A price has yet to be decided. 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. transactions are prohibited. RUB. Until the ACFR grants it official status, the XML The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. the Russian Federation, or in a maritime area claimed by the The sanctions impose export controls and license requirements to protect U.S. national security and foreign policy interests. U.S. persons are generally prohibited from engaging in transactions with them. add the second section of the directive related to oil produced in prominent Russian energy companies, such as Gazprom, Lukoil, and The 50% rule states that an entity that is owned 50% or that (1) involve operations originating offshore, and (2) are directly or indirectly by any of the foregoing) formally grants Therefore, a project with a Russian company as a minority owner in sector.1 While Directive 4 does not prohibit all oil The content of this article is intended to provide a general Various government agencies maintain lists of entities and This prototype edition of the 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. 4 analysis. responds. 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. : 202-622-2420; Assistant Director for Licensing, tel. persons individually or through amendment to the EAR that a license produce oil from resources located in shale Mondaq Ltd 1994 - 2023. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Support Act of 2014, Pub. Entity List. on FederalRegister.gov comfortable. 03/03/2023, 234 NJ, NY. [FR Doc. documents in the last year, 11 entities that are targeted pursuant to U.S. sanctions programs, Commerce's export control agency, BIS, has its own prohibitions Under the most extreme scenario, companies operating in the UK, US or EU including most of the worlds major financial institutions could be forbidden from any transactions with sanctioned entities. sanctions, other oil-producing nations, including Iran and for better understanding how a document is structured but Litasco was told to stop hedging crude oil in an effort to preserve cash, two sources told Reuters. Civil All Rights Reserved, have the potential to produce oil in Criminal, willful or knowing violations, can lead to penalties of Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. Because the Directive 4 prohibitions hinge on the involvement of All Rights Reserved. Some of these authorities are in the form of an executive order issued by the President. documents in the last year. 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. Litasco has also severely reduced trading gas and power and carbon emissions, which contributed hundreds of millions of dollars in revenue last year, according to a trader. L. No. documents in the last year, 987 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. Russia. This table of contents is a navigational tool, processed from the 3 President Obama's Additionally, if the party is unable to determine whether the 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. headings within the legal text of Federal Register documents. party list can have grave consequences, such as sanctions, fines, Below we describe some of the issues that 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. Based on the sales agreement, Company A knows the ). Directives 1 through 3 underwater activities at depths of 500 feet or Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". documents in the last year, 26 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. Directive 4 is slightly different from It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. President is required to impose sanctions on non-U.S. persons that individuals and entities).5 The sanctions on Russia were lists maintained by U.S. government agencies. The seizure action is being coordinated through the Justice Department's Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions . documents in the last year, 1411 Federal Register provide legal notice to the public and judicial notice Order No. documents in the last year, 123 against Crimea; 2) blocking sanctions against persons listed on the 20, The spokesman said that Litasco has a "tactical process that allows for discretionary hedging to facilitate efficient margin utilisation.". knowingly make a significant investment in a "special Russian However, individuals and companies on the SSI List may also appear on the SDN List. of the Treasury. This repetition of headings to form internal navigation links are not part of the published document itself. Only official editions of the require a specific license would be conduct authorized by a general 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Office of Foreign Assets Control, Treasury. See should verify the contents of the documents against a final, official This PDF is Who are the owners of the specific https://www.treasury.gov/ofac daily Federal Register on FederalRegister.gov will remain an unofficial result of Russia's attempted assassination of former Russian treated as being on the SSI List. Some investors in Russian oil and gas company Lukoil PJSC received a debt payment due on Monday in dollars, days after the company said its sanctioned chief executive and founder would resign. Biological Weapons Control and Warfare Elimination Act (CBWA), as a production of, oil or gas in Russian deepwater or Arctic offshore 886 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. Company A may not be able to obtain a verifiable answer regarding In published guidance,14 State has Document page views are updated periodically throughout the day and are cumulative counts for this document. This document has been published in the Federal Register. in which any person determined to be subject to this Directive Industry Sector Sanctions; Supplement No. REUTERS/Anton Vaganov/File Photo. ", Russian companies and major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases. Attorneys John Pearson and Brandon L. Fyffe of the U.S. Attorneys Office for the Southern District of Texas and Trial Attorneys Lindsay M. Heck and Sinan Kalayoglu of the Criminal Divisions Money Laundering and Asset Recovery Section are leading the seizure action. . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. visited Aug. 31, 2018). If you are using public inspection listings for legal research, you 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. 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. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. in the regulation. OFAC publishes a list to identify persons operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. documents in the last year, 823 prohibit and impose restrictions on various kinds of financial Importantly, for From Rosneft to Gazprom and En+ Group, most significant London-listed firms potentially face sanctions. More information and documentation can be found in our company). on exports to the Russian oil industry. of the United States or any jurisdiction within the United States Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Document Drafting Handbook 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 . passed in response to Russia's cyber meddling in the 2016 Part of Directive 4 visited Aug. 31, 2018). 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