Because the 15 subsidiaries are owned by 50% or more by Rosneft, they are also subject to OFACs sectoral sanctions same as Rosneft. The Russian branch of Greenpeace called Rosneft the dirtiest oil company in the world. The restrictions do not apply to gas projects. Vagit Y. Alekperov: The founder of major Russian oil company Lukoik. The sanctions include a travel ban to the United States, freezing of all assets of Sechin in the United States and a ban on business transactions between American citizens and corporations and Sechin and businesses he owns. Rosneft is the third-largest company in Russia by revenue and is ranked in the Forbes Global 2000 List 2022 as one of the largest public companies in the world. [87], On 16 August 2010, Yukos Capital appealed to the Federal Arbitration Court of the West Siberian District with a cassation appeal against the decision of the Arbitration Court of Tomsk Oblast to refuse reclaiming from Tomskneft, a Rosneft subsidiary, more than 7 billion ($231M) under loan agreements. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. The fine was imposed for the abuse of power in the petroleum market recorded in the first half of 2009, which was expressed in the "seizure of goods from circulation, which led to higher prices in the wholesale segment of the oil products market, creating discriminatory conditions for the sale of oil products to individual counter-parties." [94][95] As a result of the environmental contamination, people have observed black water coming out of their taps, cattle has been stricken with tuberculosis, and fish have been found deformed. The significant step was to sign a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf prepared at the initiative of Rosneft in cooperation with its partners, such leading world energy companies as Statoil, ExxonMobil, and Eni. Type Public Status Active As Rosneft Trading S.A. and TNK Trading International S.A. are also identified on the Sectoral Sanctions Identifications List (SSI List) pursuant to Directives 2 and 4 to E.O. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. The owners are opposing this in court. For the fifteen Russian subsidiaries of Rosneft and energy sector entities added to the Entity List based on activities described in Executive Order 13662, the Entity List imposes a license Start Printed Page 52966 requirement for the export, reexport or transfers (in-country) of all items subject to the EAR to those companies when the exporter, Rosneft Deutschland GmbHBehrenstrae 1810117 BerlinGermany. On 22 December 2004, Rosneft had purchased Baikal Finance Group which bought Yuganskneftegaz (Yugansk), a main asset of Yukos, three days earlier at a state-run auction for US$9.35 billion to satisfy tax debts. The new designations and sanctions advisory demonstrate a continuing commitment by US authorities to enforce sanctions related to the situation in Ukraine. - Advertisement -. Rosneft is also second-to-none in terms of total proved liquid hydrocarbon reserves. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. You are offered better than market conditions and a significant profit. By the end of 2020, Rosneft's total . Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. TheFederal Registernotice is available here:http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf. [46], In May 2018, it was announced that the Qatar-Glencore consortium is cancelling the plan to sell a $9.1 billion (14%) stake of Rosneft to CEFC China Energy. The event was accompanied by musical bands performances. visit. Scheme of Rosneft's subsidiaries. [51] AAR, which represents four billionaires of Russian origin and is BP's Russian partner in the TNK-BP joint venture, blocked the BPRosneft deal in international courts, arguing it breached earlier contracts between BP and AAR. SSI Designations OFAC added 18 majority-owned subsidiaries of VEB and 17 majority-owned subsidiaries of Rosneft to the SSI List pursuant to EO 13662. [77][78] In August 2021 Igor Sechin increased his own share at Rosneft from 0.1273% up to 0.1288%. They include RN-Kart Ukraina LLC, TNK-Industries Ukraine, Aviation Fuel Company LLC and Glusco Retail LLC. [47], In the 2010s, the extensive contact between Rosneft and ExxonMobil were further deepened, with Igor Sechin and Rex Tillerson getting to know each other personally. Most of Rosneft's current assets were established during the Soviet era. Help us to improve ResourceData.org by taking a short Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Targets DPRK Actors Illicitly Generating Revenue