On October 18, 2023, the US Office of Foreign Assets Control (OFAC) issued General License 44 broadly permitting US and non-US persons to deal with Venezuelan crude and gas. Under the license, US and non-US persons generally can transport Venezuelan crude and gas until April 18, 2024.
In the third of a seven-part series on the application of US sanctions to the shipping community, this article explores noncomprehensive sanctions, with a focus on Venezuela, the Global Magnitsky Human Rights Accountability Act and Hong Kong.
The COVID-19 crisis has not slowed the Trump administration’s “maximum pressure” sanctions policy against Iran and Venezuela, which continues to pose risks to shipowners.
On August 5, 2019, US President Donald Trump continued to escalate US sanctions on Venezuela by imposing direct blocking sanctions on the Government of Venezuela.