July 11, 2023

OFAC extends Venezuela-related general license to permit certain liquefied petroleum gas transactions

On July 10, 2023, the Department of the Treasury’s Office of Foreign Assets Control issued General License 40B pursuant to Venezuela Sanctions Regulations, 31 CFR part 591.  The general license temporarily authorizes certain transactions related to the export or reexport of liquefied petroleum gas to Venezuela that involve the Government of Venezuela, Petróleos de Venezuela, SA (“PdVSA”), or any entity owned 50 percent or more by the PdVSA – transactions that would otherwise be prohibited by EO 13850, EO 13857, or EO 13884.  General license 40B specifically extends these provisions until July 10, 2024.  GL 40B effectively replaces and supersedes GL 40A in its entirety.

General License 40B