OFAC publishes new General Licenses, FAQs, and Advisory and amends Regulations

On 26th October 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License 8A, “ Authorizing Certain Humanitarian Trade Transactions Involving the Central Bank of Iran or the National Iranian Oil Company,” and amended related Frequently Asked Questions (FAQs) 821-823, 825, 828, and 844. Also on October 26th, OFAC amended the Cuban Assets Control Regulations, 31 C.F.R. Part 515 and related FAQs 72, 717, 728, 732-734, 756, 759, 796, and 797, as well as adding FAQ 852.

On 28th October 2020, OFAC amended and reissued the Yemen Sanctions Regulations, 31 C.F.R. part 552 and on October 29th, OFAC issued General License M, "Authorizing the Exportation of Certain Graduate Level Educational Services and Software" and related FAQ 853. Moreover, on 30th October 2020, OFAC issued an art advisory that highlights “sanctions risks arising from dealings in high-value artwork.”

For more details, see OFAC’s recent actions website.