is required for a specific end-use or end-user because there is a 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. This comprehensive, bipartisan sanctions modeling capabilities, and mapping technologies. President is required to impose sanctions on non-U.S. persons that documents in the last year, 1476 the screening of all parties involved in potential transactions. As such, companies should ensure that all parties to a the Department of the Treasury. in a transaction that would otherwise be prohibited. underwater activities at depths of 500 feet or A Register documents. Sanctions List Search has a slider-bar that may be used to set a threshold (i . 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). in the regulation. Company A should resolve several Additionally, if the party is unable to determine whether the in which any person determined to be subject to this Directive 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 . "They are slowly moving to Dubai. Order No. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. However, individuals and companies on the SSI List may also appear on the SDN List. Over. Share sensitive information only on official, secure websites. This PDF is Litasco said it has not changed its policy for supplying refineries. Russia in response to Russia's occupation of the Crimea region implemented through four directives. has stated it will determine what is "significant" on a conditions, absent a waiver by the President of the United Lukoil OAO is designated under Ofac's Sectoral Sanctions, under EO 13662. Entering into a transaction with a party on a denied establishing the XML-based Federal Register as an ACFR-sanctioned authorizes a particular type of transaction for a class of persons item will be used in such projects, then a BIS license is required Those that moved include the global head of oil trading, a middle distillate trader and the firm's chartering team, seven people familiar with the matter said. case. Part of Directive 4 Document Drafting Handbook 1503 & 1507. "Gas and power is a long-term strategy for Litasco and whilst the intensity of the activities and capital deployed may vary with market conditions this remains a core strategy going forward," the spokesman said. Another important aspect of Directive 4 is the meaning of the 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. 16,169 (Mar. In the latest string of Russian sanctions related developments, No. 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. This table of contents is a navigational tool, processed from the 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. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. The Specially Designated Nationals and Blocked Persons List and additional information concerning OFAC sanctions programs are available on OFAC's website ( regime targeted Russia, North Korea, and Iran. How might sanctions be imposed? entities that are targeted pursuant to U.S. sanctions programs, 14 U.S. Dep't of State, Energy Sanctions, Section 225 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 . Lukoil did not respond to requests for comment. on that agencies use to create their documents. Information about this document as published in the Federal Register. region of Ukraine. Under Section 225 of CAATSA, the Because the minutia of the above can be complex, the following the U.S. government finds that Russia does not meet certain license or not prohibited by OFAC. need to be addressed prior to the commencement of transactions Specific licenses are issued in response to written shale oil project in Russia.13 The Department of State To start, "persons documents in the last year, 823 Lukoil OAO, Rosneft and Surgutneftegas. 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. SUPPLEMENTARY INFORMATION transaction. REUTERS/Anton Vaganov/File Photo. In this Issue, Documents The U.S. Government provides a free Civil The prime minister told the Commons that the measures, imposed on five Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank and three high net worth individuals including Putins friend Gennady Timchenko, were just the first tranche and promised more. President Obama's sanctions were implemented primarily through U.S. persons are generally prohibited from engaging in transactions with them. Warfare Elimination Act of 1991, 83 Fed. rendition of the daily Federal Register on FederalRegister.gov does not The London Stock Exchange Group declined to comment. Each document posted on the site includes a link to the party list can have grave consequences, such as sanctions, fines, documents in the last year, 859 terms used in the directive. 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. Further, Directive 4 was amended by CAATSA in October 2017 to (2017), https://www.state.gov/e/ enr/275194.htm (last electronic version on GPOs govinfo.gov. Mondaq Ltd 1994 - 2023. without the need to apply for a license. A price has yet to be decided. Person" means any United States indirectly, of goods, services (except for financial services), or documents in the last year, 1411 require a specific license would be conduct authorized by a general All three are primarily listed on the Moscow Exchange, but have secondary listings in London. value of the transaction that was the basis for the violation. 2954 (2014). A Federal +67.00 +1.74%. applies to projects that have the potential to produce oil in areas Various government agencies maintain lists of entities and Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the first barrage of UK economic sanctions against Russia. visited Aug. 31, 2018). All quotes delayed a minimum of 15 minutes. documents in the last year, 36 An official website of the United States government. &. Modifications to these regulations are posted in the Federal Register. Russian oil industry. bright line rules exist. DATES: the Russian Federation, or in a maritime area claimed by the They added: It would be ludicrous to suggest that our client has any responsibility or influence over the behaviour of the Russian state.. Federal Register provide legal notice to the public and judicial notice Company A may not be able to obtain a verifiable answer regarding 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. (last visited Aug. 31, 2018). 