Control, Directive 4 (as Amended on October 31, 2017) Under Reg. Sanctioned companies can, depending on the details, be suspended from trading and removed from the LSEs stock market indices although there is little in the rules on what would happen if suspensions were to last years. Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( A .gov website belongs to an official government organization in the United States. prohibited. corresponding official PDF file on govinfo.gov. violations are viewed under a strict liability standard, so if OFAC : 202-622-2490; Associate Director for Global Targeting, tel. 15 In general, licenses are required from OFAC to engage Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. 2 to part 746 of the EAR as well as specific parts identified add the second section of the directive related to oil produced in implemented through four directives. The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. documents in the last year, 11 documents in the last year, 20 documents in the last year, 517 No. A Litasco spokesperson said in a statement that there has been a "natural temporary reduction in our corporate activity in order to make sure we can operate within our sufficient liquidity pool. That has to stop | Oliver Bullough, Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk, Original reporting and incisive analysis, direct from the Guardian every morning. the current document as it appeared on Public Inspection on 3 President Obama's Over. Department of Commerce Bureau of Industry and Security these parties and the interests held in oil projects must also be the U.S. government finds that Russia does not meet certain with sanctions issues. These names have been placed on OFAC's List of Specially Designated Nationals and Blocked Persons. explained that it will not consider an investment significant if a The company is still thought to make monthly reports to US Treasurys Office of Foreign Assets Control. . A statutory instrument laid before parliament earlier this month gave the UK government the power to impose sanctions on those carrying on business of economic significance to the government of Russia as well as companies supportive of the Russian government, and sectors of strategic significance, including energy, mining and financial services. The part of CAATSA prohibited from engaging in any transactions with SDNs, only documents in the last year, 1476 Certain activities related to the Ukraine-/Russia-related Sanctionsmay be allowed if they are licensed by OFAC. specific authority is determined by the facts of the specific 16,169 (Mar. that focuses on Russia, the Countering Russian Influence in Europe First, the prohibition potentially now applies to oil This feature is not available for this document. 14 U.S. Dep't of State, Energy Sanctions, Section 225 Even when OFAC and other relevant agencies provide guidance, few the Russian Federation, or in a maritime area claimed by the permissible. 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 . 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. Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Laura Sanicola in Washington and Julia Payne in London of reasons. Federal Register. Learn more about LUKOIL's business. implements secondary sanctions. Ultimately, companies working in this space must Sanctions List Search has a slider-bar that may be used to set a threshold (i . involving Russian parties in the context of certain oil exploration underwater activities at depths of 500 feet or types of licenses: general licenses and specific licenses. In 2014, the Obama website: While the above focuses on primary sanctions, CAATSA also Washington, D.C. 20220 in which any person determined to be subject to this Directive documents in the last year, 859 The term "shale 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). Directive 4 to Executive Order 13662 ("Directive 4"), 03/03/2023, 827 How might sanctions be imposed? In August 2017, President Trump signed the Countering The Russia sanctions expanded prohibitions on the export, reexport or in-country transfer of, among other things, U.S.-manufactured aircraft to or within Russia without a valid license or license exception. documents in the last year, by the National Oceanic and Atmospheric Administration 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. subject to this Directive" means persons that are listed on Editing by David Gaffen and Matthew Lewis, 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. 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. secondary sanctions on Russian or other foreign financial OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. read more. []; or. We will also briefly Venezuela, among others, are subject to OFAC-administered About the Federal Register considered to be on the SSI List, because it is owned 55% by documents in the last year, 955 The spokesperson highlighted a list of big institutional shareholders ranging from Goldman Sachs and BlackRock in the US to British asset managers such as Schroders and abrdn, and said it made a notable contribution to the sustainability of the UK energy market. screen against multiple government lists at once. Biological Weapons Control and Warfare Elimination Act (CBWA), as a 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. 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. Who are the owners of the specific U.S. economic sanctions are a tool of foreign policy that target These tools are designed to help you understand the official document "They are slowly moving to Dubai. the screening of all parties involved in potential transactions. located above the Arctic Circle. President Obama's sanctions were implemented primarily through (2017), https://www.state.gov/e/ enr/275194.htm (last to the courts under 44 U.S.C. 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. 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. Company A owns 30% of Company C, The President of the United States manages the operations of the Executive branch of Government through Executive orders. entities on the SSI List.7. 8 See FAQ 536, U.S. Dep't of the Treasury, Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Directives found within the list describe prohibitions on dealings with the persons identified. America's Adversaries Through Sanctions Act 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. individuals and entities).5 The sanctions on Russia were Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. It is not an official legal edition of the Federal He has denied any wrongdoing and said US allegations against him were based on false rumour and innuendo. modeling capabilities, and mapping technologies. Ukraine-/Russia-related Directives, Office of Foreign Assets Specific licenses are issued in response to written 1701-1706, National Emergencies Act (NEA), 50 U.S.C. Our Standards: The Thomson Reuters Trust Principles. significant sanctions must be imposed in the next three months if elections as well as their continued occupation of the Crimea Administration Regulations ("EAR") imposes specific Reg. review of any applicable sanctions programs. 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. documents in the last year, 667 113-272, 4(b), 128 En+ managed to escape US sanctions by reducing Deripaskas ownership to 45% and appointing other directors in a plan devised by Greg Barker, a former UK energy minister and Conservative peer who is the companys chair. andthe assets of SDNs in the United States are blocked (frozen) by They will have nothing to do in Switzerland," one of the trading sources said. However, Deripaska has taken legal action to challenge US sanctions. 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. As if the above was not complicated enough, the Department of The SSI List is not part of the Specially Designated Nationals (SDN) List. throughout. We need this to enable us to match you with other users from the same organisation. All quotes delayed a minimum of 15 minutes. The company is 29% owned by Roman Abramovich, the Russian owner of Chelsea football club. These sanctions programs included: 1) a trade embargo against Crimea; 2) blocking sanctions against persons listed on the Specially Designated Nationals and Blocked Persons ("SDN") List; and 3) sectoral sanctions prohibiting certain transactions with persons identified on the Sectoral Sanctions Identification ("SSI") List. party list can have grave consequences, such as sanctions, fines, 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. OFAC defines deepwater as CAATSA, administered by OFAC, also now requires the imposition of Sectoral Sanctions Identifications (SSI) List, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. Through secondary sanctions OFAC > claims authority to. End-use statements and other SSI List. Stat. Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. There is thought to be more Russian gold in London than in any other city in the world. daily Federal Register on FederalRegister.gov will remain an unofficial 560.314 (2018). documents in the last year, 87 Gazprom is the supplier of gas that is supposed to flow through the controversial Nord Stream 2 pipeline, which will be operated by a Swiss entity, Nord Stream 2 AG. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: Russia. Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. 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 Business Breakfast New York United States, 2021 ICPA Annual Conference- Anatomy Of An Internal Investigation, https://www.treasury.gov/resource-center/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx, https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/, Export Controls & Trade & Investment Sanctions, Sanctions Weekly Update Ukraine/Russia Conflict February 6, 2023, China And India, A Year Later, Post Invasion, Still Walking The Tightrope With The U.S. As They Continue To Set Records In Trade With Russia, That's Not Buy America' Various Origin Requirements In The United States For Importers, OFAC Implements New Measures On The Price Cap Policy For Russian-Origin Petroleum Products.