On March 2, 2025, the U.S. Department of Treasury’s Office of Foreign Assets Control published frequently asked question (“FAQ”) 1218 to announce its plan to wind-down General License (“GL”) 41 and other specific licenses as appropriate. On March 4, 2025, OFAC issued GL 41A pursuant to Venezuela Sanctions Regulations, 31 CFR part 591, to temporarily authorize wind-down transactions related to the Chevron Corporation’s operation and management of joint ventures in Venezuela that involve Petróleos de Venezuela, SA (“PdVSA”), or any entity that the PdVSA owns a 50 percent or greater interest that are otherwise be prohibited, that would otherwise be prohibited by Executive Order 13850, as amended by EO 13857. GL 41A authorizes these transactions until April 3, 2025.
OFAC Recent Action | FAQ 1218 | General License 41A