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.
March 14, 2019
General license for Venezuela-related US oil company extended
Related by Topic
New Post
OFAC designates 7 persons for engaging in the procurement of weapons for Iran
March 22, 2023
News Alert
New Post
OFAC designates 3 individuals for serious human rights abuse against Russian human rights defender
March 12, 2023
News Alert
New Post
OFAC sanctions 39 members of “shadow banking” network for supporting the sale of Iranian petrochemicals
March 10, 2023
News Alert