The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently issued 4 general licenses suspending certain sanctions in relation to transactions involving oil, gas, and gold in Venezuela. This includes a six-month General License No.  44 (“GL 44”) Authorizing Transactions Relating to Oil or Gas Sector Operations in Venezuela (available here), which will only be renewed if Venezuela meets its commitments under the electoral roadmap as well as other commitments.

To find out more on current US program when it comes to Venezuela along with the recent amendments please visit OFAC’s website at https://ofac.treasury.gov/sanctions-programs-and-country-information/venezuela-related-sanctions and the related FAQ document issued on November 16, 2023 https://ofac.treasury.gov/media/932241/download?inline.

All Clubs in the International Group have issued a similarly worded circular.