OFAC issues Venezuela-related general license 8H

On June 1, 2021, the Department of the Treasury’s Office of Foreign Assets Control issued general license 8H, “Authorizing Transactions Involving Petróleos de Venezuela, SA (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities.”  GL 8H replaces GL 8G dated November 17, 2020 in its entirety to enable five oilfield service companies to wind down operations with PdVSA until December 1, 2021. Similar to GL 8G, the new general license authorizes five named companies to engage in transactions otherwise prohibited by Executive Order 13850, as amended, or Executive Order 13884, that are necessary to wind down operations, contracts, or other agreements involving PdVSA or any entity in which the PdVSA owns a fifty percent or greater interest, that were in effect prior to July 26, 2019.  

Department of Treasury Recent Action | General License 8H