March 14, 2019

General license for Venezuela-related US oil company extended

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License 7A, replacing General License 7. This new version extends authorization under Executive Order 13850 for U.S. persons to transact with CITGO Holding, Inc., its U.S. parent companies, and its subsidiaries, so long as CITGO’s indirect parent company, Petroleos de Venezuela, S.A. (PdVSA), is not otherwise involved.  General License 7, which OFAC issued in late January, was set to expire in July, 2019.  General License 7A removes that expiration and authorizes transactions for rolling 18-month periods, automatically renewed each month.

OFAC press release | General License 7A