On June 10, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a suite of updated Venezuela-related general licenses (“GLs”) that slightly ease certain licensing conditions related to governing law and dispute resolution clauses in contracts involving the Government of Venezuela, Petróleos de Venezuela S.A. (“PdVSA”), CVG Compañía General de Minería de Venezuela CA (“Minerven”), or any entity in which PdVSA or Minerven owns, directly or indirectly, a 50% or…
On May 18, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License No. 134C (“GL 134C”), further extending the temporary authorization for certain transactions involving crude oil and petroleum products of Russian Federation origin that were loaded onto vessels prior to a specified cutoff date. GL 134C replaces and supersedes General License No. 134B (“GL 134b”) in its entirety but replicates its substantive terms. As we previously reported,…
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”)…