Abroad, U.S. Treasury Announces New Funding and Financial Services Headed to Underserved Communities, Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2022, Remarks by Under Secretary for Domestic Finance Nellie Liang at the Atlantic Council on the Next Steps in 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, Remarks by Secretary of the Treasury Janet L. Yellen at Wreath Laying Ceremony in Kyiv, Ukraine, 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, Office of Foreign Assets Control - Sanctions Programs and Information, Specially Designated Nationals And Blocked Persons List (SDN), Civil Penalties and Enforcement Information, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. 37well tests were completed with a success rate of 76%. 13850. [3][4], Rosneft was founded in 1993 as a state enterprise and then incorporated in 1995, acquiring a number of state-controlled gas and oil assets. On 18 February 2020, OFAC designated Rosneft Trading S.A. ("Rosneft Trading") to the SDN List pursuant to Executive Order 13850 for operating in the oil sector of the Venezuelan economy. The 29 parties are located in the Crimea region of Ukraine, Cyprus, Finland, Romania, Romania, Russia, Switzerland, Ukraine, and the United Kingdom (British Virgin Islands). By Joseph R. Fonseca As part of the project to develop the Gudauta area on the Black Sea shelf, Rosneft will carry out a full range of geophysical and geochemical research, conduct 2D and 3D seismic surveys, and start preparations for exploratory drilling. [citation needed], In May 2007, Rosneft won a number of auctions for the sale of Yukos' assets, including five refineries and oil companies Tomsk Oil Company and Samara Oil and Gas Company, making it the largest oil company in Russia. Taieb Belmahdi, a former executive at Qatar's state-owned QE, has been elected chairman of the board to replace ex-German chancellor Gerhard Schrder who stepped down in May. Supporters of the bill demanded the prohibition of the development of the offshore shelf in Abkhazia for 30 years. The Russian court had to bring the court's decision to Russian territory. OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. The Federal Ministry of Economics had classified the two Rosneft . The government has now placed two Rosneft subsidiaries under the trusteeship of Germany's energy regulator, meaning that three critical refineries are now controlled by Germany. [95] Often blamed is Rosneft's ageing infrastructure, so is the lack of government oversight. [85], In October 2009, the Federal Antimonopoly Service (FAS) imposed on Rosneft a record fine of 5.3 billion ($175M) for violating anti-monopoly legislation. Note that unlike Directive 1, there are no restrictions in dealing in the sanctioned persons equity, and that the maturity threshold for restricted debt (90 days) is greater than that under Directive 1 (30 days). Rosneft was added to the SSI on July 16 2014, and was sanctioned by the EU on September 8 2014. [48] The value of the deal is unknown, but ExxonMobil is expected to invest $1billion in the project. [90] The 61-year-old claimed that Sechin had lured him to Rosneft's offices, where he was subsequently caught red-handed by the authorities with a bag of bribe money. [21] According to some estimates,[who?] She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. These EOs respectively target persons involved in destabilizing Ukraine (EO 13660); Russian government officials and persons operating in the Russian arms sector (EO 13661); and persons operating in Crimea (EO 13685). Its name is a portmanteau of the Russian words Rossiyskaya neft (Russian: , lit. OFAC added the following individuals and entities to the SDN List pursuant to EO 13661 for providing material support to Gennady Timechenko, Boris Rotenberg, or Kalashnikov Concern, who previously were designated under EO 13661: OFAC also added the following entities linked to Kalishnikov Concern to the SDN List pursuant to EO 13661 for operating in the arms or related material sector in the Russian Federation: OFAC added the following five port operators and one sea ferry operator to the SDN List pursuant to EO 13685 for operating in the Crimea region of Ukraine: EO 13685 prohibits US persons from engaging in the following activities: (i) new investments in Crimea, (ii) import of goods, services, or technology from Crimea, (iii) export or re-export of goods, services, or technology to Crimea, and (iv) facilitation of non-US persons engaging in the foregoing activities. Companies of the Rosneft Group take part in