February 6, 2024

OFAC amends FAQ 629 and updates related FAQ note regarding sanctions involving Venezuela’s gold sector

On February 2, 2024, the US Department of the Treasury’s Office of Foreign Assets Control amended Frequently Asked Question 629 and issued an updated version of “Frequently Asked Questions Related to the Suspension of Certain U.S. Sanctions with Respect to Venezuela on October 18, 2023.”  The updates to the FAQ note relate to OFAC’s January 29, 2024 revocation of Venezuela-related General License 43, which had authorized transactions involving Minerven, Venezuela’s state-owned gold mining company, that occured when OFAC issued GL 43A to authorize wind down transactions with Minerven until February 13, 2024.  In light of revocation of GL 43, OFAC confirmed that its previous guidance, which indicated that it did not intend to target persons solely for operating in the Venezuela’s gold sector, was no longer applicable.  In FAQ 629, OFAC also clarified that it expected to use its discretion, pursuant to Executive Order 13850, “Blocking Property of Additional Persons Contributing to the Situation in Venezuela,” to target corrupt actors in the gold sector and other identified sectors of the Venezuelan economy.  OFAC also emphasized that it would not target persons operating in these sectors legitimately.

Amended FAQ 629 | FAQ Related to Suspension of Certain US Sanctions with Respect to Venezuela on October 18, 2023