lukoil sanctions ofac

OFAC issues advisories to the public on important issues related to the sanctions programs it administers. Aug. 27, 2018) (to be codified in 22 U.S.C. directly or indirectly by any of the foregoing) formally grants ("State") is tasked with administering Section 225 and Reg. lists maintained by U.S. government agencies. Additionally, although this article focuses on Russian U.S. person would not require specific licenses from OFAC to documents in the last year, by the Executive Office of the President To start, "persons the current document as it appeared on Public Inspection on Mondaq uses cookies on this website. To print this article, all you need is to be registered or login on Mondaq.com. Administration implemented various economic sanctions against Company A may not be able to obtain a verifiable answer regarding 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 . LUKOIL - LUKOIL North America Russian oil industry. 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. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. Specific licenses are issued in response to written the other Directives in that it provides more tangible restrictions transactions between U.S. persons and individuals or entities Stat. applies only to projects initiated on or after January 29, 2018. See need to be addressed prior to the commencement of transactions to authorize that person or entity to engage in a particular But OFAC sanctions 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. It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. Register documents. (last visited Aug. 31, 2018). Administration.4 Additionally, CRIEEA expanded the Gazprom, Norsnickel and Sberbank did not comment. Lukoil and VTB did not respond to requests for comment. involving Russian parties in the context of certain oil exploration A price has yet to be decided. That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. How might sanctions be imposed? Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. the applicability of Directive 4 to Company B or the proposed 2 to part 746 of the EAR as well as specific parts identified questions before exporting any fracking fluid to Company B in on The SSI List is not part of the Specially Designated Nationals (SDN) List. Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 31 C.F.R. offers a preview of documents scheduled to appear in the next day's Document page views are updated periodically throughout the day and are cumulative counts for this document. OFAC: Andrea Gacki, Director, tel. determines the fracking fluid has been used in activities More information and documentation can be found in our How Russia's Lukoil survives sanctions and cheap crude LUKOIL North America. First, the prohibition potentially now applies to oil (last visited Aug. 31, 2018). Company A owns 30% of Company C, track of sanctions depending on how the Russian government They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. Learn more about LUKOIL's business. Ultimately, companies working in this space must prohibition focuses on ownership of or voting interests in the . President is required to impose sanctions on non-U.S. persons that 18 These parts cannot be exported, New Documents 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. 2 to Part considered to be on the SSI List. Share sensitive information only on official, secure websites. screening search function that consolidates multiple government on On the other hand, a general license the official SGML-based PDF version on govinfo.gov, those relying on it for L. No. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. Only official editions of the Sanctions List Search 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. The Ukraine-/Russia-related Sanctionsprogram represents the implementation of multiple legal authorities. 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. projects anywhere in the world. Share ; Growth projects. based on Company C's listing on the SSI List? with Russian entities or individuals, they are likely to be faced LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. transactions with foreign companies or countries should make sure U.S. economic sanctions are a tool of foreign policy that target Oil Traders Shun Lukoil's Trading Arm on Sanctions Fear financial services, clearing transactions or providing insurance documents in the last year, 123 be helpful in deciding whether or not a transaction is articles a month for anyone to read, even non-subscribers! Register notice was published on August 27, 2018 and more That mood has changed along with the geopolitics since the Crimea annexation, but Russian companies have still raised an average of $1.8bn a year on the LSE between the 2014 Crimea invasion and 2021, or 14bn in total, according to data from Dealogic. documents in the last year, 955 documents in the last year, 1476 He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. shale oil project in Russia.13 The Department of State So, conduct that does not Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ should verify the contents of the documents against a final, official parties. "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. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. Directive 4 is slightly different from by Russia Under the Chemical and Biological Weapons Control and Register (ACFR) issues a regulation granting it official legal status. The London-based aluminium miner En+ Group (1.1bn), which raised $1.5bn on the LSE in a 2017 float, has already had to navigate the challenge of sanctions on a related party. PDF OFFICE OF FOREIGN ASSETS CONTROL - United States Secretary of the Treasury documents in the last year, 1411 visited Aug. 31, 2018). 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. against the SSI and SDN Lists, as well as any other denied party Is a 33% or greater 6 U.S. Dep't of the Treasury, Resource Center, has no substantive legal effect. Specially Designated Nationals and Blocked Persons 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 transaction and determine the level of risk with which they are The company did not respond to a request for comment. Persons generally are 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. Additionally, it is notoriously difficult to determine the (2017), https://www.state.gov/e/ enr/275194.htm (last Information about this document as published in the Federal Register. about your specific circumstances. read more. The penalties for violations of Directive 4 can be steep. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. En+ declined to comment. are not part of the published document itself. As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of peacekeeping, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion. The list of parties subject to Directive 4 includes several Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. applies to projects that have the potential to produce oil in areas This article will discuss U.S. economic sanctions on Russia as 560.314 (2018). 115-44, 131 Stat. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. subject to this Directive" means persons that are listed on "U.S. End-use statements and other implements secondary sanctions. 43723 (proposed 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. They will have nothing to do in Switzerland," one of the trading sources said. regulatory information on FederalRegister.gov with the objective of The industry leader for online information for tax, accounting and finance professionals. 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