The Treasury Department announced a mechanism to help companies ensure their humanitarian exports to Iran will not be diverted to the government and other sanctioned Iranian entities, Treasury said in an Oct. 25 press release. The mechanism will require participating foreign governments and financial institutions to “conduct enhanced due diligence” -- including the reporting of “a substantial and unprecedented amount of information” -- on a monthly basis. Treasury’s Office of Foreign Assets Control also issued a guidance outlining the requirements.
The Treasury’s Office of Foreign Assets Control amended a Venezuela-related general license, OFAC said in an Oct. 24 notice. General License No. 5A, replacing No. 5, authorizes certain transactions with certain bonds related to Petróleos de Venezuela, the country’s state-run oil company. OFAC also issued a Frequently Asked Question (No. 595) explaining that the license contains “a delay in effectiveness until January 22, 2020.”
The Treasury’s Office of Foreign Assets Control issued a general license to allow certain transactions with COSCO Shipping Tanker (Dalian) Co. -- a subsidiary of COSCO Shipping Corporation -- until Dec. 20, OFAC said in an Oct. 24 notice. General License K allows transactions that are necessary to the “maintenance or wind down” of transactions with COSCO Shipping Tanker (Dalian) and any entity it owns by more than 50 percent. The license does not authorize transactions with COSCO Shipping Tanker (Dalian) Seaman and Ship Management Co.
The Treasury’s Office of Foreign Assets Control extended the expiration date of a Belarus-related general license, OFAC said in a notice. General License No. 2G, replacing No. 2F, authorizes certain transactions with nine Belarusian entities until April 26, 2021.
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Venezuela’s oil production will continue to drastically decline in 2020 if Nicolas Maduro stays in power, potentially crippling future Venezuelan oil trade, said Alejandro Grisanti, director of the ad hoc board for Petroleos de Venezuela set up by opposition party leader Juan Guaido. Speaking during an Oct. 22 Atlantic Council panel, Grisanti said Venezuela’s oil production will fall to 450,000 barrels per day in 2020 if Maduro stays in power. The country’s oil production has fallen from 1.5 million to about 750,000 barrels per day this year due to U.S. sanctions, Grisanti said.
The Treasury’s Office of Foreign Assets Control issued a Venezuela-related general license extending certain permitted transactions with Petroleos de Venezuela, Venezuela’s state-owned oil company, according to an Oct. 21 OFAC notice. General License No. 8D, which replaces No. 8C, authorizes certain transactions by Chevron Corp., Haliburton, Schlumberger Limited, Baker Hughes and Weatherford International until Jan. 22, 2020.
The House plans to pass a “strong, bipartisan” sanctions package this week in response to the Trump administration's decision to lift sanctions on Turkey in exchange for a ceasefire in Syria, House Speaker Nancy Pelosi said. Pelosi’s comments came after the Trump administration announced last week it would be suspending further sanctions on Turkey and plans to lift recently announced sanctions in exchange for the ceasefire.
The Treasury’s Office of Foreign Assets Control renewed a general license that authorizes certain transactions with Nynas AB, a joint venture between biofuel producer Neste and Petroleos de Venezuela, Venezuela's state-run oil company. General License No. 13D, which replaces No. 13C, authorizes transactions with Nynas AB and any of its subsidiaries until April 14, 2020. The license was scheduled to expire Oct. 25.
The Treasury’s Office of Foreign Assets Control sanctioned Turkey’s government and issued three general licenses as Congress called for harsher restrictions on Turkey for its military activities in Syria (see 1910140005). OFAC’s sanctions -- issued after President Donald Trump announced an executive order granting the Treasury and State departments new power to sanction Turkey -- target Turkey’s defense ministry, energy ministry, defense minister (Hulusi Akar), energy minister (Fatih Donmez) and interior minister (Suleyman Soylu). Treasury said more sanctions may be coming.