The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a general license authorizing US companies to engage in certain transactions related to the trade and sale of Venezuelan oil, significantly expanding the scope of permissible commercial activity with Venezuela.
McCarter & English partner Zack Hadzismajlovic spoke with The Hill about the implications of the license, noting that “for the first time in over six years, the exploitation of these oil resources…becomes possible.”