C.F.R. » Title 31 » CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY › PART 591—VENEZUELA SANCTIONS REGULATIONS › Subpart D—Interpretations

31 C.F.R. § 591.407

Settlement agreements and enforcement of certain orders through judicial process

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Notwithstanding the existence of any general license issued under this part, or issued under any Executive order issued pursuant to the national emergency declared in E.O. 13692, the entry into a settlement agreement or the enforcement of any lien, judgment, arbitral award, decree, or other order through execution, garnishment, or other judicial process purporting to transfer or otherwise alter or affect property or interests in property blocked pursuant to § 591.201, as referenced in § 591.506(c), is prohibited unless authorized pursuant to a specific license issued by OFAC pursuant to this part.

[84 FR 64417, Nov. 22, 2019]
Notes of Decisions
Cited in 11 cases (6 in the last 5 years), 2020–2025 · leading case: Crystallex Int'l Corp v. Bolivarian Repub. of Venezue, 24 F.4th 242 (3rd Cir. 2022).
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Crystallex Int'l Corp v. Bolivarian Repub. of Venezue, 24 F.4th 242 (3rd Cir. 2022). “22, 2019), codified at 31 C.F.R. § 591.407 . OFAC’s rule looms large in this case.”
Koch Minerals Sarl v. Bolivarian Repub. of Venezuela (D.D.C. 2020). · cites it 3× “See 31 C.F.R. § 591.407 ; Crystallex Int’l Corp.”
Petroleos de Venezuela, S.A. v. PDV Holding, Inc. (Del. Ch. 2023). · cites it 2× “26 After becoming Interim President of Venezuela, Guaidó, under newly granted statutory authority, appointed an ad hoc Managing Board of PDVSA, which in turn reconstituted the boards of directors of its Delaware subsidiaries: PDVH, CITGO Holding, and CITGO Petroleum.”
Tenaris S.A. v. Bolivarian Repub. of Venezuela (D.D.C. 2020). “31 C.F.R. § 591.407 . Venezuela argues that these regulations mitigate in favor of a stay—but they actually point in the opposite direction.”
Tenaris S.A. v. Bolivarian Repub. of Venezuela (D.D.C. 2021). “” 31 C.F.R. § 591.407 . Venezuela insists that the OFAC regulation necessitates a stay.”
ConocoPhillips Gulf of Paria B.V. v. Corporacion Venezolana Del Petroleo, S.A. (S.D.N.Y. 2020). “judgement” against Respondents “is prohibited unless authorized pursuant to a specific license issued by OFAC,” 31 C.F.R. § 591.407 , pending Petitioner’s obtaining a license from OFAC.”
Casa Express Corp v. Bolivarian Repub. of Venezuela (S.D.N.Y. 2020). “” 31 C.F.R. § 591.407 , but has also stated that “[a] specific license from OFAC is not ordinarily required to initiate or continue U.”
Pharo Gaia Fund Ltd. v. Bolivarian Repub. of Venezuela (S.D.N.Y. 2020). “” 31 C.F.R. § 591.407 , but has also stated that “[a] specific license from OFAC is not ordinarily required to initiate or continue U.”
Pharo Gaia Fund, Ltd. v. Bolivarian Repub. of Venezuela (S.D.N.Y. 2025). “31 C.F.R. § 591.407 ; see also Exec. Order No.”
Pharo Gaia Fund Ltd. v. Bolivarian Repub. of Venezuela (S.D.N.Y. 2025). “31 C.F.R. § 591.407 ; see also Exec. Order No.”
Pharo Gaia Fund, Ltd. v. Petroleos de Venezuela, S.A. (S.D.N.Y. 2025). “31 C.F.R. § 591.407 ; see also Exec. Order No.”
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