On May 5, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License No. 58 (“GL 58”), authorizing transactions ordinarily incident to the provision of certain services in connection with potential debt restructuring of the Government of Venezuela. GL 58 provides a limited authorization for specified transactions, subject to conditions and exclusions, and reflects OFAC’s continued use of general licenses to relax US sanctions on Venezuela. Our prior blog…
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 April 14, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two new general licenses (“GLs”) — GL 56 and GL 57, which further ease longstanding US sanctions targeting Venezuela. OFAC also issued a new Frequently Asked Question (“FAQ”) to clarify the scope of the reporting requirements included in several Venezuela-related GLs. These GLs address certain gaps in the previous sanctions framework and removal of certain restrictions by broadening the…
On April 17, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Russia‑related General License No. 134B (“GL 134B”), extending the duration of General License No. 134A, which authorized certain transactions involving crude oil and petroleum products of Russian Federation origin that had already been loaded onto vessels. As with GL 134A, GL 134B authorizes transactions that are ordinarily incident and necessary to the sale, delivery, or offloading of Russian‑origin…