BIS amends EAR, OFAC issues Venezuela-related General License
The U.S. Bureau of Industry and Security (BIS) has amended the Export Administration Regulations (EAR) to implement the enforcement portions of the Export Control Reform Act of 2018 (ECRA). Specifically, the amendment implements pre-license checks, post-shipment verification, and overseas investigative authority. This ruling is effective 18th November 2020.
Furthermore, on 17th November 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 8G, entitled “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.”