OFAC issues Venezuela-related general license 18J

On May 27, 2022, the Department of the Treasury’s Office of Foreign Assets Control issued General License 8J, “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” to extend the length of time that five oilfield service companies have to wind down operations with PdVSA.  GL 8J replaces and supersedes GL 8I in its entirety and extends the deadline until December 1, 2022.  Similar to GL 8I, 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 for the limited maintenance of essential operations, contracts, or other agreements that i) are for safety or the preservation of assets in Venezuela; ii) involve PdVSA or any entity in which the PdVSA owns a fifty percent or greater interest; and iii) that were in effect prior to July 26, 2019.  

Department of Treasury Recent Action | General License 18J