OFAC issues interpretive guidance on specific issues related to the sanctions programs it administers. OFAC Extends Venezuela-Related General License Authorizing Wind-Down Transactions November 24, 2020 By Nicholas F. Coward and Meghan Hamilton 2 Mins Read On November 17, 2020, the US Treasury Department’s Office of Foreign Asset Control (“OFAC”) amended General License (“GL”) 8F and re-issued it as General License 8G. The imposition of blocking … The U.S. Department of Treasury’s Office of Foreign Assets Controls (“OFAC”) issued General License 5D pertaining to the Venezuela sanctions. Posted in OFAC, Venezuela. part 591 (the VSR), that are ordinarily incident and necessary to operations or use of ports and airports in Venezuela are authorized. 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. The President issued Executive Order (E.O.) 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. 13850. (h) Effective May 12, 2020, General License No. Despite a tightening of economic sanctions on Venezuela under President Donald Trump, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) occasionally issues General Licenses clarifying, authorizing or exempting certain U.S. activities involving the Venezuelan government or entities directly and indirectly affiliated with Petróleos de Venezuela, S.A (PdVSA). OFAC extended the expiration of General License 13K (reissued as General License 13L) from July 6, 2019 to November 8, 2019. Visit the link below to apply for an OFAC license. Executive Order 13884 and FAQs EO 13884 treats the Government of Venezuela as if it were a designated person. Venezuela General License 24 - Certain Transactions Involving the Government of Venezuela Related to Telecommunications and Mail Authorized Venezuela General License 25 - Exportation of Certain Services, Software, Hardware, and Technology Incident to the Exchange of Communications over the Internet Authorized These interpretations of OFAC policy are sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address a complex topic. Venezuela, PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are described in this general license. Certain activities related to the Venezuela-related Sanctions may be allowed if they are licensed by OFAC. §§ 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. part 591) or with any blocked persons other than those identified in this General License. Further, this General License does not authorize transactions related to the export or re-export of diluents to Venezuela; the issuance of any loans to, or accrual of additional debt by, or subsidization of PdVSA; or, any transactions prohibited by OFAC’s Venezuela Sanctions Regulations (31 C.F.R. General License 15F. OFAC Issues Rapid Delisting of Entities and Vessels. What does Venezuela-related General License 5C authorize? (a) Except as provided in paragraph (c) of this general license, all transactions and activities involving the Government of Venezuela prohibited by Executive Order (E.O.) PDVSA Sanctions Evasion Network​ - June 2020. OFFICE OF FOREIGN ASSETS CONTROL Executive Order 13850 of November 1, 2018 Blocking Property of Additional Persons Contributing to the Situation in Venezuela Executive Order of August 5, 2019 Blocking Property of the Government of Venezuela GENERAL LICENSE NO. On February 2, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 30A, which authorizes certain necessary to port and airport operations that would otherwise be prohibited by Executive Order (E.O.) General License 13L authorizes certain transactions ordinarily incident and necessary to divest or transfer debt, equity, or other holdings in GAZ to non-US persons. Posted on June 19, 2020. this general license (GL 3H Bonds) that would be prohibited by Subsection 1(a)(iii) of Executive Order (E.O.) The two companies are subsidiaries of Venezuelan national oil company, Petróleos de Venezuela, S.A. (‘PdVSA’), which is sanctioned by the US. Concurrent with the issuance of the Executive Order, OFAC amended certain It may be in your and the U.S. government’s interest to authorize particular economic activity related to the Venezuela-related Sanctions. Sign up for Venezuela-related Sanctions e-mail updates. • General License 29 authorizes non-governmental organizations to engage in transactions involving the Government of Venezuela in support of humanitarian projects, democracy building, education, non-commercial development projects directly benefiting the Venezuelan people, and environmental protection in Venezuela. 8A, and General License 13A) to clarify that these authorizations do not authorize US Persons to engage in transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela. Importantly, treatment of pre-sanctions Venezuelan bonds and dealings with PdVSA remain essentially unchanged, and most activities previously authorized by OFAC general license remain authorized. In the same press release in which OFAC … October 24, 2019: OFAC amends Venezuela General License 5 By eric9to5 on October 28, 2019 • (Leave a comment) On Thursday, OFAC updated General License 5 (now 5A) for the Venezuela program, making the authorization for these transactions regarding the PdVSA 8.5% 2020 bond only effective starting in mid-January. On September 9, the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) issued General License 34 (GL 34) authorizing transactions involving certain Government of Venezuela persons. The links below send the user to OFAC's FAQ pages. The various OFAC general licenses implicating Venezuela that were in effect before the latest Executive Order was issued on August 5 generally still remain in effect today. Issuance of Venezuela-related General License 30A 02/02/2021 The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 30A, "Authorizing Certain Transactions Necessary to Port and Airport Operations." OFAC's General License No. OFAC General Licenses (GL’s) – Balancing Hard Lines with Economic Realities. Today, OFAC amended Venezuela General License 5 (new version is C), which relates to the PdVSA 2020 8.5% bond, and issued the following amended Frequently Asked Question (FAQ): 595. Buckley LLP Ukraine, USA, Venezuela January 8 2021 On December 23, … • General License 29 authorizes non-governmental organizations to engage in transactions involving the Government of Venezuela in support of humanitarian projects, democracy building, education, non-commercial development projects directly benefiting the Venezuelan people, and environmental protection in Venezuela. Financial Crimes OFAC OFAC Designations Of Interest to Non-US Persons Department of Treasury Venezuela Sanctions. 681 (Aug. 6, 2019). OFAC Issues General License 37 After Blocking Entities and Vessels Operating in Venezuela’s Oil and Shipping Sectors. OFAC also is incorporating a general license into subpart E that was previously posted only on OFAC's website. Beginning back on April 3, 2020, OFAC issued seven General Licenses all relating to Humanitarian assistance, from the authorization of the following: GL #4-C, continuing with 16C, 20B, 26, 29, 30, and GL #33. On January 28, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) added Petróleos de Venezuela, S.A. (PdVSA), ", Sign up for OFAC Recent Actions e-mail updates, Issuance of Venezuela-related General License 30A, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Remarks by Secretary of the Treasury Janet L. Yellen on A Better Deal for Americans to The U.S. Chamber of Commerce, Treasury and IRS Announce Families of 88% of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit, American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines, Secretary Janet L. Yellen to Attend G7 Finance Ministers Meeting in London, England, READOUT: Deputy Secretary of the Treasury Wally Adeyemo Attended Small Business Event with Mayor of Los Angeles Eric Garcetti, READOUT: Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Independent Community Bankers of America Board of Directors, Joint Statement on U.S.-UK Financial Regulatory Working Group Meeting, Remarks by Secretary of the Treasury Janet L. Yellen on the Executive Order on Climate-Related Financial Risks, Communities across the country -especially rural communities & communities of color- need quick access to capital &… https://t.co/0XbtqL0pLb, . OFAC also issued a number of new general licenses (This is a non-exhaustive list): General License 28 (Here) – Wind Down of Transactions with the Venezuelan Government: This general license authorizes all transactions and activities ordinarily incident and necessary to the wind down of operations, contracts, or other agreements involving the Venezuelan government that were in effect … 7B, General License No. 13850 of November 1, 2018, each as amended by E.O. 13884, as … @TreasuryDepSec received a to… https://t.co/qbY3gH0uwS, Form 941, employer's quarterly federal tax return, Consolidated Sanctions List (Non-SDN Lists), Civil Penalties and Enforcement Information, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, Guidance Related to the Provision of Humanitarian Assistance and Support to the Venezuelan People, Venezuela Currency Exchange Network Scheme​, Determination Pursuant to Executive Order 13850 of November 1, 2018, as Amended, Venezuela Defense of Human Rights and Civil Society Act of 2014, International Emergency Economic Powers Act (IEEPA), 50 U.S.C. 13835 on May 21, 2018. 13884 of August 5, 2019, as incorporated into the Venezuela Sanctions Regulations, 31 C.F.R. Other authorities are public laws (statutes) passed by The Congress. Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Treaties and Tax Information Exchange Agreements (TIEAs), Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal Benefit Payments - GoDirect, General Property, Vehicles, Vessels & Aircraft. §§ 1701-1706, National Emergencies Act (NEA), 50 U.S.C. OFAC releases press charts related to illicit activity in Venezuela, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Remarks by Secretary of the Treasury Janet L. Yellen on A Better Deal for Americans to The U.S. Chamber of Commerce, Treasury and IRS Announce Families of 88% of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit, American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines, Secretary Janet L. Yellen to Attend G7 Finance Ministers Meeting in London, England, READOUT: Deputy Secretary of the Treasury Wally Adeyemo Attended Small Business Event with Mayor of Los Angeles Eric Garcetti, READOUT: Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Independent Community Bankers of America Board of Directors, Joint Statement on U.S.