The Office of Foreign Assets Control announced the following sanctions action last week.
Counter-narcotics-related Sanctions
OFAC sanctions Colombian President Gustavo Petro: On October 24, OFAC designated Colombian President Gustavo Petro under Executive Order 14059 for his alleged role in the global illicit drug trade. OFAC’s sanctions also target his wife, son, and Interior Minister Armando Benedetti.
The Treasury cited record cocaine production under Petro’s administration and policies that allegedly benefit narco-terrorist groups. All U.S.-based assets of the designated individuals are now blocked, and U.S. persons are prohibited from engaging in transactions with them. Read more.
Russia-related Sanctions
OFAC sanctions Russia’s top oil companies: On October 22, OFAC imposed new sanctions on Russia’s two largest oil firms—Rosneft and Lukoil—citing Russia’s continued failure to pursue peace in Ukraine. “Now is the time to stop the killing and for an immediate ceasefire,” said Secretary of the Treasury Scott Bessent. Treasury indicated it will continue to use its authorities in support of a peace process. Additionally, OFAC is designating a number of Russia-based Rosneft and Lukoil subsidiaries.
OFAC also issued four general licenses to authorize limited transactions related to:
- Caspian Pipeline Consortium & Tengizchevroil (General License 124A)
- Wind-down activities involving Rosneft or Lukoil (General License 126)
- Debt/equity and derivatives involving Rosneft or Lukoil (General License 127)
- Lukoil retail stations outside Russia (General License 128)
