Frequently Asked Questions

1125. I am a creditor of the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or a PdVSA subsidiary. Do I need an OFAC license to negotiate the settlement of claims related to assets of the Government of Venezuela or PdVSA?

1125 … Venezuela General License (GL) 42 generally authorizes transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (VSR), that are ordinarily incident and necessary to the negotiation of settlement agreements with the IV National Assembly, its Delegated Commission, an IV… Read more

1126. Under Executive Order (E.O.) 14024, "Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation," any person determined to operate or have operated in certain sectors of the Russian Federation economy may be blocked. How is OFAC defining those sectors?

1126 … Section 1(a)(i) of E.O. 14024 imposes sanctions with respect to any person determined by the Secretary of the Treasury, in consultation with the Secretary of State, to operate or have operated in the technology sector or the defense and related materiel sector of the Russian Federation… Read more

1127. What does a determination of a sector pursuant to Executive Order (E.O.) 14024 do?

1127 … A sector determination pursuant to E.O. 14024 exposes persons that operate or have operated in an identified sector to sanctions risk; however, a sector determination does not automatically impose sanctions on all persons who operate or have operated in the sector. Only persons determined,… Read more

1128. Under Executive Order (E.O.) 14071, "Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation," U.S. persons are prohibited from providing certain services to persons located in the Russian Federation. How will OFAC define those categories of services?

1128 … Section 1(a)(ii) of E.O. 14071 prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of any category of services as may be determined by the Secretary of the Treasury, in consultation with… Read more

1129. Do blocking sanctions issued by the State Department on May 19, 2023 on Polimetall AO apply to its corporate parent and affiliates?

1129 … On May 19, 2023, the Department of State designated Russia-based Polimetall AO pursuant to Executive Order (E.O.) 14024 . These blocking sanctions apply only to this entity and any entities in which it owns, directly or indirectly, a 50 percent or greater interest. Neither the Department… Read more

1131. Is LETTERONE HOLDINGS S.A. (LetterOne) blocked as a result of the designation of Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan, and Alexey Viktorovich Kuzmichev?

1131 … No. OFAC has not designated LetterOne and, based on information available to OFAC, LetterOne is not owned 50 percent or more by blocked persons or otherwise considered the blocked property or interest in property of blocked persons, including Petr Olegovich Aven, Mikhail Maratovich Fridman… Read more

1132. Does the determination of August 23, 2023, made pursuant to Executive Order (E.O.) 14014 with regard to the jet fuel sector of the Burmese economy mean that all persons that operate or have operated in this sector of the Burmese economy are sanctioned by OFAC?

1132 … No. The OFAC Director, in consultation with the Department of State, has issued a determination pursuant to E.O. 14014 that authorizes the imposition of economic sanctions on any foreign person determined to operate in the jet fuel sector of the Burmese economy. A sector determination… Read more

1133. For the purposes of the determination of August 23, 2023, made pursuant to Executive Order (E.O.) 14014, what is meant by the term “jet fuel sector of the Burmese economy”?

1133 … For the purposes of the determination of August 23, 2023 made pursuant to E.O. 14014 , OFAC interprets the term “jet fuel sector of the Burmese economy” to include activities related to the importation, exportation, reexportation, sale, supply, or transport, directly or indirectly, of jet… Read more

1134. What is the humanitarian channel in Qatar?

1134 … The humanitarian channel in Qatar (HC) was established to further facilitate the flow of humanitarian assistance to the people of Iran consistent with the U.S. government’s longstanding support for humanitarian trade. Similar to humanitarian channels established under previous… Read more

1135. How can companies participate in the humanitarian channel in Qatar to export humanitarian goods to Iran?

1135 … Financial institutions participating in the humanitarian channel in Qatar (HC) have received specific guidance from the U.S. government. Companies interested in participating in transactions under the HC should coordinate directly with the Qatari International Media Office at info@imo.gov.qa… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence