February, 2021 - Sanctions Update: OFAC issues licence permitting transactions relating to the use of Venezuelan ports

We recently reported on the sanctions newly imposed on the Maritime Authority of Venezuela, INEA. OFAC has now issued General Licence 30(A) which authorises transactions and activities that are "ordinarily incident and necessary to operations or use of ports and airports in Venezuela". 　This may provide a certain amount of reassurance to Members trading to Venezuela, though Members are reminded that extensive sanctions remain in place in the region and advice should be sought as appropriate.