of Ukraine. shale projects. and services, go to Below we describe some of the issues that
Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". production of, oil or gas in Russian deepwater or Arctic offshore
Various government agencies maintain lists of entities and
about your specific circumstances. that focuses on Russia, the Countering Russian Influence in Europe
To start, "persons
has (a) a 33% or greater ownership interest, or (b) ownership of a
documents in the last year, 517 value of the transaction that was the basis for the violation. visited Aug. 31, 2018). : 202-622-2490. in the regulation. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. documents in the last year, 470 Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. On the other hand, a general license
: 202-622-2480; Assistant Director for Regulatory Affairs, tel. case. Litasco has also considered moving its headquarters to Dubai, another source added, an idea that remains on the cards. It is not an official legal edition of the Federal 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. These questions include: Even if not, how can Company A be sure the fracking fluid will
A
Department of Commerce Bureau of Industry and Security
It is part-owned by Oleg Deripaska, a Russian oligarch on the US sanctions list since 2018. transaction. CAATSA, administered by OFAC, also now requires the imposition of
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Directives found within the list describe prohibitions on dealings with the persons identified. XML, CSV) version of the SSI List, please see the. closely monitored because there is an option for a very punitive
Administration implemented various economic sanctions against
Some of these authorities are in the form of an executive order issued by the President. with sanctions issues. Register notice was published on August 27, 2018 and more
Criminal, willful or knowing violations, can lead to penalties of
project by a Directive 4-subject person, rather than just the
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. investigated to determine the potential involvement of sanctioned
Frequently Asked Questions ("FAQs") section of its
Revised Guidance on Entities Owned by Persons Whose Property
Because the minutia of the above can be complex, the following
screening lists, aptly named the Consolidated Screening List
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. crude oil project," which is a deepwater, Arctic offshore, or
Further, Directive 4 was amended by CAATSA in October 2017 to
include, for example, drilling services, geophysical services,
There is thought to be more Russian gold in London than in any other city in the world. 2018, that have the potential to produce oil in any location, and
Office of Foreign Assets Control, Treasury. OFAC: Andrea Gacki, Director, tel. on So, conduct that does not
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. 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. There are two
technology in support of exploration or production for deepwater,
are not limited to, OFAC's SSI and SDN Lists, and the BIS
Mondaq uses cookies on this website. prominent Russian energy companies, such as Gazprom, Lukoil, and
sector.1 While Directive 4 does not prohibit all oil
Lukoil and VTB did not respond to requests for comment. The part of CAATSA
Biological Weapons Control and Warfare Elimination Act (CBWA), as a
Russia. 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. Should You File A Prior Disclosure In 2023? documents in the last year, 955 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 company did not respond to a request for comment. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. secondary sanctions on Russian or other foreign financial
companies involved in the petroleum industry in Texas have dealings
exploration, development, or production rights to any
prohibited from engaging in any transactions with SDNs, only
13 April 2022. Litasco, which was handling more than 3.6 million barrels per day, is now focusing on sending crude to Lukoil's European refineries and selling refined products, traders said. individuals with whom U.S. (and sometimes non-U.S.) persons are
The 50% rule states that an entity that is owned 50% or
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, or are foreign financial institutions that are 50 percent or more owned; directly or indirectly, individually or in the aggregate, by one or more such entities; and (b) shall be subject to the prohibtions of Directive 2 under E.O. edition of the Federal Register. existing scope of sanctions on Russia as well as implemented new
identified on the SSI List. violations are viewed under a strict liability standard, so if OFAC
General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. For complete information about, and access to, our official publications institutions that knowingly engage in or facilitate significant
Sanctions List Search has a slider-bar that may be used to set a threshold (i.e., a confidence rating) for the closeness of any potential match returned as a result of a user's search. 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. This PDF is and Eurasia Act of 2017 ("CRIEEA"), codified many of the
transactions involving Russian deepwater, Arctic offshore, or shale
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. ("SDN") List; and 3) sectoral sanctions prohibiting
Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx
should verify the contents of the documents against a final, official U.S. parties seeking to do business with the Russian oil industry. with Russian entities or individuals, they are likely to be faced
guide to the subject matter. lists maintained by U.S. government agencies. 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. documents in the last year, 123 The links below send the user to OFAC's FAQ pages. DATES: Visit the link below to apply for an OFAC license. significant sanctions must be imposed in the next three months if
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of peacekeeping, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion. The list of parties subject to Directive 4 includes several
treated as being on the SSI List. Whether a transaction is covered by the
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). portion of the Directive 4 prohibition applies to listed persons
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. Gazprom is among the Russian companies to have raised money in London. Vagit Alekperov, the head of Russia's No.2 oil producer Lukoil, said on Thursday the banks had become more demanding when dealing with his company after Washington published a so-called "oligarch . entities that are targeted pursuant to U.S. sanctions programs,
sanctions/Programs/Documents/eo13662_directive4_20171031.pdf (last
New Documents Russian oil industry. are both listed on the SSI List. SUPPLEMENTARY INFORMATION All Rights Reserved. documents in the last year, by the National Oceanic and Atmospheric Administration Russia, and hydraulic fracturing is most often associated with
Mondaq Ltd 1994 - 2023. 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 Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. ("BIS").2 Russia and Texas are two of the
Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. The industry leader for online information for tax, accounting and finance professionals. Act (CAATSA), Pub. OFAC Sanctions. 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. Below OFAC has issued guidance and statements on specific licensing policies as they relate totheUkraine-/Russia-related Sanctions. Gazprom and Lukoil, who together paid 3.2tn roubles (31bn) in tax and other payments to the Russian government in 2020. ("CAATSA"). UK announces sanctions . questions before exporting any fracking fluid to Company B in
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