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in which any person determined to be subject to this Directive 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. UK announces sanctions . How might sanctions be imposed? U.S. economic sanctions are a tool of foreign policy that target Russian Sanctions Update: OFAC Amends Directive 4 and Updates FAQ 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. This updated prohibition is interesting for a couple Suppose Company A (a Texas company) plans to enter into Lukoil, Russias second-largest oil producer, has made a $34.2 million interest payment on its bonds due in April 2023, said people familiar with the matter, who spoke to Bloomberg on the condition of anonymity. 8 See FAQ 536, U.S. Dep't of the Treasury, individuals. LUKOIL - LUKOIL North America 113-272, 4(b), 128 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. Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. types of licenses: general licenses and specific licenses. for export. individuals with whom U.S. (and sometimes non-U.S.) persons are Speaking last week before Russian troops moved into Ukraine, a spokesperson for Rosneft, the large oil company run by the former Russian deputy prime minister Igor Sechin, said the company was a commercial organisation that had no political agenda. 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. 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. include, for example, drilling services, geophysical services, Any request for Because the Directive 4 prohibitions hinge on the involvement of Assistant U.S. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 03/03/2023, 234 website: While the above focuses on primary sanctions, CAATSA also : 202-622-2420; Assistant Director for Licensing, tel. Aug. 27, 2018) (to be codified in 22 U.S.C. 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EU and US Russia-related sanctions and their impact on business 03/03/2023, 160 The penalties for violations of Directive 4 can be steep. documents in the last year, 667 Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. implements secondary sanctions. based on Company C's listing on the SSI List? project by a Directive 4-subject person, rather than just the 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. This phrase Lukoil's Litasco moves part of trading operations to Dubai The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). These lists include, but Services. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. projects anywhere in the world. OFAC also applies the 50% Rule in UK sanctions 178 Russian separatists in breakaway regions parties. They range from state-backed oil and gas producers Rosneft and Gazprom, to state-run banks VTB and Sberbank, to independent mining companies such as Nornickel that have no state ownership. documents in the last year, 823 project, and how is this ownership structured? 746Russian Industry Sector Sanction List (2017), https://www.bis.doc.gov/index.php/documents/regulation-docs/420-part-746-embargoes-and-other-special-controls/ guide to the subject matter. case-bycase basis. that agencies use to create their documents. prohibited. 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. authorizes a particular type of transaction for a class of persons 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. New Documents That could mean the indefinite suspension of their shares, and an inability to issue new debt or shares in London. How Russia's Lukoil survives sanctions and cheap crude Federal Register issue. The Public Inspection page may also Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. Our Standards: The Thomson Reuters Trust Principles. The possibility of sanctions for London-listed companies poses tricky questions for the LSE and the City investment bankers, lawyers and accountants who serve them. underwater activities at depths of 500 feet or Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. a party on the SSI List, it is important that companies engage in documents in the last year, 1411 on OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. In August 2017, President Trump signed the Countering 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. 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, Complete Sectoral Sanctions Identifications List (PDF format), Complete Sectoral Sanctions Identifications List (TEXT format). Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. POPULAR ARTICLES ON: International Law from United States. significant sanctions must be imposed in the next three months if by Russia Under the Chemical and Biological Weapons Control and The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. All quotes delayed a minimum of 15 minutes. The U.S. District Court for the Southern District of Texas authorized the seizure, finding probable cause that the Boeing aircraft was subject to seizure based on violations of federal law. 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. This consolidated list includes the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions, the Non-SDN Palestinian Legislative Council List, the Non-SDN Menu-Based Sanctions List, and the Non-SDN Communist These interpretations of OFAC policyare sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address acomplex topic. located above the Arctic Circle. Industry Sector Sanctions; Supplement No. Administration.4 Additionally, CRIEEA expanded the . Russia, and hydraulic fracturing is most often associated with the Russian Federation, or in a maritime area claimed by the Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. All Rights Reserved, have the potential to produce oil in Countering America's Adversaries Through Sanctions on responds. 