OFAC Preparing Guidance on Wind-Down of Venezuela-Related Licenses
The Office of Foreign Assets Control soon will issue guidance about winding down Venezuela-related licenses after President Donald Trump said last week that he plans to reverse certain sanctions relief given to the country under the Biden administration (see 2502260056).
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OFAC is “preparing to take action to wind-down General License 41 and other specific licenses as appropriate,” the agency said March 2, referring to the 2022 license that allowed U.S. oil company Chevron to resume certain oil activities in Venezuela. “We will issue additional guidance to assist implementation concurrent with any changes to the authorization(s).”