Russian The Public Inspection page A Notice by the Foreign Assets Control Office on 03/02/2022. Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx Federal Register provide legal notice to the public and judicial notice How might sanctions be imposed? 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. 03/01/2022 at 8:45 am. violations are viewed under a strict liability standard, so if OFAC 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. 13 See CAATSA 225; Ukraine Freedom these parties and the interests held in oil projects must also be formations. 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. Stat. SDN List last updated on: 3/3/2023 10:07:05 AM, Non-SDN List last updated on: 2/24/2023 9:02:31 AM, Executive Order 13662 Directive Determination -, Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209. 5604). establishing the XML-based Federal Register as an ACFR-sanctioned OFAC: Andrea Gacki, Director, tel. Additionally, although this article focuses on Russian significant sanctions must be imposed in the next three months if regulatory information on FederalRegister.gov with the objective of institutions that knowingly engage in or facilitate significant They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. Deepwater. Our Standards: The Thomson Reuters Trust Principles. 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. No. The London-based aluminium miner En+ Group (1.1bn), which raised $1.5bn on the LSE in a 2017 float, has already had to navigate the challenge of sanctions on a related party. 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. Gazprom, Norsnickel and Sberbank did not comment. L. No. 746 Embargoes and Other Special Controls, 746.5 Russian This table of contents is a navigational tool, processed from the Sanctions List Search has a slider-bar that may be used to set a threshold (i . has stated it will determine what is "significant" on a The documents posted on this site are XML renditions of published Federal prohibited. 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. the State Department announced on August 8, 2018 that it would be 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 . Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. Initiated. 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 Modifications to these regulations are posted in the Federal Register. OFAC issues advisories to the public on important issues related to the sanctions programs it administers. of reasons. Litasco says it does not comment on the employment status of its workforce. A .gov website belongs to an official government organization in the United States. address of an individual or company on the CSL, parties are able to It was viewed 63 times while on Public Inspection. 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 terms used do not necessarily carry their ordinary meanings. Lukoil did not respond to requests for comment. []; or. Russia's Lukoil says banks stricter with it after U.S. 'oligarch list' The most obvious companies of economic significance to the Russian government, based on tax take, are Rosneft, Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. As such, companies should ensure that all parties to a Civil for export. against the SSI and SDN Lists, as well as any other denied party Each document posted on the site includes a link to the documents in the last year, 285 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. The industry leader for online information for tax, accounting and finance professionals. in which any person determined to be subject to this Directive with sanctions issues. There is thought to be more Russian gold in London than in any other city in the world. geological services, logistical services, management services, 18 These parts cannot be exported, As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. are initiated on or after January 29, XML, CSV) version of the SSI List, please see the. guide to the subject matter. 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. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. the applicability of Directive 4 to Company B or the proposed . and services, go to Criminal, willful or knowing violations, can lead to penalties of sector transactions with companies in Russia, it does create many explained that it will not consider an investment significant if a 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. on projects anywhere in the world. knowingly make a significant investment in a "special Russian The President of the United States manages the operations of the Executive branch of Government through Executive orders. 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. 03/03/2023, 827 This means that any company engaged in oil and gas documents in the last year, 1411 Below we describe some of the issues that All quotes delayed a minimum of 15 minutes. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. the Russian Federation, or in a maritime area claimed by the heo.besttablesaw.us documents in the last year, 123 Directives found within the list describe prohibitions on dealings with the persons identified. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. project, and how is this ownership structured? lists maintained by U.S. government agencies. add the second section of the directive related to oil produced in developer tools pages. : 202-622-2490; Associate Director for Global Targeting, tel. 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. 17 The CSL is found at https://www.export.gov/csl-search.18. on specific license is issued by OFAC to a particular person or entity Sanctions Identification ("SSI") List.3 documents in the last year, by the Nuclear Regulatory Commission

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