This circular provides an update to the information in Circular 17/23 regarding temporary authorisation of certain transactions involving oil, gas and gold in Venezuela. 

The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently issued 4 general licenses suspending certain sanctions in relation to transactions involving oil, gas, and gold in Venezuela.

On 23 June 2023 the EU Council adopted the 11th package of economic sanctions against Russia to prevent their circumvention and further erode Russia’s revenues.

The EU, G7 and Australia (the “Price Cap Coalition”) has recently introduced legislation and guidance effective 5 December 2022 intended to maintain the supply of Russian oil to world markets whilst at the same time reducing Russia’s earnings from its oil exports (the “Price Cap Scheme”).

During the last few weeks, U.S. authorities have increased their focus on international shipping in a recent escalation of sanctions.

Last week saw significant developments in the U.S. sanctions programs targeting Venezuela and Iran.

The Joint Plan of Action ("JPoA") agreed by the P5+1 and Iran, which brought limited sanctions relief, is set to expire today, 30th June 2015. While there has been no official world, recent developments suggest that it is highly unlikely that a final agreement on a nuclear deal with Iran will be reached by tomorrow.