February 1, 2024

US issues general license to extend wind down transactions involving Minerven

On January 29, 2024, the US Department of the Treasury’s Office of Foreign Assets Control issued General License 43A under the Venezuela Sanctions Regulations, 31 CFR part 591.  The general license extends the deadline for wind down transactions involving AVG Companiea General de Mineria de Venezuela CA (“Minerven”) or any entity that is owned 50 percent or more by Minerven that would otherwise be prohibited by Executive Order 13580, as amended by EO 13857, or EO 13884.  The deadline for Minerven-related wind down transactions was extended to February 13, 2024.  GL 43A effectively replaces and supersedes General License 43 in its entirety.

Minerven, Venezuela’s state-run ferrous metals mining company, was designated by OFAC in 2019 to prevent the gold processor from supporting former President Nicolas Maduro’s regime.  The designation was imposed pursuant to Executive Order 13580, as amended, as an entity that operates in the gold sector of Venezuela’s economy.

General License 43A | US Department of Treasury Press Release (2019)