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,…
On March 20, 2026, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Iran-related General License U (“GL U”), “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026.” One day earlier, on March 19, 2026, OFAC issued Russia-related General License 134A (“GL 134A”), “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on…
On March 13, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) expanded the scope of three existing general licenses (“GLs”) and issued two amended Frequently Asked Questions (“FAQs”) related to certain imports and activities involving electricity and petrochemicals in Venezuela. On March 18, 2026, OFAC also issued a new GL authorizing transactions with Venezuelan state-owned Petróleos de Venezuela, S.A. (“PdVSA”), subject to certain conditions, and issued two new FAQs related thereto.…
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…