OFAC also issued an advisory regarding certain practices used to circumvent or evade US sanctions involving Crimea. The first use of the name Rosneft dates back to the late 19th century, when exploration of oil fields in Sakhalin began in 1889. 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 . The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. [89] The case was widely seen as Rosneft CEO Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. With the dissolution of the consortium, the Qatar Investment Authority purchased the shares instead, thereby solidifying its position as one of the biggest shareholders (19%) of Rosneft. The first well could be drilled in 2012. 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. 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. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. 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[52] The TNK-BP partners had previously signed a shareholding agreement which stipulated that their Russian joint venture would be the primary corporate vehicle for BP's oil and gas operations in Russia. Since the beginning of the year, with the use of specialized machinery they have collected and removed 70 tones of litter. Russian energy company headquartered in Moscow, Rosneft Headquarters, Sofiyskaya Embankment, Moscow, September 2005, Arctic shelf deals with BP and ExxonMobil, Specially Designated Nationals (SDN) list, List of oil exploration and production companies, " ", " 400 - ", "Sale of top Russian business newspaper 'Vedomosti' complete", "Comparing the 1998 and 2014 Ruble Crises", "Rosneft as a Mirror of Russia's Evolution", Carnegie Endowment for International Peace, "Russia's Rosneft Aiming to Become Top Global Oil Company", "Russia's Rosneft, China's CNPC in talks on upstream pact, deals possible by May: reports", "Putin's Advisor Calls Yuganskneftegaz Sale "Fraud of the Year", "Investors eagerly await Rosneft IPO, Petronas among bidders", "Rosneft, partners buy Essar Oil for $13 billion in largest FDI deal", "Memos: CEO of Russia's state oil company offered Trump adviser, allies a cut of huge deal if sanctions were lifted", "How Russia sold its oil jewel: without saying who bought it", "Glencore: "" 10,2 ", "Opaque Chinese oil group makes clear gains in former Soviet bloc", "Why an Enigmatic Chinese Company Just Spent $9 Billion on a Stake in Rosneft", "Qatar and Glencore scrap plan to sell $9bn Rosneft stake to CEFC", "Rosneft's offshore partnerships: The re-opening of the Russian petroleum frontier? In 2011, according to a survey conducted by the Federal Service for Supervision in the Sphere of Nature Management (Rosprirodnadzor) in Khanty-Mansi Autonomous Okrug, Rosneft allowed 2,727 oil spills, which is 75% of the total number of spills that occurs under the company. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. 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. The event was supported by the Russian Federation Ministry of Natural Resources, the Russian Federation Ministry of Regional Development, regional government executive bodies, and by non-governmental organizations. On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. Rosneft is already on the Entity List and is an entity identified on OFACs Sectoral Sanctions Identifications List. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. [99][100] On February 24 2022, his son Ivan Sechin was also sanctioned by the U.S.[101] On February 28 2022, Igor Sechin was subjected to travel restrictions and had his assets frozen by the EU. The Bundesnetzagentur (Federal . [48] The venture will be shared 5050 between the companies during prospecting phase, and two-thirds to one-third in Rosneft's favour during the extraction phase. Rosneft's core activities include oil and gas production, refining and export. 13662 under the Ukraine-/Russia-related sanctions program, those winding down transactions with Rosneft Trading S.A. or TNK Trading International S.A. should ensure that In addition, in 2002, the company received a license for the development of the Sakhalin-IV and Sakhalin-V project,[13] and in 2003 a license for the development of the Sakhalin-III project. Key Points. OFAC regulations define US persons to include US citizens, permanent resident aliens, entities organized under the laws of the United States, and persons located in the United States, but do not include foreign-incorporated subsidiaries of US companies. Subsequently, Rosneft filed a lawsuit against Yukos in connection with the use of the understated transfer prices for the purchase of oil from Yuganskneftegaz prior to its breakup. [84], Rosneft has been ranked as among the 13th best of 92 oil, gas, and mining companies on indigenous rights and resource extraction in the Arctic. State holding company Rosneftegaz has lowered its 50.33% direct stake to 40.4% with subsidiary RN-NeftKapitalInvest taking 9.6% and Rosneft unit RN-Capital 0.33%. [103] Rosneft was added to the SSI on July 16 2014,[104] and was sanctioned by the EU on September 8 2014. TheFederal Registernotice is available here:http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf. The proceedings could also affect consumers in Germany: If the court upholds . natural resource governance in oil, gas and mineral-rich Likewise, on March 12, 2020, OFAC designated TNK Trading International S.A. pursuant to E.O. 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. 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 [4] In March 2007, Rosneft had announced it hoped to increase production from 80million tonnes to 103 million tonnes from 2006 to the end of 2007, extract 140million tonnes of oil by 2012, and become a global top three energy company. See alsoFAQs 398 and 400 for information regarding dealings with blocked persons representing non-blocked entities. Blocking sanctions do not apply to these entities ultimate parent, Rosneft Oil Company. Scheme of Rosneft's subsidiaries. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. You are offered better than market conditions and a significant profit. 13850 for operating in the oil sector of the Venezuelan economy. General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. OFAC identified certain practices from the financial and international trade sectors that are intended to omit or obfuscate references to Crimea and locations within Crimea. 13850 necessary for the wind down of transactions involving 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, through 12:01 a.m. eastern daylight time, May 20, 2020. bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. It was planned to place shares for at least US$8.5 billion in order to repay loans to Western banks, including interest and taxes. [71][72], In 2016, based on geological prospecting, 13oil fields and 127new deposits[15] with the reserves totaling 207million tons of oil equivalent were discovered. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. Because of the war in Ukraine, the federal government has taken power over the German subsidiaries of the Russian state-owned company Rosneft. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. The operation was conducted for seven hours and was broadcast live via the Internet to the office of Yuganskneftegaz. Because the 15 subsidiaries are owned by 50% or more by Rosneft, they are also subject to OFACs sectoral sanctions same as Rosneft. [54][55], On 27 January 2011, Rosneft and the American company ExxonMobil signed a deal to establish a joint venture for the purpose of prospecting and extracting oil from the Tuapse field deepwater area on the Black Sea shelf, near the coast of the Krasnodar Krai. The company, during this time, managed to restore its status after its rough start in the 1990s with the acquisition of Krasnodar Oil and Gas Company in 2002 and Northern Oil Company in early 2003. Most of them are unorganized tourists, who unfortunately damage the park by litter. See our previous advisory . The Russian court had to bring the court's decision to Russian territory. this operation was directed by Russian authorities in order to nationalize Russia's oil and gas industry. Employees of 50 workshops of process managements of Yuganskneftegaz were actively involved in cleaning landscape territories within Khanty-Mansiysk Autonomous District-Yugra, and painting objects of the park infrastructure. OFAC has added the following entities that are owned 50 percent or more by VEB to the SSI List subject to Directive 1: Directive 2, as amended, prohibits US persons from transacting or dealing in new debt with a maturity of more than 90 days issued by a person on the SSI List. The Russian branch of Greenpeace called Rosneft the dirtiest oil company in the world. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. 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. The proceedings could also affect consumers in Germany: If the court 's decision to Russian territory Rosneft CEO revenge. 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