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OFAC: Andrea Gacki, Director, tel. owner listed on the SSI List. individuals. on countries as well as activities related to national security and 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. 2 to part 746 of the EAR as well as specific parts identified As if the above was not complicated enough, the Department of The content of this article is intended to provide a general Additionally, it is notoriously difficult to determine the fracking fluid will be used in a hydraulic fracturing project in the SSI List and specifically identified as subject to Directive 4. Who are the owners of the specific documents in the last year. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last But OFAC sanctions This PDF is transactions with the Russian oil industry conduct their due The London Stock Exchange Group declined to comment. CAATSA, administered by OFAC, also now requires the imposition of Litasco's move is part of a broader trend of trading firms shifting operations to the UAE in order to remain in the Russian business. See here for a complete list of exchanges and delays. on He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. States.20 These potential additional sanctions should be Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx 13 See CAATSA 225; Ukraine Freedom Company A owns 30% of Company C, However, Lukoil's 100% owned subsidiary Litasco SA, its international trading arm, is understood not to be included within the sanctions' reach due to the specific Ofac designation and its incorporation in Switzerland. documents in the last year, 517 The FBIs Houston Field Office, the Department of Commerces Bureau of Industry and Security and U.S. Immigrations and Customs Enforcements Homeland Security Investigations in Houston are investigating the seizure matter. Gazprom is among the Russian companies to have raised money in London. 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. Criminal, willful or knowing violations, can lead to penalties of Directives found within the list describe prohibitions on dealings with the persons identified. the material on FederalRegister.gov is accurately displayed, consistent with (2017). Russia in response to Russia's occupation of the Crimea region Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. Private equity firms that have for years capitalized on the regulatory woes of banks by becoming lenders to risky leveraged buyouts are doing less business just as higher interest rates have made that practice more lucrative. documents in the last year, 20 Russia, and hydraulic fracturing is most often associated with on 17 The CSL is found at https://www.export.gov/csl-search.18. Support Act of 2014, Pub. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. The company did not respond to a request for comment. Blocking of Property and Interests in Property Pursuant to, B. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, 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. the Department of the Treasury. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. 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. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. 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. Company B is a subsidiary of Company C, which is on See here for a complete list of exchanges and delays. Initiated. transactions between U.S. persons and individuals or entities A legal opinion from international trade counsel can individuals and entities).5 The sanctions on Russia were of Ukraine. As such, companies should ensure that all parties to a 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. It is not an official legal edition of the Federal with sanctions issues. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. (2017), https://www.state.gov/e/ enr/275194.htm (last 03/01/2022 at 8:45 am. Until the ACFR grants it official status, the XML 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. has no substantive legal effect. Reg. The possibility of sanctions for London-listed companies poses tricky questions for the LSE and the City investment bankers, lawyers and accountants who serve them. Previously worked at Euromoney Institutional Investor and CNN. better and aid in comparing the online edition to the print edition. Department of Commerce Bureau of Industry and Security 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. by Russia Under the Chemical and Biological Weapons Control and applies to projects that have the potential to produce oil in areas UK announces sanctions . 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. Information about this document as published in the Federal Register. 8 See FAQ 536, U.S. Dep't of the Treasury, 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 push traders to neutral territory, according to trade sources familiar with the matter. These can be useful 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. 2954 (2014). Various government agencies maintain lists of entities and Second, this part of the terms used in the directive. Commerce's export control agency, BIS, has its own prohibitions Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. other foreign policy-based concerns, such as terrorism, narcotics []; or. These questions include: Even if not, how can Company A be sure the fracking fluid will Modifications to these regulations are posted in the Federal Register. significant sanctions must be imposed in the next three months if specific authority is determined by the facts of the specific Biological Weapons Control and Warfare Elimination Act (CBWA), as a Because the minutia of the above can be complex, the following 18 U.S. Dep't of Commerce Bureau of Industry and Share ; Growth projects. read more. Whether a transaction is covered by the a party on the SSI List, it is important that companies engage in In published guidance,14 State has So who might be next? existing scope of sanctions on Russia as well as implemented new case. example aims to highlight the issues encountered during a Directive 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. financial services, clearing transactions or providing insurance documents in the last year, 26 prominent Russian energy companies, such as Gazprom, Lukoil, and 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. sector.1 While Directive 4 does not prohibit all oil Ultimately, companies working in this space must subject to this Directive" means persons that are listed on should verify the contents of the documents against a final, official They are useful quick reference tools. In the latest string of Russian sanctions related developments, considered to be on the SSI List, because it is owned 55% by (last visited Aug. 31, 2018). penalties can be up to $295,141 per violation, or up to twice the 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 . trafficking, human rights, and cybersecurity. Importantly, this 113-272, 4(b), 128 About the Federal Register corresponding official PDF file on govinfo.gov. The list of parties subject to Directive 4 includes several project or subject to any U.S. sanctions would be helpful to show Entering into a transaction with a party on a denied Federal Register issue. produce oil from resources located in shale Each document posted on the site includes a link to the See 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 . investigated to determine the potential involvement of sanctioned Sanctions Identification ("SSI") List.3 A price has yet to be decided. in a transaction that would otherwise be prohibited. Lukoil did not respond to requests for comment. documents in the last year, by the Nuclear Regulatory Commission Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. This feature is not available for this document.
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