October 24, 2019

OFAC updates two Venezuela-related general licenses

Two Venezuela-related general licenses have recently been issued by the Office of Foreign Assets Control of the US Department of the Treasury.  

General License 8D, replacing and superseding General License 8C and effective October 21, 2019, authorizes transactions ordinarily incident and necessary to the maintenance of operations and agreements that were in effect prior to July 26, 2019 in Venezuela involving Petróleos de Venezuela S.A. (PdVSA) and its subsidiaries that would otherwise be prohibited by Executive Order 13850 as amended by Executive Order 13857 or Executive Order 13884, for five companies and their subsidiaries:  Chevron Corporation, Halliburton, Schlumberger Limited, Baker Hughes, and Weatherford International.  G.L. 8D authorizes these transactions through January 21, 2020.

General License 5A, issued on October 24, 2019, replaced and superseded General License 5.  G.L.5A authorizes all transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would otherwise be prohibited by Executive Order 13835 as amended by Executive Order 13857, on or after January 22, 2020.