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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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<h2 class="wp-block-heading">Key Notes:</h2>
<ul class="wp-block-list">
<li>For a period of six months, OFAC permits a wide range of transactions tied to Venezuela&rsquo;s oil and gas sector, including new investments and financial dealings with specific Venezuelan banks.</li>
<li>OFAC allows all forms of transactions with Minerven, the Venezuelan state-owned gold mining company, nullifying prior sanctions solely in this sector.</li>
<li>OFAC lifted restrictions on secondary trading of selected Venezuelan sovereign bonds and debt and equity related to PdVSA, enabling both purchase and sale within the U.S. market.</li>
<li>These licenses are conditional; OFAC retains the right to rescind if conditions are not met. </li>
<li>Other sanctions on Venezuela remain in effect.</li>
</ul>
On October 18, 2023, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control (OFAC) issued several new and amended Venezuela-related General Licenses (GL) authorizing various transactions that would otherwise be prohibited. These developments occurred in response to a political agreement between Venezuelan President Nicol&aacute;s Maduro&rsquo;s representatives and the Unitary Platform as a step forward in restoring democracy in Venezuela. According to the Department of the Treasury, this easing is conditional and could be rescinded if commitments are not met. All other sanctions on Venezuela remain in effect.
View the entire bulletin in <a href="https://www.thompsonhine.com/insights/ofac-loosens-venezuelan-sanctions-authorizes-transactions-involving-oil-and-gas-state-owned-gold-mining-company-and-certain-debt-and-equity-of-venezuela-and-pdvsa/" target="_blank" rel="noreferrer noopener">HTML format</a>. 
View the entire bulletin in <a href="https://admin.thompsonhine.com/wp-content/uploads/2023/10/International-Trade-Update-OFAC-Loosens-Venezuelan-Sanctions.pdf" target="_blank" rel="noreferrer noopener">PDF format</a>.

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SmarTrade

Partner

Francesca M.S. Guerrero

Samir D. Varma

Senior Legislative and Regulatory Policy Advisor

Scott E. Diamond

Managing Associate

Kristina Shcheglazova

International Trade

OFAC Loosens Venezuela Sanctions, Authorizes Transactions Involving Oil and Gas, State-Owned Gold Mining Company, and Certain Debt and Equity of Venezuela and PdVSA