Venezuela-related executive order and licenses
August 25, 2017
OFAC has announced a new Executive Order, "Imposing Additional Sanctions with Respect to the Situation in Venezuela," and the publication of four Venezuela-related general licenses:
- General License 1, "Authorizing Certain Activities Necessary to Wind Down Existing Contracts,"
- General License 2, "Authorizing Certain Transactions Involving CITGO Holding Inc.,"
- General License 3, "Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds," and
- General License 4, "Authorizing New Debt Transactions Related to the Exportation or Reexportation of Agricultural Commodities, Medicine, Medical Devices, or Replacement Parts and Components
The general licenses authorize specific transactions that would otherwise be prohibited under the new Executive Order. OFAC also posted a number of related Frequently Asked Questions.
First published on 08/25/2017