May 24, 2023

OFAC extends deadline for certain wind down transactions with PdVSA

On May 23, 2023, the Department of the Treasury’s Office of Foreign Assets Control issued General License 8L, “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 certain oilfield service companies have to wind down operations with PdVSA.  GL 8L replaces and supersedes GL 8K in its entirety and extends the deadline for transactions to November 19, 2023.  This general license authorizes four named companies to engage in transactions that would otherwise be prohibited by Executive Order 13850, as amended, as amended by Executive Order 13884, that are necessary for the limited maintenance of essential operations, contracts, or other agreements that i) are for the safety or preservation of assets in Venezuela; ii) involve the PdVSA or any entity in which the PdVSA owns a fifty percent or greater interest; and iii) were in effect prior to July 26, 2019.

Department of Treasury Recent Action | General License 8L