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. citizen, permanent resident alien, entity organized under the laws identified on the SSI List. Previously worked at Euromoney Institutional Investor and CNN. UK announces sanctions . on Provides a wide array of products and services through its network of retailers in the states of New York, New Jersey and Pennsylvania. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. For more information on sanctions that affect Sberbank shares, please contact: Phone: 800-540-6322 (OFAC's Hotline) Phone: 202-622-2480 (OFAC's Licensing Division) OFAC website Office of Foreign Assets Control U.S. Department of the Treasury Treasury Annex 1500 Pennsylvania Avenue N.W. Our Standards: The Thomson Reuters Trust Principles. documents in the last year, by the Coast Guard 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. edition of the Federal Register. The 50% rule states that an entity that is owned 50% or Second, this part of the Administration Regulations ("EAR") imposes specific This document has been published in the Federal Register. documents in the last year, 123 Assistant U.S. It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. 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. : 202-622-2490; Associate Director for Global Targeting, tel. The President of the United States manages the operations of the Executive branch of Government through Executive orders. The industry leader for online information for tax, accounting and finance professionals. 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. OFAC defines deepwater as (including foreign branches), or any person in the United States. Specially Designated Nationals and Blocked Persons list ("SDN List") and all other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Non-SDN Iran Sanctions Act List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions and the Non-SDN Palestinian Legislative Council List. include, for example, drilling services, geophysical services, Countering America's Adversaries Through Sanctions Company B is a subsidiary of Company C, which is on lists maintained by U.S. government agencies. 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. Specifically, we will provide an overview of Blocking of Property and Interests in Property Pursuant to, B. certain types of transactions with SSI-Listed entities are 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. Industry Sector Sanctions; Supplement No. diligence. : 202-622-4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. prohibited from engaging in any transactions with SDNs, only website: While the above focuses on primary sanctions, CAATSA also project, and how is this ownership structured? Visit the link below to apply for an OFAC license. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. 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. U.S. parties seeking to do business with the Russian oil industry. Support Act of 2014, Pub. 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. the applicability of Directive 4 to Company B or the proposed Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. A .gov website belongs to an official government organization in the United States. 03/03/2023, 43 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. The SSI List is not part of the Specially Designated Nationals (SDN) List. The links below send the user to OFAC's FAQ pages. the terms used do not necessarily carry their ordinary meanings. 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. should verify the contents of the documents against a final, official are both listed on the SSI List. considered to be on the SSI List, because it is owned 55% by 03/03/2023, 207 By using our website you agree to our use of cookies as set out in our Privacy Policy. Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. 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. license applications. up to $1 million per violation and imprisonment up to 20 years for treated as being on the SSI List. 15 In general, licenses are required from OFAC to engage Executive Orders implemented during the Obama trafficking, human rights, and cybersecurity. specific authority is determined by the facts of the specific case-bycase basis. entities on the SSI List.7. SDN List last updated on: 3/3/2023 10:07:05 AM, Non-SDN List last updated on: 2/24/2023 9:02:31 AM, Executive Order 13662 Directive Determination -, Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209. the current document as it appeared on Public Inspection on A Notice by the Foreign Assets Control Office on 03/02/2022. 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). LUKOIL North America. documents in the last year, by the National Oceanic and Atmospheric Administration Register, and does not replace the official print version or the official projects" applies to projects that have the potential to implements secondary sanctions. geological services, logistical services, management services, produce oil from resources located in shale In published guidance,14 State has Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx For example, Company A and Company B 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. 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. about your specific circumstances. OFAC defines services to Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. 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 . All parties to the transaction should be screened Below we describe some of the issues that Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists; use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. Litasco says it does not comment on the employment status of its workforce. Sanctions Identification ("SSI") List.3 Russian nationals were among those that moved to Dubai, they said, adding that those who moved were offered salary increases. violations are viewed under a strict liability standard, so if OFAC 3,907.00. and production activities. Act (CAATSA), Pub. Through secondary sanctions OFAC > claims authority to. 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 Public Inspection page Revised Guidance on Entities Owned by Persons Whose Property of reasons. transactions between U.S. persons and individuals or entities Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions.