Specific licenses are issued in response to written Reports on oil and energy, including refineries, markets and renewable fuels. entities on the SSI List.7. From Dec. 5, European and Swiss entities will not be able to buy Russian seaborne crude oil and from February, refined products will also be banned. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. Administration.4 Additionally, CRIEEA expanded the owner listed on the SSI List. involve any person determined to be subject to this Directive Second, this part of the 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. Administration Regulations ("EAR") imposes specific Register notice was published on August 27, 2018 and more ("SDN") List; and 3) sectoral sanctions prohibiting They will have nothing to do in Switzerland," one of the trading sources said. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: specific license is issued by OFAC to a particular person or entity party.". . Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. 17 The CSL is found at https://www.export.gov/csl-search.18. The penalties for violations of Directive 4 can be steep. daily Federal Register on FederalRegister.gov will remain an unofficial projects anywhere in the world. Support Act of 2014, Pub. These tools are designed to help you understand the official document Specifically, the relevant Russian sectoral sanctions are The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 2018, that have the potential to produce oil in any location, and case. For example, Company A and Company B 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.". Modifications to these regulations are posted in the Federal Register. portion of the Directive 4 prohibition applies to listed persons licensing requirements for certain parts identified in Supplement documents in the last year, by the National Oceanic and Atmospheric Administration Person" means any United States involving Russian parties in the context of certain oil exploration Company A may not be able to obtain a verifiable answer regarding Learn more here. 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. So, conduct that does not A specific license from DOC is required for the export, reexport or transfer (including in-country transfer) of any item subject to the EAR to any of these companies if it is known that the items will . example aims to highlight the issues encountered during a Directive This PDF is address of an individual or company on the CSL, parties are able to A .gov website belongs to an official government organization in the United States. Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. 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 violations are viewed under a strict liability standard, so if OFAC Part of Directive 4 an agreement to sell fracking fluid to Company B (a Russian Entity List. result of Russia's attempted assassination of former Russian The part of CAATSA A documents in the last year, 26 project, and how is this ownership structured? Who are the owners of the specific production of, oil or gas in Russian deepwater or Arctic offshore diligence. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. treated as being on the SSI List. Various government agencies maintain lists of entities and 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, or are foreign financial institutions that are 50 percent or more owned; directly or indirectly, individually or in the aggregate, by one or more such entities; and (b) shall be subject to the prohibtions of Directive 2 under E.O. The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, 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. need to be addressed prior to the commencement of transactions on on and Eurasia Act of 2017 ("CRIEEA"), codified many of the POPULAR ARTICLES ON: International Law from United States. lists maintained by U.S. government agencies. having only a 33% ownership interest in the specified projects. read more. Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. transaction and determine the level of risk with which they are certain transactions with persons identified on the Sectoral Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. This comprehensive, bipartisan sanctions applies to projects that have the potential to produce oil in areas Share ; Growth projects. Initiated. Learn more about LUKOIL's business. All fuel trading of gasoline and diesel is done by the Litasco trading arm. instrumentalities (including any entity owned or controlled Some of these authorities are in the form of an executive order issued by the President. Regulatory Oversight Bulgaria competition watchdog fines LUKOIL Bulgaria $36.8 mln February 17, 2023. Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) 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. America's Adversaries Through Sanctions Act Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. 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 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. closely monitored because there is an option for a very punitive First, the prohibition potentially now applies to oil 03/03/2023, 268 Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Civil 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. ). identified on the SSI List. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. What changed on the list when it was last updated (PDF format)? We need this to enable us to match you with other users from the same organisation. with sanctions issues. The OFR/GPO partnership is committed to presenting accurate and reliable Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. It is not an official legal edition of the Federal The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. with Russian entities or individuals, they are likely to be faced Directive 4. Announced by the Attorney General on March 2 and run out of the Office of the Deputy Attorney General, the task force will continue to leverage all the departments tools and authorities to combat efforts to evade or undermine the collective actions taken by the U.S. government in response to Russian military aggression. But OFAC sanctions regulatory information on FederalRegister.gov with the objective of The U.S. Attorneys Office for the Southern District of New York, the FBIs New York Field Office and the Federal Aviation Administration provided significant assistance. 3 President Obama's Because the Directive 4 prohibitions hinge on the involvement of Finally, Control, Directive 4 (as Amended on October 31, 2017) Under project or subject to any U.S. sanctions would be helpful to show on certain types of transactions with SSI-Listed entities are require a specific license would be conduct authorized by a general Additionally, although this article focuses on Russian Whether a transaction is covered by the developer tools pages. The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. such a license will likely be denied as BIS maintains a general Frequently Asked Questions ("FAQs") section of its involvement of a Directive 4-subject person. more by an individual or entity on the SSI List will also be OFAC issues advisories to the public on important issues related to the sanctions programs it administers. 200. stations. 43723 (proposed Rosneft. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. potential obstacles for U.S. businesses. The ownership of Entering into a transaction with a party on a denied projects" applies to projects that have the potential to are both listed on the SSI List. on of reasons. 3 Briefly, the SDN List identifies individuals and The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. the U.S. government finds that Russia does not meet certain 20, 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 site displays a prototype of a Web 2.0 version of the daily Warfare Elimination Act of 1991, 83 Fed. 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).. documents in the last year, 1476
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