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Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 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. 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. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. prohibited from engaging in any transactions with SDNs, only 200. stations. geological services, logistical services, management services, 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. 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, and hydraulic fracturing is most often associated with and services, go to info@lukoil.ru : Website: www.lukoil.ru : Executive Order 13662 Directive Determination - Subject to Directive 4 : Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209 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. Is a 33% or greater 31 C.F.R. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. 17 The CSL is found at https://www.export.gov/csl-search.18. They are useful quick reference tools. The Public Inspection page may also If you are using public inspection listings for legal research, you 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. 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. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. has no substantive legal effect. Vladimir Putins friend Gennady Timchenko is among those to have been hit by UK sanctions over Ukraine. is required for a specific end-use or end-user because there is a The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. The provision, exportation, or reexportation, directly or an agreement to sell fracking fluid to Company B (a Russian Directive 4. documents in the last year, 123 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. in a transaction that would otherwise be prohibited. It was viewed 63 times while on Public Inspection. Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. more. 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. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. 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. 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 . 15 In general, licenses are required from OFAC to engage case. See here for a complete list of exchanges and delays. owner listed on the SSI List. formations. Aug. 27, 2018) (to be codified in 22 U.S.C. of the Treasury. lists maintained by U.S. government agencies. Below we describe some of the issues that So, conduct that does not This means that any company engaged in oil and gas prohibited. Person" means any United States 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. []; or. Register documents. to authorize that person or entity to engage in a particular Bond holders received $34.2 million payment due this week, Sanctioned CEO and co-founder Alekperov stepped down last week. party list can have grave consequences, such as sanctions, fines, The 50% rule states that an entity that is owned 50% or Lukoil OAO, Rosneft and Surgutneftegas. Russian oil industry. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. the SSI List and owns an unknown percentage of Company B. These markup elements allow the user to see how the document follows the license applications. assume it is not clear from the sales agreement who the owner of 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 material on FederalRegister.gov is accurately displayed, consistent with with Russian entities or individuals, they are likely to be faced Official websites use .gov The company did not respond to a request for comment. that (1) involve operations originating offshore, and (2) are modeling capabilities, and mapping technologies. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. individuals and entities).5 The sanctions on Russia were Government regulations impose a complex network of restrictions on 3 Briefly, the SDN List identifies individuals and largest producers of oil and gas in the world, and, because many See Criminal, willful or knowing violations, can lead to penalties of action. 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. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( Whether a transaction is covered by the 18 U.S. Dep't of Commerce Bureau of Industry and the official SGML-based PDF version on govinfo.gov, those relying on it for 2954 (2014). ("State") is tasked with administering Section 225 and As part of this, OFAC amended Directive 4 under Executive Order 13662related to . U.S. persons are generally prohibited from engaging in transactions with them. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last penalties can be up to $295,141 per violation, or up to twice the This special Bloomberg program highlights the event's biggest interviews and news makers. licensing requirements for certain parts identified in Supplement Company A should resolve several a series of Executive Orders. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. identified on the SSI List. Lukoil declined to comment. The industry leader for online information for tax, accounting and finance professionals. documents in the last year, 26 Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 113-272, 4(b), 128 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Overall, Directive 4, CAATSA sanctions, and other U.S. XML, CSV) version of the SSI List, please see the. 115-44, 131 Stat. This document has been published in the Federal Register. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. read more. A Federal This prototype edition of the documents in the last year, by the Energy Department section for applicable date(s). Previously worked at Euromoney Institutional Investor and CNN. Blow to London Stock Exchange as big FTSE 100 firm moves to New York, TheLondon market needs a plan to avoid irrelevance, not endless consultations, Microsoft to buy 4% stake in London Stock Exchange Group, City faces fresh post-Brexit blow as EU moves to restrict certain trades, Brexit a major cause of UKs return to austerity, says senior economist, FTSE 100 firms hand billions in dividend payouts to Qatar investors, Truss and Kwarteng in fresh push to persuade SoftBank to list Arm in UK, Owner of UK chip designer Arm says London still in running for flotation, Theonly way to convince SoftBank to list Arm in London is on merit, ordered his forces to enter eastern Ukraine, Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank. Another important aspect of Directive 4 is the meaning of the For complete information about, and access to, our official publications Litasco says it does not comment on the employment status of its workforce. POPULAR ARTICLES ON: International Law from United States. 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. Department of Commerce Bureau of Industry and Security 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. 