OFAC Issues New Venezuela General Licenses 3C and 9B and Amends Previous Guidance

February 12, 2019

On February 11, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued new general licenses 3C (amending GL 3B) and GL 9B (amending GL 9A) and amended previously issued FAQ 661 and FAQ 662.

The changes clarify that U.S. persons remain prohibited from purchasing or investing in listed GL 3C (GL 3C Bonds) or pre-sanctions PdVSA debt and equity (PdVSA Securities) and that OFAC’s facilitation prohibitions apply to such purchases other than (in both cases) purchases or investments that are “ordinarily incident and necessary” for divestment or transfers to non-U.S. persons.

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