Implications for non-US entities’ with OFAC sanctions

OFAC Once Again Extends Venezuela General License Delaying PdVSA 2020 8.5% Bond-Related Authorizations

On March 6, 2025, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 5R, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After July 3, 2025,” which continues to delay U.S. persons’ ability to enforce bondholder rights to the CITGO shares serving as collateral for the Petróleos de Venezuela, S.A. (PdVSA) 2020 8.5% bond until on or after Jul…

Sanctions Screening Compliance: A Key to Business Integrity - To The Verge

Imagine facing a penalty so substantial it could jeopardize your organization’s very existence. In 2023, British American Tobacco (BAT) and its Singapore subsidiary confronted this harsh reality, agreeing to a historic settlement of $635 million with U.S. authorities for violations related to North Korean sanctions.  This case underscores the critical importance of effective sanctions screening processes in today’s global business environment. W…

Implications for non-US entities’ with OFAC sanctions

Dear Editor, On June 11, 2024, the U.S department of Treasury announced that the department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned members of one of Guyana’s wealthiest families, namely, the principals of the Mohamed’s Enterprise. Almost nine (9) months later, one of the key principals of the sanctioned entity spoke out publicly for the first time about the impacts and challenges encountered, as a result of those sa…

The United States extended until July 3 the license that prevents holders of PDVSA 2020 bonds from taking control of 50.1% of the shares of Citgo, a subsidiary of the Venezuelan state oil company in the country, the Treasury Department reported on Thursday. AFP The Foreign Assets Control Office (OFAC) of the Treasury issued the 5R license that "authorizes certain transactions" to negotiate PDVSA bonds with maturity in 2020 from July 3. This in p…

The license, until July 3, prohibits transactions related to Venezuela’s oil bond 2020 to 8.5%

The Asset Control Office of the U.S. Treasury Department extended for four months, until July 3, the license that prohibits transactions with PDVSA 2020 bonds, whose guarantee is 51% of Citgo, the refining subsidiary of the Venezuelan oil company in the United States, so that [...] The entry U.S. government maintains embargo ban on Citgo until the next 03-July was first published in Foco Informativa.