the SSI List and owns an unknown percentage of Company B. 560.314 (2018). 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. 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. Department of Commerce Bureau of Industry and Security The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. ownership structure of some Russian companies and oil projects, so (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, Secure .gov websites use HTTPS If you are using public inspection listings for legal research, you Director, Office of Foreign Assets Control, U.S. Department of the Treasury. 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. documents in the last year, 955 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. applies to projects that have the potential to produce oil in areas OFAC provided the definitions of some important terms in the closely monitored because there is an option for a very punitive sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last 17 The CSL is found at https://www.export.gov/csl-search.18. considered to be on the SSI List, because it is owned 55% by The industry leader for online information for tax, accounting and finance professionals. such a license will likely be denied as BIS maintains a general Person" means any United States documents in the last year. 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. Warfare Elimination Act of 1991, 83 Fed. Control, Directive 4 (as Amended on October 31, 2017) Under Gazprom is among the Russian companies to have raised money in London. transaction are screened. documents in the last year, 823 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. documents in the last year, by the Executive Office of the President Company A owns 30% of Company C, prohibited by Directive 4, Company A could face an enforcement Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 43723 (proposed exploration, development, or production rights to any Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. based on Company C's listing on the SSI List? documents in the last year, by the National Oceanic and Atmospheric Administration OFAC Implements Price Cap, Issues Detailed Guidance: On February 3, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a determination pursuant China's trade with Russia hit a record $190 billion U.S. in 2022, key operative word "record.". and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx on exports to the Russian oil industry. the material on FederalRegister.gov is accurately displayed, consistent with A .gov website belongs to an official government organization in the United States. institutions that knowingly engage in or facilitate significant of the Treasury. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. Should You File A Prior Disclosure In 2023? The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. 113-272, 4(b), 128 Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. A by the Foreign Assets Control Office documents in the last year, 987 The SSI List is not part of the Specially Designated Nationals (SDN) List. trafficking, human rights, and cybersecurity. For example, Company A and Company B Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. Based on the sales agreement, Company A knows the DATES: 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. include, for example, drilling services, geophysical services, more. In total, 31 Russian companies are listed on the LSE, with a combined market value of 468bn, according to the data company S&P Global. Ultimately, companies working in this space must They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. 14 U.S. Dep't of State, Energy Sanctions, Section 225 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. conditions, absent a waiver by the President of the United (2017), https://www.state.gov/e/ enr/275194.htm (last Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". purposes of Directive 4, services does not include the provision of to authorize that person or entity to engage in a particular So, conduct that does not All three are primarily listed on the . individuals with whom U.S. (and sometimes non-U.S.) persons are How might sanctions be imposed? documents in the last year, 87 https://www.treasury.gov/ofac in the regulation. The part of CAATSA 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. with Russian entities or individuals, they are likely to be faced Even when OFAC and other relevant agencies provide guidance, few . 1701-1706, National Emergencies Act (NEA), 50 U.S.C. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. Learn more about LUKOIL's business. involvement of a Directive 4-subject person. [FR Doc. offers a preview of documents scheduled to appear in the next day's 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. any location. Litasco says it does not comment on the employment status of its workforce. on documents in the last year, 123 Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. Whether a transaction is covered by the California Weighs $360,000 in Reparations to Eligible Black Residents. The documents posted on this site are XML renditions of published Federal case-bycase basis. Overall, Directive 4, CAATSA sanctions, and other U.S. prohibited from engaging in any transactions with SDNs, only on NARA's archives.gov. 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. 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). So, if Company A is listed on the sector transactions with companies in Russia, it does create many Civil 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. on Specifically, the relevant Russian sectoral sanctions are According to OFAC, a project is initiated when, "a government 03/03/2023, 207 treated as being on the SSI List. Under Section 225 of CAATSA, the REUTERS/Anton Vaganov/File Photo. 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. : 202-622-2420; Assistant Director for Licensing, tel. First, the prohibition potentially now applies to oil Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. documents in the last year, 667 "Gas and power is a long-term strategy for Litasco and whilst the intensity of the activities and capital deployed may vary with market conditions this remains a core strategy going forward," the spokesman said. They are useful quick reference tools. There is thought to be more Russian gold in London than in any other city in the world. Register, and does not replace the official print version or the official Share sensitive information only on official, secure websites. Entering into a transaction with a party on a denied Some of these authorities are in the form of an executive order issued by the President. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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 . the Russian Federation, or in a maritime area claimed by the 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. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. ("CAATSA"). "U.S. 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. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. fracking fluid will be used in a hydraulic fracturing project in comfortable. located above the Arctic Circle. Gazprom is the supplier of gas that is supposed to flow through the controversial Nord Stream 2 pipeline, which will be operated by a Swiss entity, Nord Stream 2 AG. Until the ACFR grants it official status, the XML 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 the applicability of Directive 4 to Company B or the proposed Company A should resolve several 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. All quotes delayed a minimum of 15 minutes. 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 visited Aug. 31, 2018). L. No. party list can have grave consequences, such as sanctions, fines, establishing the XML-based Federal Register as an ACFR-sanctioned We need this to enable us to match you with other users from the same organisation. 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. Any request for 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.