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.…
On 13 March 2026, the European Commission published a new set of Frequently Asked Questions (“FAQs”, accessible here) clarifying the scope and application of EU sanctions restrictions on the provision of payment services under Article 5b(2) of Council Regulation (EU) No 833/2014, as amended (the “EU Russia Sanctions”). Article 5b(2) of the EU Russia Sanctions prohibits the provision of certain payment services to Russian nationals and natural and legal persons, entities and bodies in Russia…
On March 6, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) continued its trend of selectively easing the Venezuela sanctions by (1) issuing General License No. 51 (“GL 51”), the first general license (“GL”) beyond the energy sector, and (2) publishing six new Frequently Asked Questions (“FAQs”) addressing the scope of several of the previously issued energy-related GLs. In parallel, Venezuela has begun reforming its mining sector. Background Since late…