OFAC Eases Venezuela Sanctions Lifts Secondary Market Trading Ban on US Persons

On October 18, 2023, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued a number of general licenses easing sanctions targeting Venezuela.

The general licenses authorize: (i) U.S. persons to purchase bonds issued by certain Venezuelan government entities prior to August 25, 2017 on the secondary market, (ii) transactions related to oil and gas sector operations in Venezuela for a six-month period, and (iii) transactions with the Venezuelan state-owned gold mining company. OFAC also issued additional guidance, including Frequently Asked Questions (“FAQs”) relating to these general licenses. 

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