Frequently Asked Questions

1137. For purposes of General License (GL) 45B, “Authorizing Certain Repatriation Transactions Involving Consorcio Venezolano de Industrias Aeronáuticas y Servicios Aéreos, S.A.,” what countries are included in the “Western Hemisphere”?

… For purposes of General License (GL) 45B, “Authorizing Certain Repatriation Transactions Involving Consorcio … For purposes of General License (GL) 45B, “Authorizing Certain Repatriation Transactions Involving Consorcio …

1162. What must a non-governmental organization (NGO) do before relying on the general license (GL) at § 510.512 of the North Korea Sanctions Regulations, 31 CFR part 510 (NKSR)?

… What must a non-governmental organization (NGO) do before relying on the general license (GL) at § 510.512 of the North Korea Sanctions Regulations, 31 CFR part 510 … What must a non-governmental organization (NGO) do before relying on the general license (GL) at… Read more

1233. Do the dispute resolution requirements in certain Venezuela General Licenses (e.g., 46D, 47B, 48B, 50C, 51C, 52B, 54B, and 61A) apply to all contracts associated with an authorized transaction?

… No. The dispute resolution requirement in certain Venezuela General Licenses (GL), (e.g., 46D , 47B , 48B , 50C , 51C , 52B , 54B , and 61A ) only requires … other blocked persons (e.g., Petróleos de Venezuela, S.A. (PdVSA) in GL 52B or CVG Compañía General de… Read more

681. Does General License 28 extend the authorization of wind-down periods that have expired for Petroleos de Venezuela, S.A. (PdVSA), Banco Central de Venezuela (BCV), or other blocked Government of Venezuela persons?

… No. General License 28, “Authorizing Certain Activities Necessary to the Wind Down of Operations or … only authorizes dealings with persons blocked solely pursuant to E.O. of August 5, 2019; General License 28 does not authorize dealings with persons blocked… Read more

366. Do I still need to come in to OFAC for a specific license to export certain types of agricultural commodities to Iran?

… OFAC will no longer issue specific licenses for exports or reexports that are covered by the agricultural commodities general license in the ITSR . However, a small number of specified agricultural commodities and … commodities general license… Read more

751. Should financial institutions apply for a specific license to unblock funds transfers or accounts which meet the conditions for unblocking set forth in 31 CFR §§ 515.505, or 515.584 (e)?

… The CACR include a general license authorizing banking institutions to unblock any account that had been previously blocked solely because of the interest therein of one or more persons now licensed as unblocked nationals. For a complete description of what this… Read more

651. What happened to the Petróleos de Venezuela, S.A. (PdVSA) bonds, or bonds issued by any entity directly or indirectly owned 50 percent or more by PdVSA, that were previously included in the Annex to General License 3?

… or indirectly, a 50 percent or greater interest that was previously listed in the Annex to General License 3 (this content is no longer available) (which has been superseded by General License 3B (this content is no longer available)) are now listed in the Annex… Read more

522. Other than through the existing general licenses, under what circumstances might U.S. persons be authorized to deal in new debt of greater than 30 or 90 days issued by the Government of Venezuela?

… 13808 would prohibit U.S. persons from dealing in, the United States would consider using licensing authority to allow U.S. persons to deal in the issuance. Date Updated: January 09, 2023 … Other than through the existing general licenses, under what… Read more

996. In light of the issuance of Afghanistan-related General License (GL) 20, are U.S. persons still required to abide by the narrower scope of Afghanistan-related GLs 14, 15, 16, 17, 18, and 19?

… In light of the issuance of Afghanistan-related General License (GL) 20, are U.S. persons still required to abide by the narrower scope of … In light of the issuance of Afghanistan-related General License (GL) 20, are U.S. persons still required to abide by the… Read more

723. Do air carriers or vessel operators need to obtain specific licenses from OFAC to provide services?

… No. A general license authorizes persons subject to U.S. jurisdiction to provide carrier services by vessel or … without the need for a specific license from OFAC. For a complete description of what the OFAC general license authorizes and the… Read more

Frequently Asked Questions

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