On October 18, 2023, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued new and amended general licenses and guidance providing relief – which may be temporary – from certain U.S. economic sanctions targeting Venezuela. These actions will allow U.S. persons to participate in Venezuelan bond transactions thus potentially bolstering the liquidity in the market; permit Venezuela to export oil and gas to the United States and other markets and provide limited relief from sanctions to individuals and entities operating in the Venezuelan gold sector. The licenses and guidance were issued after the signing of an electoral roadmap between Venezuela’s Unitary Platform and representatives of Nicolás Maduro, and Treasury emphasized that continued relief will depend on Maduro’s representatives’ ongoing compliance with their commitments under the roadmap. These relief measures do not directly affect the majority of the Venezuela sanctions framework, and they do not alter the U.S. posture toward claims against the Government of Venezuela or state-owned entities.