April 19, 2024

OFAC issues Venezuela-related general license and frequently asked questions

On April 17, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued General License 44A under the Venezuela Sanctions Regulations (“VSR”), 31 CFR part 591.  GL 44A was issued to temporarily authorize wind down transactions related to oil or gas operations in Venezuela, including those involving Petróleos de Venezuela SA (“PdVSA”) and related entities, that would otherwise be prohibited by the VSR.  The general license authorizes these transactions until May 31, 2024.  GL 44A effectively replaces and supersedes GL 44 in its entirety.

On the same day, OFAC issued updated Frequently Asked Questions to provide an general overview of GL 44A and clarify its provisions.

OFAC Recent Action | General License 44A | FAQs – April 17, 2024 Update