The Office of Foreign Assets Control announced the following sanctions action last week.
Iran-related Sanctions
U.S. sanctions entities supporting illicit Iranian petroleum trade: The Department of State sanctioned 15 entities, two individuals, and 14 shadow-fleet vessels involved in illicit Iranian petroleum and petrochemical trade that helps fund the regime’s destabilizing and repressive activities. OFAC concurrently added these targets to the Specially Designated Nationals (SDN) List, increasing financial pressure on the networks enabling Iran’s revenue generation. Read more.
Venezuela-related Sanctions
OFAC issues General License 47: OFAC issued General License 47, authorizing transactions needed to export U.S.-origin diluents to Venezuela while keeping key restrictions in place on payment terms, prohibited counterparties, and blocked property. Companies operating under this authorization must submit transaction reports to the State Department and Department of Energy within the required timelines. Read more.
OFAC issues new Venezuela FAQs: OFAC issued 10 new FAQs in its Venezuela program, clarifying the scope of General License 46, which was issued on January 29, and authorizes various activities involving Venezuelan-origin oil. Read more.
OFAC issues General License 5U and updates related FAQ: OFAC issued General License 5U, which authorizes certain transactions related to the PdVSA 2020 8.5 Percent Bond beginning March 20, 2026. OFAC also released an updated version of Venezuela-related FAQ 595 to reflect this action. Read more.
