• Deanna Clark-Esposito

OFAC Updates Week 5/31/21

Updated: Jun 21



June 1, 2021

The Office of Foreign Assets Control (OFAC) has issued Venezuela-related General License 8H. The license specifically deals with "Authorizing Transactions Involving Petroleos de Venezuela, S.A. (PdVSA) Necessary for the limited Maintenance of Essential Operations in Venezuela or the Wind Down of Opearions in Venezuela for Certain Entites."


June 2, 2021

OFAC has placed Global Magnitsky [GLOMAG] designations on three Bulgarian individuals as well as sixty-four Bulgarian entities. GLOMAG designations are placed upon entities suspected of human rights violations.


June 3, 2021

President Biden has signed a new Executive Order(E.O.) that addresses the "Threat from Securities Investments that Finance Certain Companies of the People's Republic of China." In compliance with this executive order OFAC has published the following Frequently Asked Questions(FAQs): 898, 899, 900, 901, 902, 903, 904 and 905. OFAC has also updated FAQs 857, 859, 860, 861, 863, 865 and 871, which are all related to the E.O. OFAC has also introduced a new sanctions list to designate entities as identified by the executive order called the Non-SDN Chinese Military-Industry Complex Companies List (NS-CMIC List).


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