On January 4, 2020, the US Department of Treasury’s Office of Foreign Assets Control issued Venezuela-related general license 31A and a Frequently Asked Question regarding, “Certain Transactions Involving the IV Venezuelan National Assembly, the Interim President of Venezuela, and Certain Other Persons Authorized,” that were previously prohibited by Executive Order 13884 of August 5, 2019, pursuant to Venezuela Sanctions Regulations (VSR), 31 CFR part 591.
GL 31A authorizes US persons to engage in transactions related to the IV Venezuelan National Assembly that was seated on January 5, 2016 and its Delegated Commission, as well as transactions with Juan Gerardo Guaidó Marquez, the current Interim President of Venezuela, and any official appointed by Guaidó to act on behalf of the Venezuelan government, or persons appointed by Guaidó to the board of directors of any Venezuelan government entity. US persons are also authorized to engage in such transactions that are prohibited by EO 13850 of November 1, 2018, as amended by EO 13857 of January 25, 2019, and incorporated into the VSR; however, GL 31A does not authorize transactions involving the Venezuelan National Constituent Assembly, convened by Nicolas Maduro or the illegitimate National Assembly seated on January 5, 2021.
GL 31A is effective January 4, 2021, and replaces in its entirety GL 31 dated August 5, 2019.
OFAC also issued FAQ 679, to provide an overview of the provisions of GL 31A, and emphasize that the purpose of the new general license is to demonstrate the US’s continued support for the Venezuelan people, the current Interim President Guaidó and his appointees, and its opposition to the illegitimate Maduro regime.
Department of Treasury Recent Action | General License 31A | OFAC FAQ 679