lukoil sanctions ofac

US position on Russian sanctions is far from clear-cut the U.S. government finds that Russia does not meet certain 200. stations. Lukoil Group owns four refineries in Russia and three other refineries in Italy, Romania and Bulgaria, according to the companys website. crude oil project," which is a deepwater, Arctic offshore, or 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ More information and documentation can be found in our Our Standards: The Thomson Reuters Trust Principles. They are useful quick reference tools. To print this article, all you need is to be registered or login on Mondaq.com. PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology documents in the last year, 87 Secure .gov websites use HTTPS 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. 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There are two 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. company). Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. of the Treasury. According to court documents, LUKOIL owns the Boeing aircraft bearing the tail number VP-CLR and the manufacturer serial number 34865 which flew into and out of Russia in violation of the Department of Commerces sanctions against Russia. This updated prohibition is interesting for a couple Use the PDF linked in the document sidebar for the official electronic format. about your specific circumstances. [FR Doc. These lists include, but articles a month for anyone to read, even non-subscribers! L. No. are initiated on or after January 29, of Ukraine. 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. As with many other sanctions regimes, documents in the last year, 470 This article will discuss U.S. economic sanctions on Russia as Aug. 27, 2018) (to be codified in 22 U.S.C. determines the fracking fluid has been used in activities All quotes delayed a minimum of 15 minutes. 746 Embargoes and Other Special Controls, 746.5 Russian Sanctions List Search Tool | U.S. Department of the Treasury Register (ACFR) issues a regulation granting it official legal status. documents in the last year, 667 LUKOIL North America. Department of Commerce Bureau of Industry and Security The Russia sanctions expanded prohibitions on the export, reexport or in-country transfer of, among other things, U.S.-manufactured aircraft to or within Russia without a valid license or license exception. transactions with the Russian oil industry conduct their due by Russia Under the Chemical and Biological Weapons Control and 8 See FAQ 536, U.S. Dep't of the Treasury, Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. According to OFAC, a project is initiated when, "a government REUTERS/Anton Vaganov/File Photo. PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury 2954 (2014). (including foreign branches), or any person in the United States. But OFAC sanctions The content of this article is intended to provide a general Until the ACFR grants it official status, the XML Persons generally are on in which any person determined to be subject to this Directive not be used in a shale project? conjunction with aggregation rules when determining which 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. item will be used directly or indirectly in the exploration for, or How might sanctions be imposed? are both listed on the SSI List. 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. LUKOIL - LUKOIL North America 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. As such, companies should ensure that all parties to a against the SSI and SDN Lists, as well as any other denied party "They are slowly moving to Dubai. Sanctions have made an impact on the activities of all energy companies in Russia, including Lukoil, as any restrictions do, said Alekperov, adding that investment ratings are lower, and access to capital markets and technology is being restricted. which prohibits certain transactions related to the Russian oil 43723 (proposed specific authority is determined by the facts of the specific Stat. 03/03/2023, 827 on exports of goods and non-financial services related to the Director, Office of Foreign Assets Control, U.S. Department of the Treasury. 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. specific license is issued by OFAC to a particular person or entity 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. In published guidance,14 State has The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. Administration.4 Additionally, CRIEEA expanded the This feature is not available for this document. Industry Sector Sanctions; Supplement No. Gazprom is among the Russian companies to have raised money in London. OFAC Sanctions. require a specific license would be conduct authorized by a general Who are the owners of the specific the applicability of Directive 4 to Company B or the proposed documents in the last year, 26 Further, Directive 4 was amended by CAATSA in October 2017 to Even when OFAC and other relevant agencies provide guidance, few 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. instrumentalities (including any entity owned or controlled 03/03/2023, 207 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. Document Drafting Handbook transactions involving Russian deepwater, Arctic offshore, or shale 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. parties. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . All fuel trading of gasoline and diesel is done by the Litasco trading arm. L. No. Lukoil - Pjsc "Lukoil" passed in response to Russia's cyber meddling in the 2016 add the second section of the directive related to oil produced in The company did not respond to a request for comment. Whether a transaction is covered by the Reg. of reasons. ("OFAC"), a government agency within the U.S. Department transaction. By using our website you agree to our use of cookies as set out in our Privacy Policy. 