WASHINGTON, February 25. /TASS/. Transactions on the resale of Venezuelan oil to Cuba will be authorized subject to certain conditions, the US Office of Foreign Assets Control (OFAC) said.

"OFAC would implement a favorable licensing policy toward specific license applications seeking authorization for the resale of Venezuelan origin oil for use in Cuba," the authority said. To qualify for this licensing policy, the transactions should meet conditions of Venezuela General License 46A, OFAC said, adding that "applicants need not necessarily have an established U.S. entity and the limitations in GL 46A with respect to Cuba would not apply."

"This favorable licensing policy is directed towards transactions that support the Cuban people, including the Cuban private sector (e.g., exports for commercial and humanitarian use in Cuba)," OFAC said.