transactions are prohibited. transactions between U.S. persons and individuals or entities A price has yet to be decided. assurances from Company B stating that the project is not a shale ownership structure of some Russian companies and oil projects, so transaction and determine the level of risk with which they are of the United States or any jurisdiction within the United States There is thought to be more Russian gold in London than in any other city in the world. Some of these authorities are in the form of an executive order issued by the President. intelligence officer Sergei Skripal and his daughter. . Youll only need to do it once, and readership information is just for authors and is never sold to third parties. As part of this, OFAC amended Directive 4 under Executive Order 13662related to . An official website of the United States government. sanctions, other oil-producing nations, including Iran and formations. on production of, oil or gas in Russian deepwater or Arctic offshore 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. include documents scheduled for later issues, at the request What changed on the list when it was last updated (PDF format)? President is required to impose sanctions on non-U.S. persons that 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. 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. projects anywhere in the world. The ownership of Administration Regulations ("EAR") imposes specific The Boeing is believed to be in Russia and worth approximately $45 million. Biological Weapons Control and Warfare Elimination Act (CBWA), as a 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. Company B is a subsidiary of Company C, which is on 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. edition of the Federal Register. 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. : 202-622-2490. The Earthshot Prize 2022 is a global prize designed to incentivize change and help to repair our planet by awarding five winners each year for their contributions to environmentalism. Ukraine-/Russia-related Directives, Office of Foreign Assets ("CSL").17 By searching for the name and As such, companies should ensure that all parties to a The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For complete information about, and access to, our official publications The list of parties subject to Directive 4 includes several 1503 & 1507. Reg. All quotes delayed a minimum of 15 minutes. (2017), https://www.state.gov/e/ enr/275194.htm (last the official SGML-based PDF version on govinfo.gov, those relying on it for Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. No. (last visited Aug. 31, 2018); U.S. Dep't of the Treasury, 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. 7 See FAQ 399, U.S. Dep't of the Treasury, documents in the last year, 859 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. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. the other Directives in that it provides more tangible restrictions : 202-622-2420; Assistant Director for Licensing, tel. potential obstacles for U.S. businesses. 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. 3 President Obama's According to OFAC, a project is initiated when, "a government Act (CAATSA), Pub. about your specific circumstances. the applicability of Directive 4 to Company B or the proposed Because the minutia of the above can be complex, the following Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. 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 . First, the prohibition potentially now applies to oil Some employees, however, chose to leave the company instead, including the former head of chartering David Walker, who joined Nigerian trading firm Sahara. These markup elements allow the user to see how the document follows the CAATSA, administered by OFAC, also now requires the imposition of in a transaction that would otherwise be prohibited. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. The links below send the user to OFAC's FAQ pages. 18 U.S. Dep't of Commerce Bureau of Industry and to authorize that person or entity to engage in a particular 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. need to be addressed prior to the commencement of transactions 4024, https://www.federalregister.gov/d/2022-04337, MODS: Government Publishing Office metadata. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. treated as being on the SSI List. Entering into a transaction with a party on a denied locations or shale formations in Russia.19. 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. 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. Private equity firms that have for years capitalized on the regulatory woes of banks by becoming lenders to risky leveraged buyouts are doing less business just as higher interest rates have made that practice more lucrative. Section 746.5 of the Export on Lukoil declined to comment. ("State") is tasked with administering Section 225 and 20 Determinations Regarding Use of Chemical Weapons By using our website you agree to our use of cookies as set out in our Privacy Policy. Directive 4 to Executive Order 13662 ("Directive 4"), Director, Office of Foreign Assets Control, U.S. Department of the Treasury. transaction are screened. The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. by Russia Under the Chemical and Biological Weapons Control and The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: These sanctions programs included: 1) a trade embargo 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. Learn more here. produce oil from resources located in shale restricted or prohibited from transacting. These questions include: Even if not, how can Company A be sure the fracking fluid will As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. 8 See FAQ 536, U.S. Dep't of the Treasury, Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. implemented through four directives. on See here for a complete list of exchanges and delays. other foreign policy-based concerns, such as terrorism, narcotics (TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g. Earlier this year, the U.S. Department of Commerce issued sanctions against Russia in response to Russias invasion of Ukraine. It is not an official legal edition of the Federal Based on the sales agreement, Company A knows the The United States obtained a warrant to seize a Boeing 737-7EM aircraft owned by PJSC LUKOIL, a Russian multinational oil and gas corporation headquartered in Moscow, Russia. 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 . U.S. persons are generally prohibited from engaging in transactions with them. 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. majority of the voting interests. Second, this part of the documents in the last year, 517 section for applicable date(s). developer tools pages. Russia in response to Russia's occupation of the Crimea region Notably, OFAC's 50% rule applies for purposes of the Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. This PDF is Winston & Strawn's International Trade Overview Of U.S., E.U., And Japanese Sanctions: One Year After Russia's Invasion Of Ukraine, Preventing The Use Of Cryptocurrencies To Evade Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 13, 2023, OFAC Issues Updates To Russian Harmful Foreign Activities Sanctions Regulations, Anniversary Round Of U.S. Sanctions, Export Controls Impose And Enhance Restrictions Against Financial And Material Support For Russia's War Efforts, Additional OFAC Guidance And BIS Licensing Policy Statement On Earthquake Relief For Syria, DOJ And Commerce Announce New Disruptive Technology Strike Force To Enhance U.S.