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5. Can U.S. persons continue to rely on general licenses that pre-dated October 18, 2023, to engage in transactions related to oil or gas sector operations in Venezuela despite the replacement of General License (GL) 44 with GL 44A?
Yes. U.S. persons may continue to rely on other authorizations related to Venezuela’s oil or gas sector operations in Venezuela, including GL 8M, “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 Certain Entities” and GL 41, “Authorizing Certain Transactions Related to Chevron Corporation’s Joint Ventures in Venezuela,” despite the issuance of GL 44A.
Issued on November 16, 2023
Updated on April 17, 2024
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5. Executive Order (E.O.) 13850 of November 1, 2018, “Blocking Property of Additional Persons Contributing to the Situation in Venezuela,” authorizes...
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1) With respect to the original version of the FAQ, read in conjunction with FAQ # 629 and Venezuela GL 43A. The initial version of this FAQ served to override FAQ # 629, concerning the targeting of persons for operating in the Venezuelan gold sector, but this FAQ was amended 2-2-24 to announce the effective restoration of the guidance at FAQ # 629.
2) On 4-17-24, OFAC redesignated what was FAQs Related to the Suspension of Certain U.S. Sanctions with Respect to Venezuela on October 18, 2023 - # 6 as FAQ # 5 without major substantive amendment, just to conform the FAQ to the fact that GL 44 became GL 44A.