TITLE: United States Office of Foreign Assets Control Removes Venezuela-Related Designations and Issues Amended Russia-Related General License
BODY:
On March 5, 2026, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) removed three Venezuela-related entities from its Specially Designated Nationals and Blocked Persons List (SDN List) and issued an amended Russia-related general license.
The removals from the SDN List include Arctic Voyager Incorporated, a Marshall Islands-registered entity established on November 8, 2024, and the crude oil tanker Kiara M, a Panama-flagged vessel built in 2004. Both entities were previously designated under Executive Order 13850 relating to Venezuela sanctions. OFAC also made administrative updates to its SDN List, including a change to the designation of Kim Yong Bok, a North Korean national, updating his position from President of Pyongyang University of Automation to Deputy Chief of the Korean People's Army General Staff. Additionally, OFAC updated the entry for Sibregiongaz, AO, a Russian gas company established in 2003, to correct the full name designation.
OFAC simultaneously issued Russia-related General License 129A, "Authorizing Transactions Involving Rosneft Deutschland GmbH and RN Refining & Marketing GmbH," which permits specified transactions with these Russian entities despite broader Russia sanctions restrictions.
These actions reflect OFAC's ongoing management of its sanctions designations and the issuance of targeted general licenses to authorise specific transactions within broader sanctions frameworks. Entities and individuals subject to OFAC sanctions should consult the updated SDN List and review applicable general licenses to ensure compliance with current sanctions regulations.
REFERENCES:
Office of Foreign Assets Control. Venezuela-related Designations Removals; Issuance of Amended Russia-related General License. March 5, 2026. Available at: https://ofac.treasury.gov/