Overview
On July 10, 2015, the Department of Treasury, Office of Foreign Assets Control (OFAC) will issue the Venezuela Sanctions Regulations (VSR) to implement the Venezuela Defense of Human Rights and Civil Society Act of 2014 (Public Law 113-278) and Executive Order 13692 of March 8, 2015. The VSR will be published at 31 C.F.R. Part 591, and generally will: (i) incorporate the prohibitions under EO 13692 into the regulations, (ii) clarify the scope and nature of the sanctions imposed under EO 13692, and (iii) provide general and specific licensing procedures, authorizations and statements of licensing policy. OFAC intends to supplement the VSR with additional guidance, general licenses, and statements of licensing policy, but have not specified when.