IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Outflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
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Inception date: 20 Aug 2021 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 4 May 2022, the U.S. Department of State imposed sanctions on two Russian entities pursuant to the Protecting Europe's Energy Security Act (PEESA) over Nord Stream 2 pipeline project. Specifically, these entities, namely Nobility and Konstanta, were added to the Specially Designated Nationals and Blocked Persons List. The U.S. blocked all property of these entities subject to U.S. jurisdiction.

The Department of State determined that Joint Stock Company Nobility “has knowingly, on or after January 1, 2021, sold, leased, or provided, or facilitated selling, leasing, or providing, a vessel that engaged in pipe-laying or pipe-laying activities at depths of 100 feet or more below sea level for the construction of the Nord Stream 2 pipeline project.” Furthermore, the Department of State has also determined that Konstanta, OOO has provided underwriting services or insurance or reinsurance to a vessel engaged in Nord Stream 2 pipeline project.

The Department of State also blocked two vessels that are linked to Joint Stock Company Nobility.

Pursuant to PEESA, the Department of State is required to submit reports to the Congress concerning vessels that engaged in “pipe-laying or pipe-laying activities at depths of 100 feet or more below sea level for the construction of the Nord Stream 2 pipeline project, the Turkstream pipeline project, or any project that is a successor to either such project.”

Sanctions retrospectively enter into force on 20 August 2021.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

120 Crude petroleum & natural gas
2711 Petroleum gases and other gaseous hydrocarbons.
271111 Natural gas
271121 Natural gas

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