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New Law Significantly Expands Legal Basis for US Sanctions Against Russia

On 16 December 2014, President Obama announced that he will sign the Ukraine Freedom Support Act of 2014 (hereinafter the “Act”) into law. As discussed in our update dated 12 December 2014, the Act represents a potentially...more

Energy Storage Update: 2014 California Storage RFO

Orrick and Clean Energy Pipeline have launched a series of reports dedicated to exploring investment opportunities and challenges in the global renewable energy sector. In the first issue, we analyzed the investment...more

U.S. Congress Passes Russia Sanctions Legislation

On Saturday, the U.S. Congress passed the Ukraine Freedom Support Act of 2014 (H.R. 5859), which, once signed by the president, will impose or authorize broad sanctions on Russia’s energy and defense sectors and increase...more

U.S. Government Provides Guidance Regarding Certain Temporary Aviation-Related Iran Sanctions Relief

As previously advised, on January 20, 2014, Iran and the group of nations known as the P5+1 (United States, U.K., France, Russia, China and Germany) implemented a Joint Plan of Action (JPOA) whereby Iran agreed to accept...more

New Opportunities in UK Water?

OFWAT, the economic regulator of the water and sewerage sector in England and Wales, has set out the price controls that companies must use for regulated activities from 2015 to 2020. This new economic settlement brings...more

OFAC Clarifies Treatment of Deferred Payments, Oil and Gas “Production,” and Artic Offshore Projects Under Russia Sanctions Regime...

On December 11, 2014, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) released new guidance related to existing U.S. sanctions against Russian entities designated on the Sectoral Sanctions...more

Mexico: E&P Regulator Issues First Call for Bids under Round One

The Comisión Nacional de Hidrocarburos (CNH) has issued the first call for bids under Round One and the terms and conditions (T&Cs) governing the tender. CNH seeks to award 14 production-sharing contracts for the exploration...more

EU clarifies Russian sanctions

This alert follows our previous alerts on the Russia/Ukraine sanctions. On 5 December 2014, the European Commission published Regulation 1290/2014 (the Amending Regulation) with effect from 6 December 2014. This...more

US Clarifies Sanctions Provisions and US Senate Passes a Bill to Codify and Expand Sanctions

As noted in previous updates, the United States and European Union continue to impose sanctions against Ukrainian and Russian individuals and entities as a result of the turmoil in Ukraine. On 11 December 2014, the US Senate...more

Rating Agency Developments

On December 10, Moody’s released its approach to rating sustainable net cash flow for CMBS and CRE CDO CLO Real Estate collateral in the Americas and ex-Japan Asia Pacific. On December 10, Moody’s released its approach to...more

OFAC Publishes Guidance Relating to Provision of Temporary Sanctions Relief (Iran)

On December 9, 2014, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC), published in the Federal Register (Vol. 79, No. 236, pp. 73141–73143) previously issued guidance relating to the provision of...more

Amendments to EU Sanctions against Russia

The EU adopted amendments to the current EU sanctions against Russia on 4 December 2014. These amendments are implemented via Council Regulation (EU) No 833/2014 (as amended) (“Regulation 833/2014”). They are intended to both...more

New Senate Bill Significantly Expands U.S. Sanctions Against Russia

The bill, if passed, would impose severe sanctions on “foreign persons” that make significant investments in Russian crude oil projects....more

Energy Newsletter - December 2014

In This Issue: - Plans to build the first coal gasification plant in Britain - Letters of credit, on-demand bonds, and the "fraud exception" - Argentina amends its hydrocarbons law to boost exploration...more

The Joint Plan of Action: A Recap of the Easing Of Sanctions Against Iran By The United States And European Union

On 24 November 2013, an agreement was reached between the E3+3 (also known as the P5+1, and which includes the United States, United Kingdom, Russia, China, France and Germany) and Iran....more

3 Top Legal Issues to Tackle on Solar Projects

The Middle East and North Africa region is on the cusp of a new energy revolution. US$50 billion has been set aside for investment in solar power projects by 2020, as MENA governments seek to maximise the long term value of...more

Argentina amends its hydrocarbons law to boost exploration and production of conventional and unconventional hydrocarbons

On October 31, 2014 Argentina amended its hydrocarbons law to create incentives for foreign investment and to boost the country's conventional and unconventional hydrocarbons exploration and production (the "Hydrocarbons...more

Methodology for Measuring National Content in Mexican Hydrocarbon Sector - The Three Legal Schemes Impacted in the National Oil...

The "Methodology for measuring national content in Allocations and Contracts for Exploration and Extraction of Hydrocarbons, as well as for the Permits in the Hydrocarbons Industry"was published on Nov. 13, 2014,in Diario...more

Explore: Insights from the DLA Piper Mining Sector (Global)

In This Issue: - Editorial - About our mining sector - Mirabela Nickel restructuring – An Australian first - EU import duties and the mining supply chain - Indonesia – An update on the ore and minerals...more

Patchwork options

More difficult project funding environment brings innovative financiers to the fore - A combination of factors since the global financial crisis has made it increasingly difficult for companies other than the majors to...more

Bennett Jones Fall 2014 Economic Outlook

We expect a modest strengthening of global growth over the next two years relative to 2013 and 2014, largely originating from the advanced economies, and the U.S. in particular. Growth in the emerging economies as a whole...more

Russian Legislation Update

In This Issue: - Foreign Investments: Mass Media - Project Finance - Environment - Electric Power - Banking - National Payment System - Securities: New Issue Standards - Excerpt from Electric...more

A vintage year for Gulf IPOs

This year has seen a resurgence of activity in the Middle East equity capital markets, with players such as National Commercial Bank and Qatar Petroleum in the spotlight and growing interest from both regional and...more

Navigating Russia Sanctions: US, EU, and Japan Update

US, EU and Japanese sanctions targeting Russia are becoming increasingly aligned as a result of each jurisdiction’s continued tailoring of sanctions targeting Russia. In each jurisdiction there are now laws which block funds...more

DOMINICAN REPUBLIC—Executive Branch Submits to Senate Bill Aimed at Amending Article 5 of the Renewable Energy Incentive and...

The Executive Branch has submitted to the Senate a bill (Bill) introducing amendments to Article 5 of the Renewable Energy Incentive and Special Regimes Law, promulgated on May 7, 2007 (Law 57-07). The main purposes of such...more

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