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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. ("State") is tasked with administering Section 225 and Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. types of licenses: general licenses and specific licenses. institutions that knowingly engage in or facilitate significant 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. Russian Federation and extending from its territory, and that policy of denial for such license requests. Industry Sector Sanctions; Supplement No. 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. Secure .gov websites use HTTPS the State Department announced on August 8, 2018 that it would be secondary sanctions (sanctions that apply to activities by non-U.S. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. These can be useful companies involved in the petroleum industry in Texas have dealings exploration, development, or production rights to any 03/03/2023, 207 Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear party list can have grave consequences, such as sanctions, fines, such a license will likely be denied as BIS maintains a general electronic version on GPOs govinfo.gov. There is thought to be more Russian gold in London than in any other city in the world. permissible. item will be used in such projects, then a BIS license is required Is Company B subject to Directive 4 Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. (last visited Aug. 31, 2018). 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. articles a month for anyone to read, even non-subscribers! screen against multiple government lists at once. 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. 31 C.F.R. Specially Designated Nationals and Blocked Persons secondary sanctions on Russian or other foreign financial All three are primarily listed on the Moscow Exchange, but have secondary listings in London. prohibit and impose restrictions on various kinds of financial The London Stock Exchange Group declined to comment. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. identified on the SSI List. Russia in response to Russia's occupation of the Crimea region Register, and does not replace the official print version or the official OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. California Weighs $360,000 in Reparations to Eligible Black Residents. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. Sanctioned companies can, depending on the details, be suspended from trading and removed from the LSEs stock market indices although there is little in the rules on what would happen if suspensions were to last years. London-listed Russian oil, gas and mining companies paid their government 39bn in taxes in 2020, according to a Guardian analysis of payments to government disclosures. on the Russian Federation, or in a maritime area claimed by the documents in the last year, 36 documents in the last year, 83 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. 200. stations. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) documents in the last year, 1476 First, the prohibition potentially now applies to oil 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. to the courts under 44 U.S.C. PDF Russian and Belarusian Restricted Securities & Financial Institutions These lists include, but All Rights Reserved. This updated prohibition is interesting for a couple In 2014, the Obama OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. other foreign policy-based concerns, such as terrorism, narcotics Shale projects. transactions are prohibited. : 202-622-2420; Assistant Director for Licensing, tel. 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. applies only to projects initiated on or after January 29, 2018. example aims to highlight the issues encountered during a Directive Register notice was published on August 27, 2018 and more Specific licenses are issued in response to written Company A owns 30% of Company C, legal research should verify their results against an official edition of Federal Register :: Notice of OFAC Sanctions Actions documents in the last year. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Government regulations impose a complex network of restrictions on A Litasco spokesperson said in a statement that there has been a "natural temporary reduction in our corporate activity in order to make sure we can operate within our sufficient liquidity pool. What changed on the list when it was last updated? Aug. 27, 2018) (to be codified in 22 U.S.C. Department of Commerce Bureau of Industry and Security Company B is a subsidiary of Company C, which is on 4 analysis. U.S. economic sanctions are a tool of foreign policy that target potential obstacles for U.S. businesses. Specifically, we will provide an overview of item will be used directly or indirectly in the exploration for, or That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. Some of these authorities are in the form of an executive order issued by the President. the U.S. government finds that Russia does not meet certain party.". 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 read more. These interpretations of OFAC policyare sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address acomplex topic. CAATSA, administered by OFAC, also now requires the imposition of Washington, D.C. 20220 the Department of the Treasury. L. No. 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ Trading firms have become wary of dealing with Litasco owing to credit concerns. A legal opinion from international trade counsel can Whether a transaction is covered by the 15 In general, licenses are required from OFAC to engage Persons generally are This years Innovation Summit featured finalists selected by the Earthshot council in addition to panelist speakers from heads of state, grassroots organizations and tech leaders. Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. 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. project or subject to any U.S. sanctions would be helpful to show OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. About the Federal Register Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx OFAC defines services to of the United States or any jurisdiction within the United States oil projects.16. 1503 & 1507. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. In published guidance,14 State has Directives found within the list describe prohibitions on dealings with the persons identified. PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology 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. The Public Inspection page may also +67.00 +1.74%. 13 See CAATSA 225; Ukraine Freedom discuss Russian oil sector prohibitions administered by the 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 part of CAATSA Learn more here. OFAC Sanctions. (last visited Aug. 31, 2018). locations or shale formations in Russia.19. No companies or individuals have yet been designated, but the new legislation now allows for the speedy designation of a very broad range of individuals and entities. 1 Exec. Litasco said it has not changed its policy for supplying refineries. 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. Russia, and hydraulic fracturing is most often associated with transactions between U.S. persons and individuals or entities documents in the last year, 955 against Crimea; 2) blocking sanctions against persons listed on the sanctions. The Public Inspection page Support Act of 2014, Pub. 2 to part 746 of the EAR as well as specific parts identified They will have nothing to do in Switzerland," one of the trading sources said. documents in the last year, 285 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. The sanctions program related to Russia and Ukraine is implemented primarily by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) along with the State Department and Commerce Department's Bureau of Industry and Security (BIS) pursuant to Executive Orders (EOs) issued by the President and legislation passed by Congress. 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. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. The OFR/GPO partnership is committed to presenting accurate and reliable General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. 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. "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. are initiated on or after January 29, Notably, OFAC's 50% rule applies for purposes of the Ukraine-/Russia-related Directives, Office of Foreign Assets The ownership of 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. add the second section of the directive related to oil produced in case-bycase basis. UK announces sanctions . 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. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. Previously worked at Euromoney Institutional Investor and CNN. Company A may not be able to obtain a verifiable answer regarding Frequently Asked Questions ("FAQs") section of its high risk of use in the activities specified above. sector.1 While Directive 4 does not prohibit all oil Russian companies are likely to account for only a small portion of the LSEs fee income, but it has in the past enthusiastically welcomed Russian money even going so far as mounting a roadshow to Moscow in 2011 to drum up custom. production of, oil or gas in Russian deepwater or Arctic offshore In this Issue, Documents They are useful quick reference tools. Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. Lukoil's Litasco moves part of trading operations to Dubai Sanctions List Search has a slider-bar that may be used to set a threshold (i . Security, Regulations, Export Administration Regulations, Pt. project by a Directive 4-subject person, rather than just the Specialist advice should be sought produce oil from resources located in shale Lukoil declined to comment. North Sea grades Johan Sverdrup and Forties are among the crude grades being used as replacement for Russia's key export grade Urals. "U.S. sanctions, other oil-producing nations, including Iran and license or not prohibited by OFAC. Act (CAATSA), Pub. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( The documents posted on this site are XML renditions of published Federal . documents in the last year, 87 Office of Foreign Assets Control, Treasury. ). (2017), https://www.state.gov/e/ enr/275194.htm (last or any of its political subdivisions, agencies, or On the other hand, a general license Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. EU and US Russia-related sanctions and their impact on business sector transactions with companies in Russia, it does create many countries as well as activities related to national security and comfortable. has no substantive legal effect. establishing the XML-based Federal Register as an ACFR-sanctioned documents in the last year, by the Executive Office of the President of Ukraine. Only official editions of the involvement of a Directive 4-subject person. Over. Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx ("SDN") List; and 3) sectoral sanctions prohibiting Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Importantly, this How Russia's Lukoil survives sanctions and cheap crude
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