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33-700: The site chosen for the port is on the western shore of the Ob estuary , on the Yamal peninsula. It is close to, and will serve, the Yuzhno-Tambeyskoye gas field. The port is a joint venture between Novatek —a large producer of natural gas—and the Russian government . The groundbreaking ceremony was held in July 2012, but construction of the port itself was scheduled to begin in the summer of 2013. The project includes

66-541: A 150 billion rouble subsidy to the LNG project. The port and first phase of the plant were opened by President Putin on 8 December 2017. According to Novatek on 22 October 2019, the natural gas reserves in the Yamalo-Nenets Autonomous Okrug represent 80% of Russia's natural gas and 15% of the world's natural gas supply. Sabetta International Airport ( IATA : SBT , ICAO : USDA ) is serving

99-729: A U.S. citizen was convicted of violating the Iran Trade Embargo for failing to request Iranian currency transfer licenses in advance from OFAC. On August 25, 2010, the Iranian American Bar Association announced that it would file an amicus curiae brief with the Court of Appeals for the Second Circuit on United States v. Banki . It has also hired lawyers to request further guidance from OFAC on import of goods from Iran. In 2014, OFAC reached

132-553: A court order is required. As of October 7, 2015, the SDN List had more than 15,200 entries from 155 countries. Of those, 178 entries were for aircraft and 575 entries were for ships ("vessels"). The remaining 14,467 entries were for designated individuals and organizations. OFAC creates separate entries in the SDN list for each alias of a designee, so the number of entries does not reflect the number of designees. On September 21, 2021,

165-589: A cryptocurrency exchange was included in the sanctions list for first time for helping launder illicit funds having source from ransomware attacks. The amounts laundered are more than $ 160 million between 2018 and 2021. OFAC publishes a list of Sectoral Sanctions Identifications (SSI), which lists persons, companies, and entities in sectors of the Russian economy (especially energy, finance, and armaments), prohibiting certain types of activity with these individuals or entities by US persons, wherever located. This list

198-685: A few islands located close to the shore, such as Khalevigo and Nyavigo , the Gulf of Ob is free of islands until it meets the Kara Sea . Beluga whales seasonally migrate to the Gulf of Ob. Very large natural gas and petroleum deposits have been discovered in this region. To the west is the Yamal project to develop resources in the Yamal Peninsula . To the south-east the Yamburg gas field

231-414: A large LNG plant , capable of producing 16.5 million tons of LNG per year. The port would allow LNG to be exported by sea, year round, from Siberian oil & gas fields. Construction of the LNG plant itself is contracted to JGC and Technip. A 180 km railway line is planned, connecting Bovanenkovo to Sabetta. In December 2014, amid the 2014–15 Russian financial crisis , the Russian government gave

264-512: A record $ 963 million settlement with the French bank BNP Paribas , which was a portion of an $ 8.9 billion penalty imposed in relation to the case as a whole. Appointment as OFAC director is not subject to Senate confirmation. OFAC publishes a list of Specially Designated Nationals (SDNs), which lists people, organizations, and vessels with whom U.S. citizens and permanent residents are prohibited from doing business. This list differs from

297-729: A threat to U.S. national security. Founded in 1950 as the Division of Foreign Assets Control, since 2004 OFAC has operated under the Office of Terrorism and Financial Intelligence within the Treasury Department. It is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the White House , most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT). Sometimes described as one of

330-658: Is a stub . You can help Misplaced Pages by expanding it . Office of Foreign Assets Control The Office of Foreign Assets Control ( OFAC ) is a financial intelligence and enforcement agency of the United States Treasury Department . It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under presidential national emergency powers , OFAC carries out its activities against foreign governments, organizations (including terrorist groups and drug cartels), and individuals deemed

363-585: Is executed by OFAC by issuing regulations that direct financial institutions accordingly. As part of its efforts to support the Iraq sanctions , in 2005, OFAC fined Voices in the Wilderness $ 20,000 for gifting medicine and other humanitarian supplies to Iraqis. In a similar case, OFAC imposed and attempted to collect a $ 10,000 fine, plus interest, against peace activist Bert Sacks for taking medicine to residents of Basra ; charges against Sacks were dismissed by

