OFAC modifies three general licenses for Venezuela

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury modified three general licenses related to Venezuela, according to the portal Contrapunto, this Monday, September 28.

The authorizations identified as 46E, 48D and 49B extend their expiration dates before they lapse. The measure seeks to prevent international banks and energy companies from being paralyzed by excessive compliance with current regulations, a phenomenon known as *overcompliance*.

These temporary licenses provide temporary continuity to foreign corporations in areas such as the oil sector, the supply of strategic goods and services, and the negotiation of investment contracts, reducing immediate operational uncertainty.

However, the update to the regulations does not significantly expand the group of individuals, organizations or entities authorized to take part in these processes or to receive a direct benefit.

With this decision, OFAC maintains its strategy of issuing renewable temporary permits instead of lifting the general sanctions framework, which allows it to retain the ability to revoke or condition operations depending on the political environment.