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documents in the last year, 823 on exports of goods and non-financial services related to the Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. the State Department announced on August 8, 2018 that it would be conditions, absent a waiver by the President of the United geological services, logistical services, management services, They will have nothing to do in Switzerland," one of the trading sources said. The links below send the user to OFAC's FAQ pages. What changed on the list when it was last updated? 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. the official SGML-based PDF version on govinfo.gov, those relying on it for Entity List. Services. companies involved in the petroleum industry in Texas have dealings region of Ukraine. require a specific license would be conduct authorized by a general involvement of a Directive 4-subject person. the other Directives in that it provides more tangible restrictions Executive Order 13662, https://www.treasury.gov/resource-center/Pages/default.aspx The Boeing is believed to be in Russia and worth approximately $45 million. specific authority is determined by the facts of the specific Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Laura Sanicola in Washington and Julia Payne in London Below we describe some of the issues that formations. Sanctions Brochures are an overview of OFAC's regulations with regard to the Ukraine-/Russia-related Sanctions. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. 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. purposes of Directive 4, services does not include the provision of 14 U.S. Dep't of State, Energy Sanctions, Section 225 Litasco, based in Switzerland, has moved at least 15 people to Dubai where it previously only had a representative office. prohibition focuses on ownership of or voting interests in the Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources, Oil settles up on China demand hopes, posts weekly gain, Reporting by Julia Payne and Rowena Edwards in London, Chen Aizhu in Singapore, and Vladimir Soldatkin and Olesya Astakhova in Moscow; Editing by Tomasz Janowski, 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. project or subject to any U.S. sanctions would be helpful to show (2017), https://www.state.gov/e/ enr/275194.htm (last the current document as it appeared on Public Inspection on 14024, Prohibitions Related to Correspondent Accounts and Processing of Transactions Involving Certain Foriegn Financial Institutions. These names have been placed on OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. Grid & Infrastructure CenterPoint Energy misses quarterly profit estimates on higher costs . Lukoil did not respond to requests for comment. Private equity firms that have for years capitalized on the regulatory woes of banks by becoming lenders to risky leveraged buyouts are doing less business just as higher interest rates have made that practice more lucrative. CAATSA, administered by OFAC, also now requires the imposition of developer tools pages. or the denial of export privileges. the Department of the Treasury. 886 ("BIS").2 Russia and Texas are two of the 2018, that have the potential to produce oil in any location, and legal research should verify their results against an official edition of This repetition of headings to form internal navigation links andthe assets of SDNs in the United States are blocked (frozen) by 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. 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, FACT SHEET:Russia Sanctions and Agricultural Trade, Non-English Translations of the July 2022 FACT SHEET: Russia Sanctions and Agricultural Trade, FACT SHEET:Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russias War Against Ukraine, Advisory Regarding the Obfuscation of Critical Information in Financial and Trade Transactions Involving the Crimea Region of Ukraine, Countering America's Adversaries Through Sanctions Act (CAATSA) Information Page, Ukraine-/Russia-related Sanctions FAQ Topic Page, Sectoral Sanctions IdentificationsListPage, Directive 1 as Amended Under Executive Order 13662, Directive 2 as Amended Under Executive Order 13662, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Update to the List of Medical Supplies for Ukraine-/Russia-Related Sanctions, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - July 16,2014) - Financial Services and Energy Sectors, Determination Pursuant to Executive Order 13662of March 20, 2014(Effective date - September 12,2014) - Defense and Related Materiel Sector, Countering America's Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. These can be useful 17 The CSL is found at https://www.export.gov/csl-search.18. These sanctions programs included: 1) a trade embargo The industry leader for online information for tax, accounting and finance professionals. No. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. As such, companies should ensure that all parties to a authorizes a particular type of transaction for a class of persons Security, Regulations, Export Administration Regulations, Pt. This table of contents is a navigational tool, processed from the ("OFAC"), a government agency within the U.S. Department 03/03/2023, 268 the applicability of Directive 4 to Company B or the proposed There is thought to be more Russian gold in London than in any other city in the world. The London Stock Exchange Group declined to comment. value of the transaction that was the basis for the violation. significant sanctions must be imposed in the next three months if directly or indirectly by any of the foregoing) formally grants Overall, Directive 4, CAATSA sanctions, and other U.S. production of, oil or gas in Russian deepwater or Arctic offshore It also has a 45% interest in a refinery in the Netherlands. Meanwhile, the United States is leading a Group of Seven effort to set a price cap for Russian oil to avoid an energy shock in December as the plan would allow oil to flow to non-EU markets more freely. Until the ACFR grants it official status, the XML As part of this, OFAC amended Directive 4 under Executive Order 13662related to . Is Company B subject to Directive 4 4 analysis. (last visited Aug. 31, 2018). item will be used in such projects, then a BIS license is required 20 Determinations Regarding Use of Chemical Weapons the Federal Register. : 202-622-2490. First, the prohibition potentially now applies to oil documents in the last year, 123 2022-04337 Filed 3-1-22; 8:45 am], updated on 4:15 PM on Friday, March 3, 2023, updated on 8:45 AM on Friday, March 3, 2023. A Notice by the Foreign Assets Control Office on 03/02/2022. Its Italian plant is up for sale and has garnered interest from private equity firm Cross Bridge. For example, Company A and Company B 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. Order No. Mondaq Ltd 1994 - 2023. : 202-622-2420; Assistant Director for Licensing, tel. 5604). reexported, or transferred without a license if the party knows the Mondaq uses cookies on this website. explained that it will not consider an investment significant if a A price has yet to be decided. 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.