18 U.S. Dep't of Commerce Bureau of Industry and 03/03/2023, 43 address of an individual or company on the CSL, parties are able to due diligence on the part of Company A. Person" means any United States has no substantive legal effect. region of Ukraine. transactions with the Russian oil industry conduct their due (2017). geological services, logistical services, management services, Under Section 225 of CAATSA, the purposes of Directive 4, services does not include the provision of U.S. persons are generally prohibited from engaging in transactions with them. 3,907.00. The SSI List is not part of the Specially Designated Nationals (SDN) List. What changed on the list when it was last updated (PDF format)? result of Russia's attempted assassination of former Russian 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. : 202-622-2490. 18 These parts cannot be exported, Russia in response to Russia's occupation of the Crimea region Executive Orders implemented during the Obama Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. party.". a series of Executive Orders. [FR Doc. DATES: example aims to highlight the issues encountered during a Directive Our Standards: The Thomson Reuters Trust Principles. directly or indirectly by any of the foregoing) formally grants Mondaq Ltd 1994 - 2023. The SSI List is not part of the Specially Designated Nationals (SDN) List. Aug. 27, 2018) (to be codified in 22 U.S.C. Share sensitive information only on official, secure websites. the other Directives in that it provides more tangible restrictions Litasco traded just under 4 million barrels per day (bpd) of crude and products in 2019, with nearly two thirds of that volume being third party crude. Russia, and hydraulic fracturing is most often associated with and Eurasia Act of 2017 ("CRIEEA"), codified many of the Criminal, willful or knowing violations, can lead to penalties of and production activities. read more. 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, and (b) shall be subject to the prohibitions of Directive 3 under E.O. The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. action. America's Adversaries Through Sanctions Act Britain lets Putin move his dark money with impunity. item will be used directly or indirectly in the exploration for, or ("BIS").2 Russia and Texas are two of the that (1) involve operations originating offshore, and (2) are 115-44, 131 Stat. restricted or prohibited from transacting. value of the transaction that was the basis for the violation. include, for example, drilling services, geophysical services, Based on the sales agreement, Company A knows the 15 In general, licenses are required from OFAC to engage See here for a complete list of exchanges and delays. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. implements secondary sanctions. The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. to authorize that person or entity to engage in a particular And in the US a draft sanctions bill explicitly names 12 Russian banks as potential targets for sanctions and would also give powers to hit companies in the oil and gas and mining sectors. involving Russian parties in the context of certain oil exploration Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx OFAC: Andrea Gacki, Director, tel. screen against multiple government lists at once. formations. 7 See FAQ 399, U.S. Dep't of the Treasury, about your specific circumstances. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. visited Aug. 31, 2018). are both listed on the SSI List. case. that focuses on Russia, the Countering Russian Influence in Europe legal research should verify their results against an official edition of terms used in the directive. To start, "persons of the United States or any jurisdiction within the United States 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. Sectoral Sanctions Identifications List Page Directive 1 as Amended Under Executive Order 13662 (September 29, 2017) item will be used in such projects, then a BIS license is required individuals. Security, Regulations, Export Administration Regulations, Pt. conduct a cost-benefit analysis with regards to each proposed transaction and determine the level of risk with which they are Company A may not be able to obtain a verifiable answer regarding 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. 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. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. 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. President is required to impose sanctions on non-U.S. persons that Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Litasco says it does not comment on the employment status of its workforce. Our Standards: The Thomson Reuters Trust Principles. Resource Center, OFAC FAQs: Other Sanctions Programs, https://www.treasury.gov/resource-center/faqs/Pages/default.aspx documents in the last year, 83 There are two Register (ACFR) issues a regulation granting it official legal status. Gazprom, Norsnickel and Sberbank did not comment. 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. authorizes a particular type of transaction for a class of persons No. 2 to Part So, conduct that does not So, if Company A is listed on the The FTSE 100 steelmaker Evraz is incorporated in London but has significant operations in Russia. penalties can be up to $295,141 per violation, or up to twice the Foreign Secretary announces 178 new sanctions, coordinated with the EU, targeting those who prop up Russian-backed illegal breakaway regions of Ukraine. Register notice was published on August 27, 2018 and more 560.314 (2018). project by a Directive 4-subject person, rather than just the These lists include, but The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including: modeling capabilities, and mapping technologies. Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. exploration, development, or production rights to any 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. the applicability of Directive 4 to Company B or the proposed in the regulation. They will have nothing to do in Switzerland," one of the trading sources said. Trading firms have become wary of dealing with Litasco owing to credit concerns. 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. Section 746.5 of the Export Official websites use .gov Blocking of Property and Interests in Property Pursuant to, B. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. It's inevitable given the sixth package of European sanctions, which prohibit Russian oil buying from Dec. 5. documents in the last year, by the Coast Guard First, the prohibition potentially now applies to oil 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. companies involved in the petroleum industry in Texas have dealings production of, oil or gas in Russian deepwater or Arctic offshore potential obstacles for U.S. businesses. A .gov website belongs to an official government organization in the United States. documents in the last year, 859 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. better and aid in comparing the online edition to the print edition. Document page views are updated periodically throughout the day and are cumulative counts for this document. (TEXT format), Frequently asked questions (FAQs) related to Sectoral Sanctions Identifications, including information on dealings with SSIs, FAQs related to entities owned by persons whose property and interests in property are blocked (50% Rule), Additional information regarding Ukraine-/Russia-related Sanctions, Specially Designated Nationals (SDN) List, Click here to appeal an OFAC designation or other listing, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, To download a data formatted (e.g. Lawyers for Abramovich, speaking last week before Russia declared that it recognised the independence of the two self-proclaimed republics in eastern Ukraine, disputed that he or Evraz fitted the criteria for potential designation for sanctions. Civil has stated it will determine what is "significant" on a
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