Recent news from Treasury’s Office of Foreign Assets Control: August 16

The Office of Foreign Assets Control took sanctions action over the last week in the Russia, Venezuela and terrorism-related programs:

Russia-related Sanctions

• OFAC Issues General License to Authorize Transactions Involving VPower: OFAC on Aug. 12 issued Russia-related General License 102 to authorize certain transactions involving VPower Finance Security (Hong Kong) Limited through 12:01 a.m. eastern standard time, Nov. 12, 2024. OFAC in June sanctioned VPower for its role in transporting Russian-origin gold. Read more.

Venezuela-related Sanctions

• OFAC Updates General License 5P and Amends Related FAQ: OFAC on Aug. 12 updated Venezuela General License 5P to authorize certain transactions related to Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond and amended related Frequently Asked Question 595. FAQ 595 clarifies transactions authorized by GL 5P. Read more.

Terrorism-related Sanctions

• OFAC Sanctions Network of Companies, Individuals and Vessels for Supporting Houthi and Hizballah: OFAC on Aug. 15 sanctioned several companies, individuals, and vessels for their involvement in the shipment of Iranian commodities, including oil and liquefied petroleum gas (LPG), to Yemen and the United Arab Emirates on behalf of the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial official Sa’id al-Jamal. OFAC also updated the Specially Designated Nationals and Blocked Persons List entry for the sanctioned vessel ARTURA (IMO: 9150365) to reflect the changing of its name to OHAR. Read more.