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ARTICLE · 09 NOVEMBER 2023

U.S. Suspends Select Venezuela Sanctions Following Political Agreement

Lewis Brisbois Bisgaard & Smith LLP
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On October 18, 2023, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) suspended several Venezuela-related sanctions in response...

GlobalInternational Law
George Leahy
George Leahy
Andrew Pidgirsky
Andrew Pidgirsky
Jane Luxton
Jane Luxton
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Washington, D.C. (November 3, 2023) - On October 18, 2023, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) suspended several Venezuela-related sanctions in response to a political agreement between the Maduro government and the Unitary Platform.

Specifically, OFAC issued General Licenses ("GLs") that authorize previously prohibited transactions in the Venezuelan oil and gas sector; the Venezuelan gold sector; and U.S. person purchases in the secondary market of Venezuela sovereign bonds and equity. Although these authorizations are significant, various limitations imposed by the Venezuela Sanctions Regulations ("VSR") remain in place, and OFAC has stressed that it retains the authority to rescind authorizations, should the political agreement fail. A summary of each GL follows below; such authorizations are not universal and may be subject to additional limitations:

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