On March 24, 2025, the White House issued Executive Order 14245 (“EO 14245”) to implement potential tariffs for countries importing Venezuelan oil as well as a Fact Sheet that summarizes EO 14245 at a high level. On the same date, the US Treasury Department’s Office of Foreign Assets Control issued General License (“GL”) No. 41B extending the wind down period of certain transactions related to Chevron Corporation joint ventures (“JVs”) in Venezuela. EO 14245 This…
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…
On March 4, 2025, the US Department of State announced the redesignation of Ansarallah (a political movement and militia group in Yemen also known as the Houthis) as a Foreign Terrorist Organization (“FTO”). The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) separately designated seven high-ranking members of Ansarallah as Specially Designated Nationals (“SDNs”) for smuggling weapons into Houthi-controlled areas of Yemen and negotiating weapons procurement from Russia. In addition, OFAC designated…
The Biden Administration issued another round of sanctions against Russia in its final days, with less than a week left in the Administration. This followed on the heels of major sanctions imposed by OFAC on Russia’s energy sector just five days prior – see our blog post on that development here. Specifically, on January 15, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the US Department of State (“State”)…