The Office of Foreign Assets Control of the US Department of the Treasury has amended the Venezuela Sanctions Regulations, 31 CFR part 591. The amendments include a new general license authorizing some US government activities, and incorporate additional Executive Orders, in addition to a new interpretive provision.
- Executive Order 13808 of August 24, 2017 (“Imposing Additional Sanctions With Respect to the Situation in Venezuela”) (82 FR 41155, August 29, 2017);
- Executive Order 13827 of March 19, 2018 (“Taking Additional Steps to Address the Situation in Venezuela”) (83 FR 12469, March 21, 2018);
- Executive Order 13835 of May 21, 2018 (“Prohibiting Certain Additional Transactions With Respect to Venezuela”) (83 FR 24001, May 24, 2018);
- Executive Order 13850 of November 1, 2018 (“Blocking Property of Additional Persons Contributing to the Situation in Venezuela”) (83 FR 55243, November 2, 2018);
- Executive Order 13857 of January 25, 2019 (“Taking Additional Steps To Address the National Emergency With Respect to Venezuela”) (84 FR 509, January 30, 2019), and;
- Executive Order 13884 of August 5, 2019 (“Blocking Property of the Government of Venezuela”) (84 FR 38843, August 7, 2019).
The amendments expand existing § 591.201 to include all transactions prohibited pursuant to Executive Order 13692. OFAC has also incorporated a general license into subpart E of the Regulations (§ 591.509), authorizing the US government to engage in certain Venezuela-related activities. The new interpretive provision clarifies that entering into a settlement or enforcing a lien, judgment or decree that alters, transfers or affects property blocked pursuant to § 591.201 is prohibited unless specifically authorized by an OFAC license.