OFAC FAQ (Current) # 1239 - Venezuela Sanctions

Date issued: Jul. 24 2026

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TURBOFAC Commentary (184 words)

Notes:

[7-29-26 Update – FAQ amended to take the position that prospective FGDF depositors must “first email the official point of contact for the deposit account,” and warn that “depositors that fail to contact this email inbox and provide the requested transaction details may have their deposits rejected”]

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1) The Venezuela-related GLs that have the “Foreign Government Deposit Funds” requirements are self-executing, as are all GLs. However, here OFAC sets out a detailed list of information—essentially the information one would ordinarily need to furnish to obtain a specific license—that is required “To obtain payment account information for payments to the Foreign Government Deposit Funds”. Through this FAQ, OFAC appears to be effectively transforming all of the GLs featuring “Foreign Government Deposit Funds” requirements into statements of licensing policy, since there is no guarantee that the State Department will provide the...