Jason Prince Quoted on the Expiration of Venezuela Sanctions Relief
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For its article, “Venezuela Sanctions Expiration Could Offer Silver Lining,” Energy Intelligence quoted Akin international trade partner Jason Prince. The article discusses the expiration of Venezuela sanctions relief by the U.S. and the potential implications for the oil sector and international trade.
Jason, who previously served as Chief Counsel for the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), noted that he sees appetite for new specific licenses to be issued, given the Biden administration’s interest in facilitating the flow of Venezuelan oil while allowing the U.S. Treasury to adjust its responses to political developments. He added that companies’ requests for specific activities gives OFAC greater control over what it will and will not allow, subject to revocation or amendment at any time.
Jason further noted that while licenses are usually issued for one year, they can be issued for shorter durations for closer monitoring. While he raises concerns about OFAC’s capacity and bandwidth, he still expects the sector and financial institutions to continue to be cautious regarding transactions that could violate sanctions.
To read the full article, click here.
