OFAC Extends Authorization Of Specified Transactions Involving Sanctioned Venezuelan Entity
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OFAC amended a general license authorizing specified
transactions and things to do involving Petróleos de
Venezuela, S.A. (“PdVSA”). The licensed transactions
are essential for the maintenance or wind down of operations.
Below General License (“GL”) 8H, OFAC extended -
through December 1, 2021 – the earlier GL that authorized
transactions and routines incidental to the routine maintenance of
crucial operations for selected included entities. The functions
have to (i) be for the safety or preservation of property in Venezuela,
(ii) require PdVSA and (iii) have been in outcome prior to July 26,
OFAC specified that GL 8H does not authorize any activities
otherwise prohibited by the Venezuela Sanctions Polices.
The amended typical license went into impact on June 1,
The articles of this report is intended to deliver a standard
guide to the subject matter matter. Specialist suggestions must be sought
about your particular instances.
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