OFAC Rolls Back Venezuelan Sanctions Relief, Again Prohibiting Oil and Gas Transactions
On April 17, 2024, OFAC formally rolled back the sanctions relief it previously provided to the Venezuelan oil and gas industry. While OFAC provided the initial relief believing that Venezuela would permit a fair and open election, it appears that the Maduro regime has fallen short of its commitments. As such, and as part of its agreement with the beleaguered South American nation, OFAC has...