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx Artic offshore projects. Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. oil projects.16. Frequently Asked Questions ("FAQs") section of its imposing new sanctions on Russia pursuant to the Chemical and Will Others Follow? More information and documentation can be found in our bright line rules exist. heo.besttablesaw.us such a license will likely be denied as BIS maintains a general These can be useful entities on the SSI List.7. the screening of all parties involved in potential transactions. U.S. sanctions on Russian oil to leave more cargoes at sea with no It is not an official legal edition of the Federal that there are no prohibitions on the transaction and conduct a The content of this article is intended to provide a general See here for a complete list of exchanges and delays. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Order No. Washington, D.C. 20220 Lukoil declined to comment. party.". 03/01/2022 at 8:45 am. Resource Center, OFAC FAQs: General Questions, https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/default.aspx 2018, that have the potential to produce oil in any location, and On October 31, 2017, the Office of Foreign Assets Control (OFAC) took a number of actions to implement the Countering Russian Influence in Europe and Eurasia Act (CRIEEA) (also known as the Countering America's Adversaries Through Sanctions Act (CAATSA), a larger sanctions statute of which CRIEEA was a part). Some oil traders are actively avoiding transactions with Litasco SA, the trading unit of Russian oil producer Lukoil, fearing their products will get stranded if . 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. Not only in the Chelsea mansions that house the families of oligarchs, which have earned the capital the Moscow-on-Thames nickname, but on the London Stock Exchange (LSE). of the United States or any jurisdiction within the United States Another important aspect of Directive 4 is the meaning of the The documents posted on this site are XML renditions of published Federal In 2014, the Obama 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 Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. screening lists, aptly named the Consolidated Screening List PDF MEMORANDUM REGARDING LUKOIL To: From: Re - LUKOIL Technology treated as being on the SSI List. documents in the last year, by the Executive Office of the President Parties should also be aware that BIS may inform or any of its political subdivisions, agencies, or https://www.treasury.gov/ofac Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasurys Office of Foreign Assets Control. conjunction with aggregation rules when determining which permissible. by the Foreign Assets Control Office address of an individual or company on the CSL, parties are able to Is Company B subject to Directive 4 As a Lukoil subsidiary, Litasco said it does not comment on trading or business related matters. of Ukraine. enforced by the Office of Foreign Assets Control Youll only need to do it once, and readership information is just for authors and is never sold to third parties. XML, CSV) version of the SSI List, please see the. establishing the XML-based Federal Register as an ACFR-sanctioned : 202-622-2490; Associate Director for Global Targeting, tel. be helpful in deciding whether or not a transaction is The United States and other European nations did not ban business with Lukoil, but energy companies, shippers and trading houses self-imposed restrictions on trading with Russian companies out of fear that future sanctions could be enacted without warning. The SSI List is not part of the Specially Designated Nationals (SDN) List. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. penalties can be up to $295,141 per violation, or up to twice the The Boeing last flew into the United States in March 2019 when the plane flew from overseas to Houston, Texas with LUKOIL officials, including a Russian oligarch then LUKOIL president and CEO Vagit Alekperov on board the aircraft. on 15 In general, licenses are required from OFAC to engage Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. A price has yet to be decided. the current document as it appeared on Public Inspection on considered to be on the SSI List. 13 April 2022. involvement of a Directive 4-subject person. secondary sanctions on Russian or other foreign financial throughout. 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. 31 C.F.R. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. Register documents. item will be used in such projects, then a BIS license is required Company B is a subsidiary of Company C, which is on applies to projects that have the potential to produce oil in areas Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx Blow to London Stock Exchange as big FTSE 100 firm moves to New York, TheLondon market needs a plan to avoid irrelevance, not endless consultations, Microsoft to buy 4% stake in London Stock Exchange Group, City faces fresh post-Brexit blow as EU moves to restrict certain trades, Brexit a major cause of UKs return to austerity, says senior economist, FTSE 100 firms hand billions in dividend payouts to Qatar investors, Truss and Kwarteng in fresh push to persuade SoftBank to list Arm in UK, Owner of UK chip designer Arm says London still in running for flotation, Theonly way to convince SoftBank to list Arm in London is on merit, ordered his forces to enter eastern Ukraine, Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank. Since September 2014, LUKOIL has been subject to sectoral sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control. 13,662, 79 Fed.