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396-637: Is going to Sabetta after sea trials, and Yakov Gakkel ( Russian : «Яков Гаккель» ) which was at the time under sea trials at a South Korean shipyard. Also affected are five ARC7 tankers which Dynagas will supply in a partnership between Sinotrans&CSC and CLNG (25.5% stake), as well as three ARC7 tankers from a joint venture between the Cosco subsidiary Shanghai LNG and Japan's MOL (株式会社商船三井). However, these former five and later three ARC7 tankers are not directly sanctioned but US Office of Foreign Assets Control (OFAC) rules require caution to be exercised in

429-464: Is in the gulf, designed to operate where ice could be over two meters thick. The fossil gas company PAO Novatek has since 2019 had permission for natural gas extraction from a major part of the eastern shore Gyda Peninsula . In 2020 the company presented plans for construction of a major port for gas shipment. The port is called Utrenneye and the project is named Arctic LNG 2 . This Yamalo-Nenets Autonomous Okrug location article

462-640: Is maintained following the issuance of EO 13662 Blocking Property of Additional Persons Contributing to the Situation in Ukraine on March 20, 2014, in accordance with 79 FR 16167. On August 13, 2014, the Treasury Department issued guidance for entities under sectoral sanctions. It increased the number of entities on the sectoral sanctions identifications list by adding subsidiaries of entities under sectoral sanctions that hold 50% or greater ownership by an entity under sectoral sanctions either individually or in

495-564: Is relatively shallow, with an average depth from 10 to 12 metres (33 to 39 ft), which restricts heavy sea transport. The Taz Estuary is an eastern side-branch formed by the Taz River . There are several islands near the mouth of the Ob, at the beginning of the estuary, such as Khaley Island . All these islands are close to the shore and they are generally flat and low-lying. They are protected wetlands under Ramsar . Further north, except for

528-645: Is the world's third largest natural gas field , located between the southern portion of the gulf and the Taz Estuary to the east. Oil and gas from the wells are sent south via pipeline and rail transport . A new port has been developed at Sabetta , on the west bank of the gulf, to support the Yamal LNG plant. Commercial operation started in December 2017 with the loading of the first LNG carrier . Gazprom 's Arctic Gate offshore oil loading terminal

561-679: The Bay of Ob (Russian: Обский залив , romanized:  Obsky zaliv ), is a bay of the Arctic Ocean , located in northern Russia at the mouth of the Ob River . It is the world's longest estuary . The mouth of the Gulf of Ob is in the Kara Sea between the Gyda and Yamal peninsulas. It is about 1,000 km (620 mi) long and varies in width from about 50 to 80 km (31 to 50 mi). It generally runs north and south. The gulf

594-655: The United Kingdom in retaliation for the impressment of American sailors. Predecessor agencies of the Division of Foreign Assets Control include Foreign Funds Control (FFC), which existed from 1940 to 1947, and the Office of International Finance (1947 to 1950). FFC was established by Executive Order 8389 as a unit of the Office of the Secretary of the Treasury on April 10, 1940. The authority to establish FFC

627-474: The "most powerful yet unknown" government agencies, OFAC has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the U.S. Involvement of the U.S. Department of the Treasury in economic sanctions against foreign states dates to the War of 1812 , when Secretary Albert Gallatin administered sanctions against

660-617: The 2019–2021 Persian Gulf crisis, the US imposed sanctions under Executive Order 13846 against several companies including Cosco Shipping Tanker (Dalian) Seaman and Ship Management Company Ltd and the Cosco Shipping Tanker Dalian (大連中遠海運油品運輸有限公司) which are two Cosco Shipping Company subsidiaries that are supporting LNG shipments from Sabetta. As of late September 2019, the Joint Venture TC LNG between

693-488: The Canadian firm Teekay and China LNG Shipping Ltd (CLNG) which has more than one third of Sabetta's LNG ice fleet, six ARC7 LNG tankers: Eduard Toll ( Russian : «Эдуард Толль» ), Rudolf Samoilovich ( Russian : «Рудольф Самойлович» ), Nikolay Yevgenov ( Russian : «Николай Евгенов» ), Vladimir Voronin ( Russian : «Владимир Воронин» ) all of which are operating, Georgy Ushakov ( Russian : «Георгий Ушаков» ) which

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726-819: The Office of Foreign Assets Control. In addition to the Trading with the Enemy Act and the various national emergencies currently in effect, OFAC derives its authority from a variety of U.S. federal laws , particularly the International Emergency Economic Powers Act (IEEPA), regarding embargoes and economic sanctions. In enforcing economic sanctions, OFAC acts to prevent "prohibited transactions", which are described by OFAC as "trade or financial transactions and other dealings in which U.S. persons may not engage unless authorized by OFAC or expressly exempted by statute". OFAC has

