May 17, 2024

OFAC extends permissions to enable certain companies to engage in essential operations and wind down transactions with the PdVSA

On May 10, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued General License 8N under Venezuela Sanction Regulations (“VSR”), 31 CFR part 591.  General License 8N temporarily enables four named companies and their subsidiaries to engage in transactions that involve Petróleos de Venezuela, SA (“PdVSA”) that are necessary to the limited maintenance of essential operations, contracts, or other agreements.  These transaction are permitted if they i) are for safety or the preservation of assets in Venezuela; ii) involve PdVSA or any entity in which the PdVSA owns a 50 percent or greater interest; and iii) were in place before July 26, 2019.  Transactions permitted by GL 8N are authorized until November 15, 2024.  General License 8N effectively replaces and supersedes GL 8M in its entirety.

General License 8N