January 10, 2023

OFAC issues Venezuela-related General License 31B and updates 5 frequently asked questions

On January 9, 2023, the US Department of the Treasury’s Office of Foreign Assets Control issued General License 31B pursuant to Venezuela Sanctions Regulations (“VSR”), 31 CFR part 591.  GL 31B authorizes US persons to engage in transactions involving the IV Venezuelan National Assembly seated on January 5, 2016 (“IV National Assembly”); its Delegated Commission; any entity established by or under the IV National Assembly (“IV National Assembly Entity”); or any person appointed by any of these groups, including their respective members and staff, which would otherwise be prohibited by Executive Order 13884.  The GL also authorizes transactions involving persons appointed by or retained by the IV National Assembly, its Delegated Commission or IV National Assembly Entity to the board of directors or as an executive officer of a Government of Venezuela entity, which would be otherwise prohibited by EO 13850, as amended by EO 13857.  GL 31B effectively replaces and supersedes GL 31A in its entirety.

OFAC also updated Frequently Asked Questions 522, 547, 660, 679, and 680 to reflect the provisions in GL 31B.

General License 31B | Updated FAQs