OFAC Extends Authorization Of Specified Transactions Involving Sanctioned Venezuelan Entity

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OFAC amended a general license authorizing certain transactions and activities involving Petróleos de Venezuela, S.A. The authorized transactions are necessary for the maintenance or the wind down of operations...

United States International Law

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Under General License 8I, OFAC extended - through June 1, 2022 - the previous GL that authorized transactions and activities incidental to the maintenance of essential operations for certain covered entities. The operations must (i) be for the safety or preservation of assets in Venezuela, (ii) involve PdVSA and (iii) have been in effect prior to July 26, 2019.

OFAC specified that GL 8I does not authorize any activities otherwise prohibited by the Venezuela Sanctions Regulations.

The amended general license went into effect on November 24, 2021.

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OFAC General License 8I: Authorizing Transactions Involving Petróleos de Venezuela, S.A. ("PdVSA") Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind down of Operations in Venezuela for Certain Entities

Jun 01, 2021

OFAC Extends Authorization of Specified Transactions Involving Sanctioned Venezuelan Entity

OFAC amended a general license authorizing certain transactions and activities involving Petróleos de Venezuela, S.A. necessary for the maintenance or wind down of operations.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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