On October 18, 2023, the Office of Foreign Assets Control (OFAC) temporarily lifted certain trade sanctions in three sectors of the Venezuelan economy, which are oil, gas, gold, and financial.
To elaborate, the authorization for the oil and gas sector is effective for six months and will expire on April 18 of the following year. During this period, it allows commercial transactions with the state-owned company (PDVSA). For instance, this authorization permits activities such as the export and sale of oil and gas to and from Venezuela.
It’s crucial to note that other sanctions, particularly those related to drug trafficking and terrorism, will remain in force. No transactions that are prohibited by the Venezuela Sanctions Regulations (VSR), including those involving blocked individuals, will be permitted.
Sanctions against Venezuela will still carry a significant level of risk. For more detailed information, please don’t hesitate to get in touch with us.
