Issuance of Amended Russia-related General License and Frequently Asked Questions; Publication of Spanish Translations of Venezuela-related General Licenses and Frequently Asked Questions
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Key facts
Source:US Treasury OFAC (U.S. Treasury, public domain)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced updates to its regulatory guidance regarding sanctions on Russia and Venezuela. The agency issued an amended Russia-related General License, identified as 13Q, which pertains to specific administrative transactions prohibited under Directive 4 of Executive Order 14024.
In addition to the new license, OFAC has modified two existing pieces of guidance related to Russia. The agency updated the content of Frequently Asked Questions (FAQs) 999 and 1118 to reflect current regulatory standards.
Regarding Venezuela, the Treasury Department has released Spanish-language translations for several existing General Licenses and associated guidance. These translations cover a range of authorized activities, including those involving Venezuelan-origin oil or petrochemical products (General License 46B), the sale of U.S.-origin diluents (General License 47), and the supply of specific items and services (General License 48A).
The published translations also include guidance on negotiating contingent contracts for certain investments (General License 49A) and managing transactions related to operations in the Venezuelan oil and gas sector (General License 50A). Along with the licenses, OFAC provided Spanish versions of 19 related Frequently Asked Questions for informational use.
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