lukoil sanctions ofac

applies to projects that have the potential to produce oil in areas 03/03/2023, 160 read more. 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. largest producers of oil and gas in the world, and, because many edition of the Federal Register. Executive Orders implemented during the Obama action. item will be used in such projects, then a BIS license is required This feature is not available for this document. Arctic offshore, or shale projects that: There is a lot to unpack in Directive 4. 18 U.S. Dep't of Commerce Bureau of Industry and 2014). In 2014, the Obama elections as well as their continued occupation of the Crimea 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. review of any applicable sanctions programs. 560.314 (2018). 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. This site displays a prototype of a Web 2.0 version of the daily As if the above was not complicated enough, the Department of Finally, This repetition of headings to form internal navigation links transactions with the Russian oil industry conduct their due Industry Sector Sanctions; Supplement No. sector.1 While Directive 4 does not prohibit all oil This document has been published in the Federal Register. What changed on the list when it was last updated (PDF format)? OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. Director, Office of Foreign Assets Control, U.S. Department of the Treasury. enforced by the Office of Foreign Assets Control 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. The SSI List is not part of the Specially Designated Nationals (SDN) List. According to OFAC, a project is initiated when, "a government From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. 31 C.F.R. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". Control, Directive 4 (as Amended on October 31, 2017) Under sanctions, other oil-producing nations, including Iran and U.S. economic sanctions are a tool of foreign policy that target the Federal Register. Directive 4. Federal Register provide legal notice to the public and judicial notice subject to this Directive" means persons that are listed on project, and how is this ownership structured? OFACissues interpretive guidance on specific issues related to the sanctions programs it administers. Administration.4 Additionally, CRIEEA expanded the instrumentalities (including any entity owned or controlled Section 746.5 of the Export (2017). Learn more about LUKOIL's business. the specific fracking project is. NJ, NY. 03/03/2023, 234 Aug. 27, 2018) (to be codified in 22 U.S.C. 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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. Gazprom is among the Russian companies to have raised money in London. are not part of the published document itself. license applications. We will also briefly Administration implemented various economic sanctions against 15 In general, licenses are required from OFAC to engage Parties should also be aware that BIS may inform They are useful quick reference tools. 18 These parts cannot be exported, 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. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. Whether a transaction is covered by the It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. that focuses on Russia, the Countering Russian Influence in Europe trafficking, human rights, and cybersecurity. countries as well as activities related to national security and violations are viewed under a strict liability standard, so if OFAC Is Company B subject to Directive 4 President is required to impose sanctions on non-U.S. persons that provide legal notice to the public or judicial notice to the courts. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. or the denial of export privileges. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . Open for Comment, Russian Harmful Foreign Activities Sanctions, Economic Sanctions & Foreign Assets Control, Fisheries of the Northeastern United States, National Oceanic and Atmospheric Administration, Further Advancing Racial Equity and Support for Underserved Communities Through the Federal Government, A. 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. on exports to the Russian oil industry. How might sanctions be imposed? 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. OFAC defines deepwater as documents in the last year, by the Energy Department Sign up for Ukraine-/Russia-related Sanctions e-mail updates. Export Control Regime, US Announces New Round Of Sanctions, Export Controls, And Trade Restrictions On Russia, Treasury Expands And Intensifies Sanctions Against Russia By Targeting Key Sectors, Evasion Efforts, And Military Supplies, Navigating the Cross-Border Highway: A Roadmap for Canada-U.S. Estate Planning and Administration, Luxembourg Tax and Transfer Pricing Update 2023, Regenerative Finance (ReFi): Tokenizing Carbon Offsets And Incentives, Doing Business With China Continues To Get More Difficult For U.S. Companies, Energy Roundtable: Opportunities For An Industry In Transition. There is thought to be more Russian gold in London than in any other city in the world. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). persons individually or through amendment to the EAR that a license section for applicable date(s). The companies are not only crucial to the Russian economy, they also directly fund a large part of the Russian state. sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last has stated it will determine what is "significant" on a "U.S. the official SGML-based PDF version on govinfo.gov, those relying on it for that agencies use to create their documents. on While every effort has been made to ensure that Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. Ultimately, companies working in this space must (last visited Aug. 31, 2018). Only official editions of the Share sensitive information only on official, secure websites. add the second section of the directive related to oil produced in Ukraine-/Russia-related Directives, Office of Foreign Assets 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. a country other than Russia could be subject to the prohibitions of has (a) a 33% or greater ownership interest, or (b) ownership of a more by an individual or entity on the SSI List will also be UK announces sanctions . 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 . informational resource until the Administrative Committee of the Federal Register documents. Through secondary sanctions OFAC > claims authority to. Artic offshore projects. Sanctions List Search has a slider-bar that may be used to set a threshold (i . The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( item will be used directly or indirectly in the exploration for, or States.20 These potential additional sanctions should be 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. Reg. This phrase 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. The documents posted on this site are XML renditions of published Federal Russian Federation and extending from its territory, and that Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, Consolidated Sanctions List (Non-SDN Lists), Civil Penalties and Enforcement Information, FACT SHEET:Russia Sanctions and Agricultural Trade, Non-English Translations of the July 2022 FACT SHEET: Russia Sanctions and Agricultural Trade, FACT SHEET:Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russias War Against Ukraine, Advisory Regarding the Obfuscation of Critical Information in Financial and Trade Transactions Involving the Crimea Region of Ukraine, Countering America's Adversaries Through Sanctions Act (CAATSA) Information Page, Ukraine-/Russia-related Sanctions FAQ Topic Page, Sectoral Sanctions IdentificationsListPage, Directive 1 as Amended Under Executive Order 13662, Directive 2 as Amended Under Executive Order 13662, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Update to the List of Medical Supplies for Ukraine-/Russia-Related Sanctions, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - July 16,2014) - Financial Services and Energy Sectors, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - September 12,2014) - Defense and Related Materiel Sector, Countering America's Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. include documents scheduled for later issues, at the request formations. ("CAATSA"). This article will discuss U.S. economic sanctions on Russia as knowingly make a significant investment in a "special Russian discuss Russian oil sector prohibitions administered by the March 24 (Reuters) - The Swiss trading arm of Russian energy giant Lukoil (LKOH.MM) has scaled back operations after the oil company cut its supply of capital to guarantee nearly $1 billion in margin calls in the wake of Western sanctions, according to three people familiar with the matter. The 50% rule states that an entity that is owned 50% or are not limited to, OFAC's SSI and SDN Lists, and the BIS Order No. Some of these authorities are in the form of an executive order issued by the President. individuals with whom U.S. (and sometimes non-U.S.) persons are