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Sanctions Targeting Venezuela

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OFAC Updates and Amends Certain Venezuela Sanctions General Licenses and Regulations

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On November 5, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued a new Venezuela-related general license (General License No. 35) (“GL 35”) to authorize certain administrative transactions with the Government of Venezuela (“GOV”) prohibited by Executive Order (“EO”) 13884 (“Blocking Property of the Government of Venezuela”); issued General License No. 34A (“GL 34A”), which supersedes and replaces General License No. 34, and authorizes transactions involving certain GOV-related individuals prohibited by EO 13884; and identified five current GOV officials on the Specially Designated Nationals and Blocked Persons List (“SDN List”) pursuant to EO 13884.

Then, on November 21, 2019, OFAC announced the amendment of the Venezuela Sanctions Regulations (“VSR,” 31 C.F.R. Part 591) to incorporate additional EOs; make certain clarifying changes; add a GL authorizing US Government activities; and add an interpretive provision regarding activities related to judicial processes.  The VSR regulatory amendments took effect on November 22, 2019 concurrent with their publication in the Federal Register, available here.

These Venezuela sanctions developments are described in more detail below.  Our previous blog posts about US sanctions targeting Venezuela are available here.

OFAC Re-Issues and Extends Several Venezuela-Related General Licenses

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On October 17, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and amended as General License No. 13D (“GL 13D”) to continue the validity period for transactions concerning Nynas AB and its affiliates (“Nynas”), as further described below.  In addition, on October 21, 2019, OFAC re-issued as General License No. 8D (“GL 8D”) to continue the validity period certain maintenance activities involving Petróleos de Venezuela S.A. (“PdVSA”) where certain entities are involved, as further described below.  Finally, on October 24, 2019, OFAC re-issued and amended as General License No. 5A (“GL 5A”) to prohibit dealings or payments for three months related to a specific PdVSA bond.  Our blog post regarding previous amendments to these GLs is available here.

OFAC Issues Amended Venezuela-Related General Licenses to Extend Validity Periods for Dealings in Bonds and Securities

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On September 30, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) amended two Venezuela-related general licenses (“GLs”), re-issued as General License 3G (“GL 3G”) and General License 9F (“GL 9F”), to extend the authorization for dealings in certain bonds and other securities, as further outlined below.  Our blog post regarding previous amendments to these GLs is available here.   

OFAC Issues New General License Authorizing Transactions with Certain Government of Venezuela Individuals

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On September 9, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued a new Venezuela-related general license (General License 34) to authorize transactions involving certain Government of Venezuela-related individuals that would otherwise be prohibited by Executive Order (“EO”) 13884.

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