On 6th June, OFAC announced amendments to General Licence 7A (Authorizing Certain Activities Involving PDV Holding, Inc. and CITGO Holding, Inc), 8 (Authorizing Transactions Involving PdVSA Prohibited by Executive Order 13850 for Certain Entities Operating in Venezuela) and 13 (Authorizing Certain Activities Involving Nynas AB) – to clarify that they do not authorise transactions or dealings related to the exportation or re-exportation of diluents, directly or indirectly, to Venezuela.  A new FAQ provides further guidance with respect to restrictions regarding diluents.  OFAC says that diluents (including, for example, crude oil and naphtha) play a key role in the transportation and exportation of Venezuelan petroleum, a primary source of revenue for the illegitimate and corrupt Maduro regime, which the US seeks to restrict further.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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