759-641: The Oregon-based Al Haramain Islamic Foundation in 2004 was unconstitutional. The court said the Fifth Amendment's guarantee of due process required Treasury to give adequate notice of the reasons it puts a group on the terrorist list, as well as a meaningful opportunity to respond. In addition, the court ruled that freezing the group's assets amounts to a seizure under the Fourth Amendment, so that

792-479: The aggregate, either directly or indirectly. Further, US persons cannot use a third party intermediary and must exercise caution during "transactions with a non-blocked entity in which one or more blocked persons has a significant ownership interest that is less than 50% or which one or more blocked persons may control by means other than a majority ownership interest." On December 22, 2015, the Treasury Department explicitly listed all entities and their subsidiaries on

825-493: The authority to grant exemptions to prohibitions on such transactions, either by issuing a general license for certain categories of transactions, or by specific licenses issued on a case-by-case basis. Under the International Emergency Economic Powers Act (IEEPA), the U.S. President is empowered during national emergencies to block the removal of foreign assets under the jurisdiction of the United States. That mandate

858-473: The city. A $ 3.22 billion proposal for a railway project connecting Sabetta to the broader Eurasian rail network was approved in March 2017. The port requires extensive dredging of channels; this is being performed by DEME and Jan De Nul . Ice also poses serious challenges to shipping. DSME is building fifteen LNG carriers for the project. As well as LNG exports, some goods imports are expected too;

891-452: The court in December 2012. In October 2007, a set of Spanish travel agency websites had their domain name access disabled by eNom : the domain names had been on the OFAC blacklist. When queried, the U.S. Treasury referred to a 2004 press release that claimed the company "had helped Americans evade restrictions on travel to Cuba". In the case of United States v. Banki , on June 5, 2010,

924-550: The entry of the People's Republic of China into the Korean War ; President Harry S. Truman declared a national emergency and tasked the Division with blocking all Chinese and North Korean assets subject to U.S. jurisdiction. The Division also administered regulations and orders issued under the amended Trading with the Enemy Act. On October 15, 1962, by a Treasury Department order, the Division of Foreign Assets Control became

957-726: The former. Of the fifteen ARC7 tankers operating out of Sabetta, only Sovcomflot 's Christophe de Margerie is not affected by the 2019 sanctions. Although these ships have been serviced at Honningsvåg, Norway , this will be phased out and future LNG tanker shipments along the Northern Sea Route may occur between Murmansk and Kamchatka in Russia coastal waters. On 30 January 2020, the United States lifted sanctions on Cosco Shipping Tanker (Dalian) and its TC LNG. Ob estuary The Gulf of Ob ( Russian : Обская губа , romanized :  Obskaya guba ), also known as

990-657: The list maintained pursuant to Section 314(a) of the Patriot Act . In August 2009, a federal court ruling in KindHearts v. Treasury found that Treasury's seizure of KindHearts assets without notice or means of appeal is a violation of the Fourth and Fifth Amendments. On September 23, 2011, the Ninth Circuit Court of Appeals upheld a lower court's ruling that procedures used by Treasury to shut down

1023-461: The newly established Office of International Finance (OIF). In 1948, OIF activities relating to blocked foreign funds were transferred to the Office of Alien Property, an agency within the Department of Justice . The Division of Foreign Assets Control, OFAC's immediate predecessor, was established in the Office of International Finance by a Treasury Department order in December 1950, following

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1056-623: The port plan includes at least one berth for customs inspections of foreign ships. In 2016 Chemical reactors were shipped from South Korea through Sabetta, on its way to the Pavlodar oil refinery. Barges of grain will travel 2,000 kilometers down the Irtysh , to be transferred to freighters, for shipment to Japan . Following the 14 September 2019 attack by Iran on Saudi Arabian oil fields at Khurais and Abqaiq ( Biqayq in Arabic) during

1089-575: Was derived from the Trading with the Enemy Act 1917 . Among other operations, FFC administered wartime import controls over enemy assets and restrictions on trade with enemy states. It also participated in administering the Proclaimed List of Certain Blocked Nationals , or the "Black List", and took censuses of foreign-owned assets in the US and American-owned assets abroad. FFC was abolished in 1947, with its functions transferred to

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