17/06/2021

OFAC Extends Authorization Of Specified Transactions Involving Sanctioned Venezuelan Entity – Intercontinental Regulation

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United States: &#13
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OFAC Extends Authorization Of Specified Transactions Involving Sanctioned Venezuelan Entity&#13

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OFAC amended a general license authorizing specified&#13
transactions and things to do involving Petróleos de&#13
Venezuela, S.A. (“PdVSA”). The licensed transactions&#13
are essential for the maintenance or wind down of operations.

Below General License (“GL”) 8H, OFAC extended -&#13
through December 1, 2021 – the earlier GL that authorized&#13
transactions and routines incidental to the routine maintenance of&#13
crucial operations for selected included entities. The functions&#13
have to (i) be for the safety or preservation of property in Venezuela,&#13
(ii) require PdVSA and (iii) have been in outcome prior to July 26,&#13
2019.

OFAC specified that GL 8H does not authorize any activities&#13
otherwise prohibited by the Venezuela Sanctions Polices.

The amended typical license went into impact on June 1,&#13
2021.

The articles of this report is intended to deliver a standard&#13
guide to the subject matter matter. Specialist suggestions must be sought&#13
about your particular instances.

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