OFAC modifies general licenses covering certain transactions with Venezuela

The Office of Foreign Assets Control of the US Department of the Treasury has amended General Licenses 7A, 8 and 13, which carve out sanctions exemptions for certain companies.  OFAC also issued new guidance discussing the license amendments.  

All three amendments are designed “to restrict U.S. persons engaging in transactions and activities authorized by those GLs from exporting or re-exporting diluents, directly or indirectly, to Venezuela, or from engaging in transactions or activities related thereto.”  To that end, OFAC added the following language to the list of transactions that are not authorized by these licenses:

Any transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela[.]

The amendments rename the three general licenses 7B, 8A and 13A.

OFAC bulletin | OFAC FAQ 672

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