On June 18, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued three Venezuela-related general licenses and amended FAQ 595. The most notable development is new General License 59 (“GL 59”), which authorizes certain aircraft safety-related activities for Venezuelan Specially Designated National airline, Conviasa. OFAC also reissued its telecommunications and mail authorization as General License 24A (“GL 24A”), again delayed the effectiveness of the PdVSA 2020 bond authorization through General…
On April 28, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) took a series of Iran-related actions as part of the Administration’s “Economic Fury” campaign of exerting maximum pressure against Iran. Specifically, OFAC (1) issued an alert warning of the sanctions risks of dealing with Chinese “teapot” oil refineries that process Iranian crude oil and (2) published FAQ 1249, which warns that “toll” payments to the Government of Iran (“GoI”)…
On March 27, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) significantly expanded the scope of authorizations available for the Venezuelan minerals sector by amending an existing general license and issuing two new general licenses covering a broad range of mining operations in Venezuela involving the Government of Venezuela (“GOV”) and CVG Compania General de Mineria de Venezuela CA (“Minerven”), or any entity in which Minerven owns, directly or indirectly,…
Following the Trump Administration’s removal of tariffs on products of India for “buying Russian oil” in February, the Office of Foreign Assets Control (“OFAC”) has issued a temporary general license to authorize transactions that are “ordinarily incident and necessary to the sale, delivery, or offloading of” Russian crude oil and petroleum products to companies in India. General License 133 authorizes certain transactions involving the sale, delivery or offloading of Russian crude oil or petroleum products…