On June 25, 2026, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued General License No. 60 (“GL 60”) to authorize transactions related to earthquake relief efforts that would otherwise be prohibited under the Venezuela Sanctions Regulations, 31 CFR Part 591 (“VSR”). GL 60 is in effect through 12:01 am ET on October 23, 2026. Transactions for US Persons authorized by GL 60 include those involving the Government of Venezuela (“GOV”) and Specially…
On June 22, 2026, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) published a new general license (Iran General License X or “GL X”) as the first step in implementing the US-Iran Memorandum of Understanding (“MOU”) to end recent hostilities in the Middle East. The MOU has not been formally or officially published by US Government agencies such as the State or Treasury Departments but its text has widely been reported and confirmed…
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 June 11, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published in the Federal Register the List of Medical Devices Requiring Specific Authorization under the North Korea Sanctions Regulations, 31 CFR Part 510 (“NKSR”). The export or reexport of these excluded non-US medical devices to North Korea requires a specific license from OFAC if US Persons are involved. Other non-US medical devices remain eligible for export/reexport to North Korea…