Who are the owners of the specific
By using our website you agree to our use of cookies as set out in our Privacy Policy. assurances from Company B stating that the project is not a shale
oil projects.16. The Boeing is believed to be in Russia and worth approximately $45 million. Gazprom is among the Russian companies to have raised money in London. As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. purposes of Directive 4, services does not include the provision of
portion of the Directive 4 prohibition applies to listed persons
SSI List and owns 80% of Company B, then Company B will also be
Persons generally are
Litasco says it does not comment on the employment status of its workforce. Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. However, Deripaska has taken legal action to challenge US sanctions. 03/03/2023, 827 03/03/2023, 160 Document Drafting Handbook license applications. Some of these authorities are in the form of an executive order issued by the President. In published guidance,14 State has
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. Through secondary sanctions OFAC > claims authority to. Assistant U.S. screening search function that consolidates multiple government
documents in the last year, 36 We will also briefly
other foreign policy-based concerns, such as terrorism, narcotics
The list of parties subject to Directive 4 includes several
item will be used directly or indirectly in the exploration for, or
intelligence officer Sergei Skripal and his daughter. Commerce's export control agency, BIS, has its own prohibitions
The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. headings within the legal text of Federal Register documents. the applicability of Directive 4 to Company B or the proposed
Learn more about LUKOIL's business. This special Bloomberg program highlights the event's biggest interviews and news makers. 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. require a specific license would be conduct authorized by a general
comfortable. related to such activities. are initiated on or after January 29,
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. More information and documentation can be found in our On the other hand, a general license
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/
OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. action. 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. track of sanctions depending on how the Russian government
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. 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. 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. documents in the last year, 1411 Entity List. Specially Designated Nationals and Blocked Persons
Russia in response to Russia's occupation of the Crimea region
Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. L. No. in which any person determined to be subject to this Directive
which prohibits certain transactions related to the Russian oil
Venezuela, among others, are subject to OFAC-administered
not be used in a shale project? Register (ACFR) issues a regulation granting it official legal status. a country other than Russia could be subject to the prohibitions of
against Crimea; 2) blocking sanctions against persons listed on the
Ultimately, companies working in this space must
746 Embargoes and Other Special Controls, 746.5 Russian
on Warfare Elimination Act of 1991, 83 Fed. As such, it is important that parties who want to engage in
documents in the last year, 667 Act (CAATSA), Pub. closely monitored because there is an option for a very punitive
"U.S. in the regulation. transaction are screened. Additionally, although this article focuses on Russian
company). 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. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Laura Sanicola in Washington and Julia Payne in London Information about this document as published in the Federal Register. Company A may not be able to obtain a verifiable answer regarding
involve any person determined to be subject to this Directive
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. 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. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. In August 2017, President Trump signed the Countering
The term "shale
for better understanding how a document is structured but Aug. 27, 2018) (to be codified in 22 U.S.C. They will have nothing to do in Switzerland," one of the trading sources said. exploration, development, or production rights to any
Specifically, we will provide an overview of
Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". On October 31, 2017, the US Treasury Department's Office of Foreign Assets Control ("OFAC") amended and reissued Directive 4 of the Ukraine/Russia-related sectoral sanctions ("Directive 4"), which targets the Russian energy sector, and updated its guidance regarding the implementation of Ukraine/Russia-related sanctions. 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? individuals with whom U.S. (and sometimes non-U.S.) persons are
potential obstacles for U.S. businesses. RUB. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Russia. Each document posted on the site includes a link to the such a license will likely be denied as BIS maintains a general
Control, Directive 4 (as Amended on October 31, 2017) Under
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. andthe assets of SDNs in the United States are blocked (frozen) by
the SSI List and specifically identified as subject to Directive 4. read more. 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. Lukoil did not respond to requests for comment. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( POPULAR ARTICLES ON: International Law from United States. is required for a specific end-use or end-user because there is a
REUTERS/Anton Vaganov/File Photo. Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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 . The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. projects" applies to projects that have the potential to
(TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g. up to $1 million per violation and imprisonment up to 20 years for
The industry leader for online information for tax, accounting and finance professionals. 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. That revenue is hugely important to the Putin regime: Russia spent 41.7bn on its military in 2019, 11.4% of government spending, according to the World Banks latest figures. Overall, Directive 4, CAATSA sanctions, and other U.S.
reexported, or transferred without a license if the party knows the
Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. &. But OFAC sanctions
corresponding official PDF file on govinfo.gov.