. [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. 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. He . They include RN-Kart Ukraina LLC, TNK-Industries Ukraine, Aviation Fuel Company LLC and Glusco Retail LLC. After acquiring OJSC TNK-BP in 2013, then one of the largest oil companies of Russia, Rosneft became the world's largest publicly traded petroleum company. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. At least 13 flights went. [citation needed], In 2005, Rosneft acquired a 25.94% stake in the company Verkhnechonskneftegaz[14] and became the leading oil company of Russia in terms of production. OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. March 28, 2020. The restrictions do not apply to gas projects. 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. [9][10], Rosneft struggled financially and operationally during the 1998 Russian financial crisis with decreased production due to poor assets and decreased retail sales with an underused refining capacity. In addition to drilling and creating its own sales network, Rosneft also planned the construction of mini-refineries in Abkhazia. Rosneft is already on the Entity List and is an entity identified on OFACs Sectoral Sanctions Identifications List. 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. Your feedback is important to us. 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. OAO Rosneft Oil Company Company Profile. [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. 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. OFAC provided the following examples of compliance measures that may mitigate these risks of violating US sanctions involving Crimea: Companies should tailor compliance measures to correspond with their specific US sanctions risk profile. A senior administration official said that the designation of Rosneft Trading S.A., a subsidiary of the Russia's Rosneft Oil Company, was "another major step forward toward achieving maximum . The owners are opposing this in court. [103] Rosneft was added to the SSI on July 16 2014,[104] and was sanctioned by the EU on September 8 2014. Since 2015, Rosneft started supplying aviation fuel for Sukhumi Babushara Airport.[35]. [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in 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. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. US Government Adds Rosneft's Swiss Subsidiary to the SDN List under Venezuela-related Sanctions Program - Sanctions & Export Controls Update US Government Adds Rosneft's Swiss Subsidiary to the SDN List under Venezuela-related Sanctions Program February 24, 2020 By Andrea Tovar, Eunkyung Kim Shin and Paul Amberg 4 Mins Read [42] After the transaction, Rosneft's holding company Rosneftegaz retained 50% + 1 share of the company. We work with innovative agents of change within government ministries, civil society, the media, legislatures, the private sector, and international institutions to promote accountable and effective governance in the extractive industries. [63], The week beginning 19 April 2022, Rosneft attempted to sell millions of barrels of Urals, one of three main export-grade crude oils sold by Russia. In exchange, subject to approval by U.S. regulators, in addition to a share in oil production in Russian fields, Rosneft was granted participation in U.S. fields in Texas and the Gulf of Mexico. 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. It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. Investors bought 1.38 billion shares for US$10.4 billion: 21% of the shares were bought by strategic investors, 36% from international investors from North America, Europe, and Asia, 39% from Russian investors, and 4% from Russian retail investors. [59] BP will receive in exchange of its stake $12.3billion of cash and 18.5% of Rosneft's share, while ARR will receive $28billion in cash. Clearly communicating US sanctions obligations (including ban on exports and reexports from the United States to Crimea) and related compliance expectations with foreign financial and trade partners. See our previous advisory . 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. The ownership structure includes a Cayman Islands company, QHG Cayman Limited, whose ownership can not be traced. At the moment, Rosneft is under sectoral sanctions only. [24] In June, Rosneft paid $731million for the transportation assets of Yukos, which had declared bankrupt in August 2006 after three years of litigation over tax arrears. The Company's refineries in Russia refined 93.0 mmt in 2020. Key Points. [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. Attorney Advertising. [91] According to investigators, Ulyukayev, who was still economy minister at the time of his arrest, had taken the $2M bribe in exchange for permitting Rosneft's acquisition of a stake in Bashneft. Under Directive 1, as amended, US persons are prohibited from transacting or dealing in new debt with a maturity of 30 days or new equity issued by an entity on the SSI List. OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. visit. Rosneft Oil Company / annual report 2006 Contents Chairman's Address 6 Example: List of subsidiaries of General Electric at SEC.gov. "[31][32], Rosneft's IPO became the largest in the history of Russia and the fifth in the world in terms of the amount of money raised at the time. Similar events have been also organized in other Rosneft subsidiaries. The plaintiffs claim this is unlawful. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. The Company's refining block includes 13 large refineries as well as petrochemical and gas processing facilities located in 5 Federal Districts: Central, Volga, Southern, Siberian, and Far Eastern. Five new deposits with reserves of 39million tons of oil equivalent were discovered. As FAS has calculated, these actions led to an increase in prices in the wholesale markets of motor gasoline, diesel fuel, and aviation kerosene in the first half of 2009. 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. The offer failed to attract any customers. The German government has taken the German subsidiary of Russian oil giant Rosneft under state control, putting it into the trusteeship of the Federal Network Agency regulator. By the end of 2020, Rosneft's total . Previously, on February 18, 2020, OFAC placed Rosneft Trading S.A. ("Rosneft Trading"), a Swiss subsidiary of Rosneft, on the SDN List for purchasing, transferring, brokering, and otherwise . Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. After the seizure of Rosneft's assets in the United Kingdom and the denial of an appeal by the Supreme Court of the Netherlands, Rosneft said that Yukos Capital paid Yuganskneftegaz its debt of 12.9 billion ($426M). Rosneft is the largest refining company in the Russian Federation. The announced amount could increase by another US$400 million if the global placement coordinators realize the option of buying another 53 million GDRs of Rosneft at the price of placement within 30 days. countries. Rosneft petitions court to end trusteeship. bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. In response to the deal, Andrei Illarionov, then a senior Putin economic advisor, denounced it as "fraud of the year". 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. 35. [45], On 26 September 2017, the Russian government controversially approved the former German chancellor Gerhard Schrder as chairman of Rosneft. You are offered better than market conditions and a significant profit. According to Kommersant, the Murmansk terminal can be used as a platform for Rosneft's activities in the Arctic. OFAC has authorized a wind down period for both companies through 12:01 a.m. U.S. Eastern Time on May 20, 2020. Rosneft: Contributing to Implementation of UN Sustainable Development Goals ESG Equity For Insiders Shareholder's Personal Account General shareholders' meeting Dividends Questions and answers for shareholders Investor tools Contacts Beware of fraud! Rosneft's subsidiaries play an important role in Venezuela's oil sector. 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. Nayara, which is 49.13 per cent owned by Rosneft, operates a 20 million tonnes-a-year oil refinery at Vadinar in Gujarat and has a growing network of petrol pumps. In addition to it, the plant employees patronize the villages in Novokuibyshev suburbs. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. You can also follow us on Twitter (@SteptoeIntlReg). The proceedings could also affect consumers in Germany: If the court upholds . General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. [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. [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. 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