this event for the second consecutive year. As Rosneft Trading S.A. and TNK Trading International S.A. are also identified on the Sectoral Sanctions Identifications List (SSI List) pursuant to Directives 2 and 4 to E.O. natural resource governance in oil, gas and mineral-rich According to the director of the Russian branch of Transparency International, Elena Panfilova, improvement of such legislation is necessary so that state corporations can unequivocally interpret the norm on the publication of personal information. The 15 parties subject to this license requirement are: Ms. Test advices clients on issues relating to licensing, regulatory interpretations, enforcement actions, internal investigations and compliance audits, as well as the design, implementation and administration of compliance programs. Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. survey. Furthermore, OFAC issued a Crimea sanctions advisory identifying certain practices used to circumvent or evade US sanctions involving Crimea, and advised companies to implement certain enhanced compliance measures that correspond with their US sanctions risk profile. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. All Rights Reserved. However, this did not prevent the company from providing information regarding the incomes and property of Rosneft's top managers and their relatives to "competent authorities" in the prescribed "time and amount". Rosneft undertook exploration on the shelf in the Ochamchira area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. March 28, 2020. This could also have consequences for consumers. ", "Rosneft and BP Form Global and Arctic Strategic Alliance", "BP, Russian Billionaires, and the Kremlin: A Power Triangle That Never Was", "ExxonMobil in $3.2bn Rosneft Arctic pact", "Rosneft Teams Up with Exxon Mobil in Arctic Deal", "Rosneft and ExxonMobil to Develop Black Sea Resources", "U.S. will not give Exxon permission to drill in Russia", "Taking a stake in Rosneft is a big gamble for BP", "Sechin points to multi-billion TNK-BP synergies", "Rosneft pays out in historic TNK-BP deal completion", "BP to offload stake in Rosneft amid Ukraine conflict", "Asian Buyers Trying to Back Out of Purchases of Russian Oil Grade", "Rosneft replaces departed western board members", "Announcement of Treasury Sanctions on Entities Within the Financial Services and Energy Sectors of Russia, Against Arms or Related Materiel Entities, and those Undermining Ukraine's Sovereignty", "Treasury Targets Russian Oil Brokerage Firm for Supporting Illegitimate Maduro Regime", "U.S. Imposes Sanctions on Russian Oil Company Supporting Venezuela's Leader", "EU introduces additional sanctions against Russia", "Germany: Rosneft Acquires 50% Of Ruhr Oel GmbH", "Rosneft sells Venezuelan assets to Russia after U.S. sanctions ramp up", "Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic", "Russian ex-minister Ulyukayev gets eight years for bribery", "Ex-minister's harsh jail sentence sends shockwaves through Russian elite", "Ex-Russian minister Ulyukayev faces bribery charges, pins blame on Rosneft head and Putin ally | DW | 16.08.2017", "Why Russia has so many oil leaks | DW | 29.03.2021", "Russia's Rosneft charged over pipeline leak that caused oil to come out of taps", "Announcement Of Additional Treasury Sanctions On Russian Government Officials And Entities", "Executive Order - Blocking Property of Additional Persons Contributing to the Situation in Ukraine", "U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs", "BP, Russian billionaires, and the Kremlin: a Power Triangle that never was", Rosneft Oil production, refining, reserves and capex by division, segment and period (Grmike, wikinvest), Yahoo! [11], In October 1998, the Russian government appointed Sergey Bogdanchikov as president. Later their number was halved as a result of acquisitions. [41] Officially, the stake was split 50/50 between Glencore and Qatar, but Glencore contributed only 300 million and claims only a 0.54% stake. In a statement, CARE Ratings said it has put the company's Rs 17,149.5 crore long-term bank loans and non-convertible debentures of Rs 2,541.84 crore under credit watch with negative . Rosneft owns as well a 50% stake in Ruhr Oel GmbH,[72] the owner of stakes in four refineries in Germany with overall capacity of 23.2million tonnes. On this Wikipedia the language links are at the top of the page across from the article title. Rosneft and its subsidiaries do not send out this kind of offer and do not offer supply guarantees over the Internet or by email nor do they grant such powers to third parties. [57] According to analysts, offshore areas are central to Rosneft's expansionist plans, and the company is looking for foreign cooperation to bring in new technology and share risks. bp will no longer report reserves, production or profit for Rosneft. