FAQs: Suspension of Certain U.S. Sanctions with Respect to Venezuela

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(OFAC, 2.Feb.2024) — Actions by Maduro and his representatives in Venezuela, including the arrest of members of the democratic opposition and the barring of candidates from competing in this year’s presidential election, are inconsistent with the agreements signed in Barbados in Oct. 2023 by representatives of Maduro and the opposition Unitary Platform.

The United States has assessed all actions taken and conducted a review of our sanctions policy in light of the recent developments. As a result, effective 29 Jan. 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) revoked General License (GL) 43, which authorized transactions involving Minerven – the Venezuelan state-owned gold mining company.

As described below, pursuant to GL 43A, U.S. persons will have until 13 Feb. 2024 to wind down any transactions that were previously authorized by GL 43. In addition, the U.S. government announced that absent progress between Maduro and his representatives and the opposition Unitary Platform, particularly on allowing all presidential candidates to compete in this year’s election, the United States will not renew GL 44, “Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela,” when it expires on 18 Apr. 2024.

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