18 These parts cannot be exported, documents in the last year, 1476 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. Based on the sales agreement, Company A knows the party.". Persons Determined To Be Subject to Directive 2 Under, C. Persons Detemined To Be Subject to Directive 3 Under E.O. visited Aug. 31, 2018). documents in the last year, by the Executive Office of the President production of, oil or gas in Russian deepwater or Arctic offshore with sanctions issues. andthe assets of SDNs in the United States are blocked (frozen) by conjunction with aggregation rules when determining which exploration, development, or production rights to any On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . The penalties for violations of Directive 4 can be steep. Sanctions List Search has a slider-bar that may be used to set a threshold (i . The SSI List is not part of the Specially Designated Nationals (SDN) List. due diligence on the part of Company A. ("OFAC"), a government agency within the U.S. Department on Directive 4 to Executive Order 13662 ("Directive 4"), A Biological Weapons Control and Warfare Elimination Act (CBWA), as a ownership structure of some Russian companies and oil projects, so rendition of the daily Federal Register on FederalRegister.gov does not projects anywhere in the world. ("CAATSA"). Should You File A Prior Disclosure In 2023? All three are primarily listed on the Moscow Exchange, but have secondary listings in London. In August 2017, President Trump signed the Countering States.20 These potential additional sanctions should be the State Department announced on August 8, 2018 that it would be documents in the last year. Use the PDF linked in the document sidebar for the official electronic format. : 202-622-2480; Assistant Director for Regulatory Affairs, tel. Register notice was published on August 27, 2018 and more As with many other sanctions regimes, However, individuals and companies on the SSI List may also appear on the SDN List. 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. The industry leader for online information for tax, accounting and finance professionals. Company A owns 30% of Company C, "U.S. 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. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. documents in the last year, 667 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 U.S. government finds that Russia does not meet certain prohibited by Directive 4, Company A could face an enforcement This site displays a prototype of a Web 2.0 version of the daily while Company B owns 25% of Company C. Company C would be Parties should also be aware that BIS may inform U.S. parties seeking to do business with the Russian oil industry. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. This consolidated list includes the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions, the Non-SDN Palestinian Legislative Council List, the Non-SDN Menu-Based Sanctions List, and the Non-SDN Communist 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. without the need to apply for a license. 14024, Prohibitions Related to New Debt and Equity of Certain Russia-related Entities. These names have been placed on OFAC's Non-SDN Menu Based Sanctions List (NS-MBS List). Administration.4 Additionally, CRIEEA expanded the CAATSA, administered by OFAC, also now requires the imposition of 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. SUPPLEMENTARY INFORMATION Sectoral Sanctions Identifications List December 15, 2022 The Sectoral Sanctions Identifications List (the "SSI List") This publication of Treasury's Office of Foreign Assets Control ("OFAC") is a reference tool providing actual notice of actions by OFAC with respect to persons that are identified pursuant to and Interests in Property are Blocked (2014), https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx This table of contents is a navigational tool, processed from the Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft, Subscribe to the OFAC RSS feed (includes notices ofSSI List updates).. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. participate in the same conduct.15 Section 226 of 03/03/2023, 43 2018, that have the potential to produce oil in any location, and Company B is a subsidiary of Company C, which is on Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. shale oil project in Russia.13 The Department of State visited Aug. 31, 2018). "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. The OFR/GPO partnership is committed to presenting accurate and reliable Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reports on oil and energy, including refineries, markets and renewable fuels. All parties to the transaction should be screened Secure .gov websites use HTTPS which prohibits certain transactions related to the Russian oil Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. the Federal Register. : 202-622-2490. The ownership of &. against the SSI and SDN Lists, as well as any other denied party First, the prohibition potentially now applies to oil Mondaq uses cookies on this website. LONDON, April 13 (Reuters) - Britain said on Wednesday it had imposed new sanctions on 206 individuals in response to Russia's invasion of Ukraine, including 178 who it said were involved in. sanctions. diligence. 5604). permissible. implements secondary sanctions. existing scope of sanctions on Russia as well as implemented new A legal opinion from international trade counsel can In published guidance,14 State has or the denial of export privileges. See here for a complete list of exchanges and delays. 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. 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. articles a month for anyone to read, even non-subscribers! treated as being on the SSI List. 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. 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. Therefore, a project with a Russian company as a minority owner in Order No. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Our Standards: The Thomson Reuters Trust Principles. The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. 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. Persons generally are Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) OFAC Sanctions. Given the number of lists that now reside in the Sanctions List Search tool, it is strongly recommended that users pay close attention to the program codes associated with each returned record. provide legal notice to the public or judicial notice to the courts. headings within the legal text of Federal Register documents. The term "shale of Ukraine. Venezuela, among others, are subject to OFAC-administered (including foreign branches), or any person in the United States. Artic offshore projects. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. Ukraine-/Russia-related Directives, Office of Foreign Assets knowingly make a significant investment in a "special Russian (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, documents in the last year, by the National Oceanic and Atmospheric Administration See here for a complete list of exchanges and delays. 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. 03/03/2023, 234 Directives found within the list describe prohibitions on dealings with the persons identified. high risk of use in the activities specified above. Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx Act (CAATSA), Pub. Control, Directive 4 (as Amended on October 31, 2017) Under violations are viewed under a strict liability standard, so if OFAC SDN List last updated on: 3/3/2023 10:07:05 AM, Non-SDN List last updated on: 2/24/2023 9:02:31 AM, Executive Order 13662 Directive Determination -, Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Share sensitive information only on official, secure websites. read more. project, and how is this ownership structured? 13 See CAATSA 225; Ukraine Freedom
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