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. Registered in the Canton of Geneva, Switzerland as a trading company in January 2011, Rosneft Trading S.A. was created to assist Rosneft Oil Company in carrying out its foreign projects. SSI Designations OFAC added 18 majority-owned subsidiaries of VEB and 17 majority-owned subsidiaries of Rosneft to the SSI List pursuant to EO 13662. The following entities that are 50 percent or more owned by Rosneft are added to the SSI List subject to Directives 2 and 4: OFAC Advisory Regarding Crimea Sanctions Evasion. For more information about how we use cookies and how to change your cookie settings, please see our Cookies Policy. Rosneft petitions court to end trusteeship. Rosneft puts a priority on prevention and decrease of adverse environmental impact. 'Russian oil'). [73][third-party source needed], Rosneft owns and operates seven large refineries in Russia with an aggregate annual capacity of 372 million barrels (59.1million cubic metres) and four mini-refineries. According to experts on the Russian newspaper Vedomosti, the assets of Yukos, bought by Rosneft at auction organized by the state, went to the company at a discount of 43.4% of the market price of this property. On February 18, 2020, OFAC designated Rosneft Trading, S.A. (Rosneft Trading), a subsidiary of Russia-based Open Joint-Stock Company Rosneft Oil Company (Rosneft Oil Company), and its president, Didier Casimiro, on the SDN List for brokering crude oil shipments from Venezuelaactivities that are restricted under E.O. Rosneft's core activities include oil and gas production, refining and export. OFAC also added 35 entities in Russia and Ukraine, all subsidiaries of Vnesheconombank (VEB) and Rosneft, to its Sectoral Sanctions Identifications List (SSI List). "Taking a rig from the British sector to the Norwegian sector requires a set of modifications." Since the beginning of the year, with the use of specialized machinery they have collected and removed 70 tones of litter. [56], In April 2017, the Trump administration denied ExxonMobil permission to continue a deal with Rosneft to drill for oil in Russia. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. The operation was conducted for seven hours and was broadcast live via the Internet to the office of Yuganskneftegaz. [71][75] In March 2020, the company stopped its operations in Venezuela and sold all of its assets in the country to another unnamed company that is owned by the Russian government. It operates through. After the expiration of this authorization, unless exempt or authorized by OFAC, U.S. persons will be prohibited from engaging in transactions with Rosneft Trading S.A. or TNK Trading International S.A., or any entity in which Rosneft Trading, S.A. or TNK Trading International S.A. owns, directly or indirectly, a 50 percent or greater interest, and must block property or interests in property of Rosneft Trading S.A. and TNK Trading International S.A. that are in, or come within, the United States, or the possession or control of a U.S. person. OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. . The Company is implementing Health, Safety and Environmental Policy, which in particular provides for increase of industrial and environmental safety of the Company production sites to the level complying with the best rates of world oil companies, constant development of the control system in the region of ISLPE, and decrease of industrial risks from newly introduced objects. These refineries . The integrated management control system of industrial safety, work safety, and environment certificated against international standards OHSAS 18001:2007 and ISO 14001:2004 successfully operates in Rosneft. The evasive practices of third parties identified by OFAC may cause US companies and foreign companies doing business in US, notwithstanding their existing compliance controls, to engage in activities that are in violation of US sanctions, which are strict liability regimes that do not take intent into account for civil violations. The offer failed to attract any customers. The 14 parties subject to this license requirement are: 1) Private Joint-Stock Company Mako Holding; 2) Airfix Aviation Oy 3) IPP Oil Products (Cyprus) Limited 