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DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 41B
Authorizing the Wind Down of Certain Transactions Related to Chevron Corporation’s Joint Ventures in Venezuela
(a) Except as provided in paragraph (b) of this general license, all transactions ordinarily incident and necessary to the wind down of transactions previously authorized by Venezuela General License 41, issued on November 26, 2022, related to the operation and management by Chevron Corporation or its subsidiaries (“Chevron”) of Chevron’s joint ventures in Venezuela (collectively, the “Chevron JVs”) involving Petróleos de Venezuela, S.A. (PdVSA) or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are prohibited by Executive Order (E.O.) 13850, as amended by E.O. 13857, or...
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[On 3-4-25, OFAC replaced GL 41 with GL 41A, authorizing (through April 3, 2025) “all transactions ordinarily incident and necessary to wind down of transactions previously authorized by Venezuela General License 41”. The carveouts are the same in both licenses, except that in GL 41A there is no carveout for “Any expansion of the Chevron JVs into new fields in Venezuela beyond what was in place on January 28, 2019”. OFAC likely regarded any such activities as inherently outside the scope of a “wind down” that cross-referenced GL 41. The below has not been updated to reflect this fact. Refer generally to Examples of Transactions Deemed to Be, and Not to Be, Within the Scope of the Standard “Wind-Down” and “Maintenance” GLs.
On 3-24-25, OFAC replaced GL 41A with 41B, extending the expiration date from April 3...