🚨U.S. eases sanctions on the BCV and allows Delcy Rodríguez to reconnect with the global financial system
The U.S. Department of the Treasury, through its Office of Foreign Assets Control (OFAC), issued two new general licenses on Tuesday that expand the relief of sanctions on Venezuela, allowing Delcy Rodríguez to access oil revenues and reconnect with the international financial system.
🔹️General License No. 56
Authorizes companies and individuals to negotiate commercial contracts with the Government of Venezuela, including preliminary agreements, memoranda of understanding, and proposals in response to public tenders. This measure opens the door for U.S. and international companies to advance negotiations without violating existing sanctions, although the execution of any contract will still require separate authorization from OFAC.
🔹️General License No. 57
Authorizes financial services transactions with four Venezuelan state banking institutions: the Central Bank of Venezuela (BCV), the Bank of Venezuela, the Digital Bank of Workers, and the Treasury Bank. The license covers a wide range of operations, including:
🔶️Opening and closing of accounts. 🔶️Fund transfers (ACH and Wire). 🔶️Correspondent banking services in dollars. 🔶️Remittances and payments with debit and credit cards. 🔶️Foreign exchange operations.
Both licenses were signed by the OFAC director, Bradley T. Smith, and take effect immediately.
🔹️Important restrictions
The licenses include strict limitations. GL 56 expressly excludes any transaction involving entities or individuals linked to Russia, Iran, North Korea, and Cuba, as well as entities controlled by citizens or companies of the People's Republic of China. Also excluded are individuals listed on the Nationals list.
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