Washington permits specific transactions involving coal or minerals of Venezuelan origin

Washington, Sept 2 (KUNA) — The United States issued a general license today, Wednesday, permitting certain transactions involving coal or minerals of Venezuelan origin, including gold, while specifying exceptions for those activities. The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury stated in a press release that General License No. D-51 authorizes all transactions otherwise prohibited under the sanctions regulations imposed on Venezuela, including those involving the government of Venezuela, Carbones del Zulia, CVG Compania General de Mineria de Venezuela, or any entity in which Minerven holds a direct or indirect ownership interest of 50 percent or more (collectively referred to as “Minerven entities”). It noted that these transactions must be “ordinarily incident and necessary to the export, re-export, sale, resale, supply, storage, purchase, delivery, transport, or financing of coal or minerals of Venezuelan origin (including gold) by a U.S. person,” subject to specific conditions. The exceptions include payment terms that are not commercially reasonable, or those involving debt swaps, in-kind payments, or payments denominated in digital currency, digital coins, or digital tokens issued by, for the benefit of, or on behalf of the government of Venezuela, including the Petro. The license also excludes any transaction involving a person resident in Russia, Iran, North Korea, or Cuba, or subject to their laws, or any entity owned or controlled by such persons, or that enters into a joint venture with them directly or indirectly. Furthermore, the license is not granted for any transaction involving an entity in Venezuela or the United States, or subject to their laws, that is owned or controlled, directly or indirectly, by a person resident in China or subject to its laws, or that enters into a joint venture with such a person. No transaction is permitted that involves the processing or refining of coal or minerals (including gold) of Venezuelan origin in Russia, Iran, North Korea, Cuba, or China. The license does not cover transactions with prohibited entities, including ships. (End) R.S.R./A.S.