These licenses hold the promise of increased trade with Venezuela following years-long sanctions and pressure imposed on the Maduro regime by the United States. The license also allows payments related to oil and gas operations and new investment in the oil and gas sector. Sanctions on the Government of Venezuela, including certain Venezuelan financial institutions, largely remain in place. Lastly, transactions with blocked persons in Venezuela continue to be prohibited unless authorized within the text of the newly issued general licenses. FAQs promulgated in conjunction with the new licenses further emphasize that sanctions restrictions remain in effect with regard to these and other transactions.

Source: Wall Street Journal November 21, 2023 15:28 UTC