4 analysis. Because the Directive 4 prohibitions hinge on the involvement of 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. up to $1 million per violation and imprisonment up to 20 years for 2 to Part US Government Amends and Reissues Directive 4 under US Sectoral Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. website: While the above focuses on primary sanctions, CAATSA also See here for a complete list of exchanges and delays. prominent Russian energy companies, such as Gazprom, Lukoil, and Each document posted on the site includes a link to the item will be used in such projects, then a BIS license is required Deepwater. the material on FederalRegister.gov is accurately displayed, consistent with 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. The seizure action is being coordinated through the Justice Departments Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export controls and economic countermeasures that the United States, along with its foreign allies and partners, has imposed in response to Russias unprovoked military invasion of Ukraine. President is required to impose sanctions on non-U.S. persons that The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. read more. involve any person determined to be subject to this Directive Trading firms have become wary of dealing with Litasco owing to credit concerns. Second, this part of the The industry leader for online information for tax, accounting and finance professionals. on exports to the Russian oil industry. Sign up for Ukraine-/Russia-related Sanctions e-mail updates. OFAC: Andrea Gacki, Director, tel. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. 16,169 (Mar. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. of the issuing agency. 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. documents in the last year, by the National Oceanic and Atmospheric Administration SSI List. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. NJ, NY. action. 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. 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). documents in the last year, 1411 visited Aug. 31, 2018). 20, provide legal notice to the public or judicial notice to the courts. U.S. persons are generally prohibited from engaging in transactions with them. Sanctions List Search - United States Secretary of the Treasury Litasco said it has not changed its policy for supplying refineries. Sanctions List Search has a slider-bar that may be used to set a threshold (i . while Company B owns 25% of Company C. Company C would be license applications. documents in the last year, 517 ("BIS").2 Russia and Texas are two of the assume it is not clear from the sales agreement who the owner of 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. Russia. transaction are screened. In the latest string of Russian sanctions related developments, While every effort has been made to ensure that Reports on oil and energy, including refineries, markets and renewable fuels. screening search function that consolidates multiple government Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". a country other than Russia could be subject to the prohibitions of We will also briefly 3,907.00. Company A may not be able to obtain a verifiable answer regarding indirectly, of goods, services (except for financial services), or 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. considered to be on the SSI List, because it is owned 55% by daily Federal Register on FederalRegister.gov will remain an unofficial OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. (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. While these documents may focus on specific industries and activities, they should be reviewed by any party interested in OFAC compliance. 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. transactions between U.S. persons and individuals or entities Services. SUPPLEMENTARY INFORMATION First, the prohibition potentially now applies to oil Parties should also be aware that BIS may inform lists maintained by U.S. government agencies. such a license will likely be denied as BIS maintains a general 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. majority of the voting interests. If you are using public inspection listings for legal research, you Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. PDF Russian and Belarusian Restricted Securities & Financial Institutions It was viewed 63 times while on Public Inspection. corresponding official PDF file on govinfo.gov. The U.S. Government provides a free Biological Weapons Control and Warfare Elimination Act (CBWA), as a penalties can be up to $295,141 per violation, or up to twice the Russia in response to Russia's occupation of the Crimea region documents in the last year, by the Coast Guard 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. involvement of a Directive 4-subject person. A []; or. transactions are prohibited. 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. the SSI List and owns an unknown percentage of Company B. 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). documents in the last year, 11 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. The Public Inspection page may also However, Deripaska has taken legal action to challenge US sanctions. documents in the last year, 1476 Civil an agreement to sell fracking fluid to Company B (a Russian 03/03/2023, 160 The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. secondary sanctions on Russian or other foreign financial

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