OFAC amends Venezuela-related general license enabling four named companies to engage in essential transactions with PdVSA

The U.S. Department of the Treasury’s Office of Foreign Assets Control recently issued General License 8 O under Venezuela Sanction Regulations (“VSR”), 31 CFR part 591.  General License 8 O temporarily enables four named companies and their subsidiaries to engage in transactions that involve Petróleos de Venezuela, SA (“PdVSA”) and are necessary for the limited maintenance of essential operations, contracts, or other agreements.  The transactions are permitted if they i) are for safety or the preservation of assets in Venezuela; ii) involve PdVSA or any entity in which PdVSA owns a 50 percent or greater interest; and iii) were put in place before July 26, 2019.  Transactions permitted by GL 8 O are authorized until May 9, 2025.  General License 8 O effectively replaces and supersedes GL 8N in its entirety.

General License 8 O