D.C, 10th December 2019 – U.S. Treasury Department provided further information regarding licenses and sanctions from OFAC affecting Venezuelan assets in U.S. soil. The guidance stressed that special licenses from the Treasury Department would be needed to enter into settlement agreements or the enforcement of any lien or judgment purporting to transfer or affect interest in property blocked by sanctions. Even parties such as Crystallex that have attached shares of a blocked asset must obtain a specific license prior to conducting an auction or other forms of sale. The OFAC also urged caution from claimers in “proceeding with any step in furtherance of measures which might alter or affect blocked property or interest in blocked property.”

Venezuelan appointed Special Prosecutor Jose Ignacio Hernandez praised the clarification from the OFAC and indicated that protection over CITGO and other Venezuelan assets is stronger now than ever. You can read FAQs published by OFAC by clicking here: https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#venezuela

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