Issuance of Venezuela-related Executive Order and Associated General Licenses

The President issued Executive Order (E.O.) of August 24, 2017, "Imposing Additional Sanctions with Respect to the Situation in Venezuela." Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published four Venezuela-related general licenses: 

• General License 1, "Authorizing Certain Activities Necessary to Wind Down Existing Contracts,"
• General License 2, "Authorizing Certain Transactions Involving CITGO Holding Inc., "
• General License 3, "Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds," and 
• General License 4, "Authorizing New Debt Transactions Related to the Exportation or Reexportation of Agricultural Commodities, Medicine, Medical Devices, or Replacement Parts and Components."   

These general licenses authorize certain transactions that would otherwise be prohibited under the new E.O.  OFAC is also publishing a number of related Frequently Asked Questions.