- For a period of six months, OFAC permits a wide range of transactions tied to Venezuela’s oil and gas sector, including new investments and financial dealings with specific Venezuelan banks.
- OFAC allows all forms of transactions with Minerven, the Venezuelan state-owned gold mining company, nullifying prior sanctions solely in this sector.
- OFAC lifted restrictions on secondary trading of selected Venezuelan sovereign bonds and debt and equity related to PdVSA, enabling both purchase and sale within the U.S. market.
- These licenses are conditional; OFAC retains the right to rescind if conditions are not met.
- Other sanctions on Venezuela remain in effect.
On October 18, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued several new and amended Venezuela-related General Licenses (GL) authorizing various transactions that would otherwise be prohibited. These developments occurred in response to a political agreement between Venezuelan President Nicolás Maduro’s representatives and the Unitary Platform as a step forward in restoring democracy in Venezuela. According to the Department of the Treasury, this easing is conditional and could be rescinded if commitments are not met. All other sanctions on Venezuela remain in effect.
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