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ARTICLE · 20 MARCH 2019

OFAC Issues Venezuela-Related General Licenses, Revises FAQs

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The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") issued two revised General Licenses ("GL") related to sanctions imposed with respect to the situation in Venezuela.

United StatesInternational Law
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") issued two revised General Licenses ("GL") related to sanctions imposed with respect to the situation in Venezuela.

With the issuance of GL 3D and GL 9C, OFAC extended authorizations covering the wind-down of certain financial contracts or other agreements entered into prior to 4:00 p.m. Eastern Standard Time on February 1, 2019, involving covered Venezuelan bonds and other securities. These authorizations are now valid through 12:01 a.m. Eastern Daylight Time, May 10, 2019 (they were set to expire on March 11, 2019, under prior versions of the GLs). OFAC also made conforming edits to two FAQs (see here and here) related to the GLs.

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