Expeditors Newsflash

OFAC Issues General License, FAQ For Venezuela

Posted by Sila Barr on 4/25/24 5:00 PM

On April 17, 2024, the Office of Foreign Assets Control (OFAC) published a bulletin announcing the issuance of a General License related to certain transactions in Venezuela. 

General License 44A extends authorization for transactions normally prohibited under the Venezuela Sanctions Regulations "that are ordinarily incident and necessary to the wind down of any transaction related to oil or gas sector operations in Venezuela" and were previously authorized under General License 44.  

The bulletin also announced updates to a Frequently Asked Questions (FAQ) document regarding General Licenses 44 and 44A. 

Transactions under General License 44A will be authorized through 12:01 a.m. Eastern Daylight Time on May 31, 2024.

The OFAC bulletin can be found here:
https://content.govdelivery.com/accounts/USTREAS/bulletins/3970b20 

General License 44A can be found here:
https://ofac.treasury.gov/media/932826/download?inline 

The updated FAQ document can be found here:
https://ofac.treasury.gov/media/932821/download?inline 

 

Topics: Sanctions, OFAC, Venezuela, General Licenses

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