The U.S. has again tightened its sanctions regime on Venezuela following a relaxation of the sanctions last October in response to an electoral roadmap agreement between the Venezuelan government and democratic opposition leaders. Among other actions, the Treasury Department’s Office of Foreign Assets Control issued General License 44 to provide relief to Venezuela’s oil and gas sector.
However, the State Department announced Jan. 30 that it will not renew General License 44 when it expires April 18 as a result of recent actions by Venezuelan authorities, including the arrest of opposition members and the barring of candidates from competing in this year’s presidential election. The U.S. is also revoking General License 43, which authorized transactions involving a Venezuelan state-owned gold mining company, giving U.S. persons 14 days to wind down any transactions that were previously authorized by that license.
For more information on how these actions may affect your business, please contact Kristine Pirnia at (202) 730-4964 or via email.
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