OFAC issues and revokes General Licenses

On 5 November 2019 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it is issuing amended General License 34A entitled “Authorizing Transactions Involving Certain Government of Venezuela Persons” and new General License 35 entitled “Authorizing Certain Administrative Transactions with the Government of Venezuela.” OFAC has published new and amended FAQs pertaining to these Venezuela-related General Licenses.

Additionally, OFAC has revoked General License 2 entitled "Authorizing Certain Activities Necessary to the Wind Down of Operations or Existing Contracts Involving the Ministry of National Defence or the Ministry of Energy and Natural Resources of the Government of Turkey." OFAC has also revoked General License 3 entitled "Authorizing Official Activities of Certain International Organizations Involving the Ministry of National Defence or the Ministry of Energy and Natural Resources of the Government of Turkey." These Syria-related General Licenses are being revoked following OFAC’s removal of 3 individuals and 2 entities from the SDN list on 23 October 2019.