Issuance of Venezuela-Related General License 40B; Publication of Hostages and Wrongful Detention Sanctions Regulations

On July 10, 2023, the Office of Foreign Assets Control, OFAC, published a press statement to announce two sanction-related news:
(1) Creation of new sanction regulations: OFAC has drawn up new sanctions regulations, 31 CFR Part 526, establishing an entirely new sanctions framework with respect to activities involving hostage taking of individuals and the wrongful detention of persons. The sanction regulations cover a broad range of related issues, ranging from a detailed description of the activities that are prohibited and may be sanctioned (performance of kidnapping, support of imprisonment, etc), to the type of sanctions that may be imposed on designated persons, entities, and bodies (asset freezing, investment restrictions), to the reporting obligations of financial institutions in relation to sanctioned (legal) persons. The regulations also deal with possible licenses that may be obtained from OFAC to enable the dealing with sanctioned persons and provide useful interpretations as to which financial transactions are prohibited.
The regulations were meanwhile published in the Federal Register and came into force on July 11, 2023.
(2) Issuance of new license: OFAC has issued a new general license (GL 40B) to permit otherwise prohibited (financial) transactions „related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA)“ or any entities owned or controlled by such (ownership of 50% or more). The license is time limited up to July 10, 2024.