Recent OFAC Actions Related to the Oil Sector

In addition to the maritime services ban targeting Russian Federation-origin crude oil, which we wrote about here, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) recently has taken actions related to, and having implications for, the international oil sector.

Certain of those actions suggest a potential easing of oil sector-related sanctions on Venezuela while others show a continued focus on the Iranian oil sector.

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