Search for ships currently entered in the London P&I Club by their name or I M O number Search Search for correspondents in our global network by country/area or port/city Search US Sanctions – Venezuela – 6-month Licence for Oil & Gas Transactions 21 October 2023 Members and Assureds involved in oil and gas trade may already be aware that US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a press release on 18 October 2023 (available here ) announcing the issuance of 4 general licences suspending certain sanctions. This includes a six-month General Licence No. 44 (“GL No. 44”) Authorising Transactions Relating to Oil or Gas Sector Operations in Venezuela (available here ), which will only be renewed if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained. OFAC has also issued a related document, Frequently Asked Questions Related to the Suspension of Certain U.S. Sanctions with Respect to Venezuela on October 18 2023, which is available here . FAQ 1 states that the GL No. 44 temporarily authorises “all transactions that are related to oil and gas sector operations in Venezuela, including authorizing ordinarily incident and necessary financial transactions with certain blocked Venezuelan banks related to the oil and gas sector.” FAQ 2 goes into more detail about how GL 44 works, by authorising transactions previously prohibited, “including the sale of oil and gas from Venezuela to the United States and other jurisdictions, as well as the payment of taxes, royalties, costs, fees, dividends, and profits related to oil and gas sector operations or transactions involving PdVSA”. Transactions that are permitted includes “(1) the production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services; (2) the payment of invoices for goods or services related to oil or gas sector operations in Venezuela; (3