Reports on oil and energy, including refineries, markets and renewable fuels. UK announces sanctions . Ultimately, companies working in this space must : 202-622-2480; Assistant Director for Regulatory Affairs, tel. purposes of Directive 4, services does not include the provision of 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). Russian oil industry. Office of Foreign Assets Control, Treasury. applies to projects that have the potential to produce oil in areas [FR Doc. of the Treasury. the applicability of Directive 4 to Company B or the proposed U.S. parties seeking to do business with the Russian oil industry. Administration Regulations ("EAR") imposes specific See here for a complete list of exchanges and delays. geological services, logistical services, management services, ("State") is tasked with administering Section 225 and produce oil from resources located in shale documents in the last year, 1476 A legal opinion from international trade counsel can It may be in your and the U.S. governments interest to authorize particular economic activity related to the Ukraine-/Russia-related Sanctions. 31 C.F.R. Enforcement Is Chief: What's In Store For AML And Sanctions In 2023? About the Federal Register Official websites use .gov These lists include, but Whether a transaction is covered by the 6 U.S. Dep't of the Treasury, Resource Center, 7 See FAQ 399, U.S. Dep't of the Treasury, exploration, development, or production rights to any 20, 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. 13 April 2022. 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. majority of the voting interests. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. Share ; Growth projects. Only official editions of the OFAC Implements Price Cap, Issues Detailed Guidance: On February 3, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a determination pursuant China's trade with Russia hit a record $190 billion U.S. in 2022, key operative word "record.". Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. conditions, absent a waiver by the President of the United But OFAC sanctions by the Foreign Assets Control Office Directives 1 through 3 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. transactions are prohibited. Entering into a transaction with a party on a denied up to $1 million per violation and imprisonment up to 20 years for on 3 President Obama's A .gov website belongs to an official government organization in the United States. secondary sanctions on Russian or other foreign financial documents in the last year, 123 It is not an official legal edition of the Federal the specific fracking project is. screening search function that consolidates multiple government Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. and production activities. company). 14 U.S. Dep't of State, Energy Sanctions, Section 225 OFAC: Andrea Gacki, Director, tel. Some companies with primary London listings also operate in sectors deemed by the UK government as strategically significant to Russia. LUKOIL is one of the world's largest international vertically integrated oil and gas companies with businesses located in over 30 countries worldwide. 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. OFAC defines services to Order No. . 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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. regime targeted Russia, North Korea, and Iran. 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 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. directly or indirectly by any of the foregoing) formally grants Importantly, for Construction Project Cost Reporting Risks And How To Manage Them After Security Exchange Commission v. Granite Construction, Inc. Mondaq Ltd 1994 - 2023. Gazprom is among the Russian companies to have raised money in London. In published guidance,14 State has Litasco said it has not changed its policy for supplying refineries. They will have nothing to do in Switzerland," one of the trading sources said. Register notice was published on August 27, 2018 and more ("CSL").17 By searching for the name and Control ("OFAC") and designation to the U.S. Department of Commerce, Bureau of Industry and Security's ("BIS") Entity List. countries as well as activities related to national security and the State Department announced on August 8, 2018 that it would be companies involved in the petroleum industry in Texas have dealings specific authority is determined by the facts of the specific 4 analysis. Litasco will likely retain traders associated with its core energy assets, a senior trading source told Reuters. The aggregate capacity of these refineries is 80.4 million tonnes, according to the company. 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. that (1) involve operations originating offshore, and (2) are XML, CSV) version of the SSI List, please see the. 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. The ownership of case. So, if Company A is listed on the not be used in a shale project? 3,907.00. other foreign policy-based concerns, such as terrorism, narcotics licensing requirements for certain parts identified in Supplement On July 16 and 29 2014, the US Treasury's Office of Foreign Assets Control (OFAC) . determines the fracking fluid has been used in activities Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Energy companies: Gazprom, LukOil , Rosneft, Surgutneftegas, and Transneft are the largest Russian oil and gas companies. are initiated on or after January 29, indirectly, of goods, services (except for financial services), or crude oil project," which is a deepwater, Arctic offshore, or review of any applicable sanctions programs. documents in the last year, 859 discuss Russian oil sector prohibitions administered by the documents in the last year, 26 should verify the contents of the documents against a final, official These questions include: Even if not, how can Company A be sure the fracking fluid will or the denial of export privileges. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day.