The United States renewed, for one more year, the license that allowed the Colombian-Venezuelan company Monomeros operate without the sanctions previously decreed by the Treasury Department’s Office for Asset Control (OFAC). The new license has been in force since June 30 and will run until June 30, 2024.
“Subject to the conditions and limitations set forth herein, the Special Attorney General of Venezuela and U.S. persons, including financial institutions are authorized to carry out transactions, including dividend transactions, involving Monomeros Colombo Venezolanos, SA, and its 50 percent or more owned subsidiaries, Compass Rose Shipping Ltd., Monómeros International Ltd., Sociedad Portuaria Monómeros Colombo Venezolanos SA, Ecofertil SA, and Fertilizer International Supply Corp. SA Panama, which would otherwise be prohibited under the Venezuelan Sanctions Regulations, as described in the Request,” says the document published by OFAC.
The license renewal document is signed by Aydin Akgu, head of the Licensing section at the Treasury Department.
The decision is important as it will allow Monomeros and its subsidiaries to continue accessing the financial market.
The renewal, however, had generated great uncertainty since the coming to power of President Gustavo Petro.
In context
The company, which primarily produces fertilizers and is based in Colombia, ended up on a list of sanctioned Venezuelan companies. during the years of the Donald Trump administration.
However, he left this blacklist in 2019 after the United States recognized Juan Guaidó as the new interim president of Venezuela and his government took control of the company’s board of directors thanks to the efforts of the then Colombian president Iván Duque.
Since then, Monomeros had been operating without sanctions thanks to a “waiver” issued by OFAC, which was renewed annually.
The situation of the company entered a limbo since September of last year when President Petro allowed the Nicolás Maduro regime to regain control of the board of directors.
FUENTE: Writing
