The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended Venezuela General License (“GL”) 41 to wind-down, rather than authorize, certain transactions related to the operation and management of Chevron Corporation’s joint venture with Petróleos de Venezuela, S.A. (“PdVSA”) and any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest (“PdVSA Related Entities”). OFAC issued the original GL 41 on November 26, 2022, which authorized certain transactions…
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In the evening of January 26, 2025, the White House announced in a press release that the US and Colombian governments had reached an agreement on flights carrying individuals deported from the United States and paused efforts to impose tariffs and other measures announced by President Trump and President Petro. Our blog post about measures previously announced by the two countries on January 26 is available here. Based on this agreement, the “emergency” tariffs and…
The US Department of Commerce’s Bureau of Industry and Security (“BIS”) published an interim final rule (“IFR”) on January 15, 2025, that introduces new export controls on artificial intelligence (“AI”) model weights and advanced computing integrated circuits (“IC”) in the Export Administration Regulations (“EAR”). The new controls are intended to simultaneously restrict exports to certain countries while establishing a framework to support the diffusion and supply of certain AI model weights and advanced computing ICs…