Recent news from Treasury’s Office of Foreign Assets Control: November 8

The Office of Foreign Assets Control took sanctions action over the last week in the Balkans, Burma and Venezuela-related program:

Balkans-related Sanctions

• OFAC Expands Sanctions on Republika Srpska Network Evading U.S. Sanction: OFAC on Nov. 6 designated Vladimir Perisic (Perisic), the general director of Prointer ITSS and an entity, Elpring d.o.o. Laktasi, for their links to U.S.-designated Igor Dodik (Igor), the son of Milorad Dodik (Dodik), the U.S.-designated President of BiH’s Republika Srpska (RS). For years, Dodik has used his official position to accumulate personal wealth through companies linked to himself and Igor. OFAC’s action bolsters previous designations against the Dodiks by exposing Igor’s blatant attempts to evade U.S. sanctions and targeting the individuals who enable the family’s activities that hinder democratic development in the RS. Read more.
• Related to this action, OFAC issued Balkans-related General License No. 5A to authorize certain transactions involving pumps manufactured or distributed by Kaldera Company EL PGP d.o.o. or Elpring d.o.o. Laktasi for the treatment or distribution of drinking water. This General License replaces and supersedes General License No. 5, dated June 18, 2024. Read more.

Burma-related Sanctions

• OFAC Amends Burma Sanctions Regulations: OFAC is amending the Burma Sanctions Regulations, 31 CFR part 525, to issue comprehensive regulations and replace the current abbreviated rule and to further implement E.O. 14014. They will be effective upon publication in the Federal Register. Read more.

Venezuela-related Sanctions

• OFAC Amends Venezuela General Licenses and Frequently Asked Question: OFAC on Nov. 7 issued Venezuela General License 5Q, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 7, 2025,” which further delays the effectiveness of the authorization in GL 5. General License 5Q replaces and supersedes General License No. 5P, dated Aug.12, 2024. OFAC also issued Venezuela General License 80, “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities.” General License No. 80 replaces and supersedes General License No. 8N, dated May 10, 2024.
• Related to this action, OFAC amended Venezuela-related Frequently Asked Question 595 regarding GL 5Q to clarify that until the new effective date of March 7, 2025, transactions related to the sale or transfer of CITGO shares in connection with the PdVSA 2020 8.5 percent bond are prohibited, unless specifically authorized by OFAC. Read more.