4) Open Joint Stock Company Kontsern Izhmash 5) Izhevsky Mekhanichesky Zavod JSC 6) Set Petrochemicals Oy 7) Southeast Trading Oy 8) Southport Management Services Limited Individuals submitted applications for the purchase of 99,431,775 shares of the oil company, and as a result, most of the new shareholders were individuals; partly because of this IPO was given the unofficial name of "people's. In the late 1990s, plans for Rosneft's privatization in Russia were made, but due to competition with equally influential pretenders, they were not carried out. It focuses on exploration and appraisal of hydrocarbon fields, production of oil, gas and gas condensate, offshore field development projects, feedstock processing, sales of oil, gas, and refined products. Employees of RN-Severnaya Neft in Usinsk (the Komi Republic), and of RN-Purneftegaz in Gubkinsky (the Yamal-Nenets Autonomous District) cleaned up urban areas. Sustainable Development Support for International Sustainable Development Initiatives See our previous advisories here and here for more details. [40], On 7 December 2016, Rosneft signed a deal to sell 19.5% of the outstanding shares, or roughly US$11 billion, to the Anglo-Swiss multinational commodity trader Glencore and the Qatar Investment Authority. [48], On 15 January 2011, Rosneft and British Petroleum (BP) announced a deal to develop the East-Prinovozemelsky field on the Russian arctic shelf between the Yamal Peninsula and Novaya Zemlya island. [4], From 2002 to 2004, the main objectives of the company were to strengthen control over its assets, reduce the debt burden, and to obtain licenses in Eastern Siberia. See our previous advisory. Rather, persons on the SSI List are subject to a more calibrated set of sanctions, set out under four OFAC directives, that are intended to cut off access to certain types of financing and, in the case of designated energy companies, to also restrict access to US exports. In addition to drilling and creating its own sales network, Rosneft also planned the construction of mini-refineries in Abkhazia. [64], Following the 2022 Russian invasion of Ukraine more than half of Rosneft's 11-member board have quit, forcing the company into a major reshuffle at its annual general meeting on 30 June 2022. All 14 parties were already designated by the US Treasury Departments Office of Foreign Assets Control (OFAC) as Specially Designated Nationals (SDNs), meaning that US persons generally are prohibited from dealing with such parties and must block their property and interests in property if it comes within the United States or within the possession or control of a US person. "[36], A group of deputies of the People's Assembly drafted a bill banning the development of hydrocarbons in Abkhazia. [8], In March 1996, Rosneft founded the Russian Regional Development Bank. Edward J. Krauland represents clients on matters involving US and multilateral economic sanctions, dual use, defense and nuclear export controls, anti-money laundering (AML) compliance, anti-boycott, Meredith Rathbone counsels clients in numerous countries on achieving their business goals while ensuring compliance with US export controls and economic sanctions laws administered by the Departments OFAC Adds Rosneft and VEB Subsidiaries to SSI List, Designates Russian SDNs, Advises on Evasion, Steptoe Receives 16 Practice, 40 Individual Mentions in, Four Steptoe Lawyers Named to Lawyers of Color Law Firm Leaders Issue 2022, Virtual Internet Law and Policy Roundtable, Steptoe Continues Energy Practice Dominance with Addition of Pipeline and Energy Partner Focused on Litigation and Regulatory Counseling, Steptoe Bolsters Government Affairs & Public Policy Practice with Addition of Partner and former Twitter Deputy General Counsel Tod Cohen, Steptoe Expands Commercial Litigation Practice with Addition of Three Nationally-Recognized Partners Focused on Advertising, Telemarketing, and Consumer Protection Law, Steptoe Named to WILEF 2022 Gold Standard Certification List, Steptoe Announces Partner and Counsel Promotions for January 1, 2023, Izhevsky Mekhanichesky Zavod JSC (aka Baikal), State Enterprise Kerch Sea Commercial Port, State Enterprise Sevastopol Sea Trading Port, State Enterprise Feodosia Sea Trading Port, State Enterprise Evpatoria Sea Commercial Port, Development Corporation of North Caucus OJSC, Russian Export-Import Bank (EXIM Bank of Russia), Far East and Baikal Region Development Fund OJSC, Russian Direct Investment Fund Management Company. 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