Venezuela General License 41 - Authorizing Certain Transactions Related to Chevron Corporation’s Joint Ventures in Venezuela

Date issued: Nov. 26 2022

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TURBOFAC Commentary (676 words)

Notes:

1) Read in conjunction with FAQ # 1098 and FAQ # 1099 (non-U.S. persons do not risk secondary sanctions for would-be licensed activities). This GL is, in many respects, wholly unique among active OFAC-administered sanctions authorities.

2) The issuance of this GL is arguably the most significant Venezuela-related sanctions policy development to occur in several years. See State Department Media Note issued on the same day "Joint Statement on Venezuela Negotiations" (https://www.state.gov/joint-statement-on-venezuela-negotiations-2/) and concurrently issued OFAC Press Release "Treasury Issues Venezuela General License 41 Upon Resumption of Mexico City Talks" (https://home.treasury.gov/news/press-releases/jy1127).

OFAC removed from Venezuela General License 8 (Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for...