OFAC Renews General Licenses Related to Venezuela, Ukraine
The Office of Foreign Assets Control on Dec. 23 extended a general license related to Petroleos de Venezuela and updated a frequently asked question. General License No. 5F, which replaced No. 5E (see 2010060036), authorizes certain transactions with PdVSA involving an 8.5% bond on or after July 21, 2021. OFAC also updated a Venezuela sanctions FAQ to reflect the change.
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The agency also extended the expiration dates for two Ukraine-related general licenses that authorize certain transactions with U.S.-sanctioned GAZ Group. Both licenses were scheduled to expire Jan. 22, 2021, and now expire Jan. 26, 2022. General License No. 13P, which replaces No. 13O, authorizes certain transactions necessary to divestments and debt transfers. General License No. 15J, which replaces No. 15I, authorizes certain transactions related to the “manufacture and sale of existing and new models of vehicles” -- including components, engines and commercial vehicles -- produced by GAZ Group.