-UK Financial Regulatory Working Group Meeting, Remarks by Secretary of the Treasury Janet L. Yellen on the Executive Order on Climate-Related Financial Risks, Communities across the country -especially rural communities & communities of color- need quick access to capital &… https://t.co/0XbtqL0pLb, . 27 authorizing transactions related to IP rights in Venezuela and the US By Gustavo Rodríguez Zoppi, Hoet Peláez Castillo & Duque (HPCD) - 09/08/2019 During the last years, the United States has employed sanctions as a policy tool in response to activities of the Venezuelan Government. 13857 of January 25, 2019, or by E.O. The PdVSA, as it is known, was placed on OFAC’s Specially Designated Nationals and Blocked Persons List, or the SDN List, pursuant to E.O. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. General License 13L. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations (CFR). OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Treaties and Tax Information Exchange Agreements (TIEAs), Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal Benefit Payments - GoDirect, General Property, Vehicles, Vessels & Aircraft, The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 30A, "Authorizing Certain Transactions Necessary to Port and Airport Operations. @NewEco4Women is an econ development corporation created & operated by Latina women. @NewEco4Women is an econ development corporation created & operated by Latina women. Some of these authorities are in the form of an executive order issued by the President. previously issued Venezuela-related general licenses and issued 13 new general licenses, along with issuing new and revised guidance, to implement EO 13884. OFAC Issues New Venezuela General License, Effectively Delaying Creditors’ Ability to Seize Citgo Assets October 15, 2020 On October 6, OFAC issued General License 5E, Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 … On January 28, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) added Petróleos de Venezuela, S.A. (PdVSA), See OFAC, FAQ No. 9G. Below OFAC has issued guidance and statements on specific licensing policies as they relate to the Venezuela-related Sanctions. @TreasuryDepSec received a to… https://t.co/qbY3gH0uwS, Form 941, employer's quarterly federal tax return, Office of Foreign Assets Control - Sanctions Programs and Information, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. In addition, on October 21, 2019, OFAC re-issued as General License No. 9F, dated September 30, 2019, is replaced and superseded in its entirety by this General License No. GL 34 comes after the United States blocked all property and interests in property of persons defined as the Government of Venezuela (GoV) in the August 5, 2019, Executive Order 13884 … The Venezuela-related Sanctions program represents the implementation of multiple legal authorities. According to an OFAC press release, the new EO and general licenses “allow U.S. persons to continue to provide humanitarian support to the Venezuelan people” while putting pressure on the Maduro regime. 13884 of August 5, 2019, as collectively incorporated into the Venezuela Sanctions Regulations, 31 C.F.R. 7C Authorizing Certain Activities Involving PDV Holding, Inc. and CITGO Holding, Inc. On June 6, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) amended three Venezuela-related general licenses (re-issued as General License No. Venezuela Sanctions | New OFAC General Licenses On January 28th, OFAC designated Petroleos de Venezuela S.A., which is Venezuela’s national oil and natural gas company. 13808 of August 24, 2017 or by E.O. OFAC also issued FAQ 679, to provide an overview of the provisions of GL 31A, and emphasize that the purpose of the new general license is to demonstrate the US’s continued support for the Venezuelan people, the current Interim President Guaidó and his appointees, and its opposition to the illegitimate Maduro regime. OFAC renews Venezuela General License 8 permitting only limited wind down and maintenance activities Vedia Biton Eidelman , Ginger Faulk Eversheds Sutherland (US) LLP The amended licenses extend existing authorizations to cover transactions that would otherwise have been restricted by the new Executive Order. Print: Email Tweet Like LinkedIn. OFAC amends Venezuela and Ukraine-related general licenses Blog InfoBytes Blog. This general license, which is being added as new § 591.509, authorizes the U.S. Government to engage in certain activities related to Venezuela. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Venezuela.

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