OFAC issues new telecommunications licenses for Venezuela

OFAC telecommunications Venezuela sanctions General License 61 General License 62

The U.S. Office of Foreign Assets Control (OFAC) has issued two new general licenses, 61 and 62, to provide flexibility for the telecommunications sector in Venezuela. These measures aim to support the rebuilding of infrastructure and services through private investment and technical support.

General License 61 authorizes the supply of goods, technology, software, and services from the U.S. necessary for the installation, maintenance, repair, and operation of telecommunications. This includes services related to data, telephony, internet connectivity, radio, television, and news agency transmissions, as well as satellite and undersea cable operations. It also covers ancillary services such as payment processing, logistics, insurance, and cloud storage.

General License 62 allows for the negotiation and signing of contingent contracts for new investments, expansions, or joint ventures within the sector. However, the execution of such contracts remains subject to independent authorization from OFAC.

These licenses permit transactions with the Venezuelan government and state-linked entities, including Conatel, Cantv, and Movilnet. To mitigate risks, OFAC mandates that contracts with the Venezuelan government must be governed by U.S. state laws and that dispute resolutions occur in the U.S., United Kingdom, France, or Singapore. The licenses exclude transactions involving entities linked to Russia, Iran, North Korea, Cuba, or China.

Entities

CANTV · Comisión Nacional de Telecomunicaciones · Compañía Anónima Nacional Teléfonos de Venezuela · Conatel · Movilnet · Office of Foreign Assets Control · U.S. Department of the Treasury · Venezuela

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] The execution of contingent contracts under License 62 requires independent authorization from OFAC. eldiario.com · www.entornointeligente.com · talcualdigital.com
[● 6 SOURCES] Telecommunications services covered include data, telephony, internet connectivity, radio, television, and news agency transmissions. eldiario.com · monitoreamos.com · nuevodia.com.ve · caraotadigital.net · 2001online.com · +1 more
[○ 1 SOURCE] Contracts with the Venezuelan government must be governed by the laws of a U.S. state or jurisdiction. nuevodia.com.ve
[○ 1 SOURCE] Dispute resolution for these contracts must take place in the United States, United Kingdom, France, or Singapore. nuevodia.com.ve
[● 7 SOURCES] General License 62 allows for the negotiation and signing of contingent contracts for new investments in the telecommunications sector. eldiario.com · monitoreamos.com · caraotadigital.net · 2001online.com · nuevodia.com.ve · +2 more
[● 5 SOURCES] The licenses authorize transactions involving the Venezuelan government, including Conatel, Cantv, and Movilnet. monitoreamos.com · caraotadigital.net · 2001online.com · eldiario.com · www.entornointeligente.com
[● 7 SOURCES] General License 61 authorizes the supply of goods, technology, software, and services for the installation, maintenance, repair, and operation of telecommunications in Venezuela. eldiario.com · monitoreamos.com · nuevodia.com.ve · caraotadigital.net · 2001online.com · +2 more
[● 7 SOURCES] The U.S. Treasury Department's OFAC issued General Licenses 61 and 62 regarding Venezuela's telecommunications sector. eldiario.com · monitoreamos.com · nuevodia.com.ve · caraotadigital.net · 2001online.com · +2 more