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On October 18, 2023, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued multiple general licenses that suspend some sanctions, including those relating to oil and gas transactions with Venezuela’s state-owned oil company, Petroleos de Venezuela, S.A. (“PdVSA”) in response to the signing of an electoral roadmap agreement between the … Read more
On June 6, 2023, the U.S. U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed additional Iran-related sanctions on individuals and entities. We previously discussed related sanctions imposed by OFAC on March 17, February 7, January 18, and in later posts. In this latest announcement, which can be read in full here, … Read more
On January 24, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control’s (“OFAC”) reportedly issued a specific license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters (the “Trinidad and Tobago License”). According to recent media reports, the Trinidad and Tobago License is “intended to enhance … Read more
On January 10, 2022, Nicaraguan President Daniel Ortega was sworn into office for his fourth consecutive term, despite the United States and European Union allegations that the election was a “sham.” On the same day, the U.S. imposed sanctions on Nicaraguan officials accused of undermining democracy. Over the past years, the Office of Foreign Assets … Read more
In a special podcast cross over event, the Designated team joins The Bettor’s Verdict to discuss the Impact of Crypto on Sanctions and AML Laws in the United States. In this episode, Designated host Jonathan Cross, is joined by The Bettor’s Verdict host Steve Jacobs, and Herbert Smith Freehills Partner John O’Donnell. Jonathan, Steven and … Read more
On January 11, the US Department of State (“State Department”) re-designated Cuba to the US State Sponsors of Terrorism List (“SST List”) for “repeatedly providing support for acts of international terrorism in granting safe harbor to terrorists.” Notably, the Trump administration announced the decision shortly before the inauguration of President-elect Biden. The decision to re-designate … Read more
On November 30, OFAC designated China National Electronics Import and Export Corporation (“CEIEC”) to its Specially Designated Nationals and Blocked Persons list (“SDN List”). The OFAC press release is available here. CEIEC is a Chinese state-owned technology corporation. According to its website, CEIEC claims that it is a “close partner of many foreign government[s], military … Read more
On November 17, OFAC issued General License 8G, Authorizing Transactions Involving Petróleos de Venezuela, S.A. (“PdVSA”) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities (“GL 8G.”). GL 8G, like its predecessor General License No. 8F (“GL 8F”), authorizes several US energy companies … Read more
On October 6, OFAC issued General License 5E, Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 19, 2021 (“GL-5E”). GL-5E appears intended to protect bondholders of CITGO Holding, Inc. (“Citgo”), which is a wholly owned subsidiary of Venezuela’s state-owned oil and natural gas company, Petróleos … Read more
