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Ofac license venezuela 44 Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela (a) Except as provided in paragraph (b) of this general license, all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), including transactions Jan 11, 2023 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing seven general licenses (GLs) issued in the Venezuela Sanctions program: GLs 1, 2, 2A, 4, 4A, 4B, and 4C, each of which was previously made available on OFAC's website. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Venezuela General License 41A, "Authorizing the Wind Down of Certain Transactions Related to Chevron Corporation's Joint Ventures in Venezuela," which allows for previously authorized activities to be subject to a wind-down period. S. For the most up-to-date guidance please visit OFAC’s Venezuela-Related Sanctions page. jurisdictions in the Western Hemisphere to Venezuela involving Consorcio Venezolano de Industrias Aeronauticas y Servicios Aereos, S. Treasury Department for limited operations in Venezuela. Apply for an OFAC License Online - Authorization from OFAC to engage in a transaction that otherwise would be prohibited Nov 26, 2022 · Following this announcement and consistent with U. General License 5 authorizes U. Apr 4, 2025 · OFAC’s recent termination of an energy company’s license to operate in Venezuela and an EO authorizing the imposition of “secondary tariffs” on imports from any country that purchases Venezuelan oil represent a shift in U. This license, General License No. OFAC also amended a consolidated frequently asked questions (“FAQs”) guidance document (“Updated. 8O . Y. Mar 6, 2025 · The U. (PdVSA) Necessary for the Limited Maintenance of Apr 17, 2024 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 44A, "Authorizing the Wind Down of Transactions Related to Oil or Gas Sector Operations in Venezuela. Nothing in this general license authorizes any expansion of the Chevron JVs into new fields in Venezuela. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities. com) – The Donald Trump administration has announced a two-month extension of Chevron’s license to operate in Venezuela. 42 (“GL 42“) under the Venezuela Sanctions Regulations (“VSR“), three new Venezuela-related Frequently Asked Questions (“FAQs“), and also amended one Venezuela-related FAQ. Oct 27, 2023 · OFAC Amends Venezuela General License 41 to Wind-Down Chevron Joint Ventures with PdVSA Apr 19, 2024 · U. 41 or the date of any subsequent renewal of General License No. 5 Percent Bond on or After November 12, 2024. , which is Venezuela’s national oil and natural gas company. 41, is renewed on the first day of each month and remains valid for six months, ensuring that Chevron can maintain its presence in the country Sep 12, 2024 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Global Magnitsky General License 8 - "Authorizing Transactions Involving Certain Entities Owned by Ly Yong Phat or L. Jul 19, 2018 · Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela General License 5. These developments occurred in the context of efforts by creditors to enforce judgments Mar 2, 2025 · 681. persons to engage in all transactions related to, the provision of financing for, and other dealings in the Petroleos de Venezuela SA 2020 8. Oct 5, 2024 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela General License 8N, "Authorizing Transactions Involving Petróleos de Venezuela, S. persons to pay taxes, fees, and import duties to the Government of Venezuela, and to purchase or receive permits, licenses, registrations, certifications, and public utility services from the Government of Venezuela, so long as these transactions are necessary and ordinarily incident to such persons’ day-to Jul 8, 2024 · OFAC has issued updated Venezuela General License 40C, Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela. Oct 18, 2023 · Specifically, OFAC issued: • Venezuela General License (GL) 44, temporarily authorizing all transactions that are related to oil and gas sector operations in Venezuela, including authorizing ordinarily incident and necessary financial transactions with certain blocked Venezuelan banks related to the oil and gas sector; Dec 8, 2024 · OFAC has issued updated Venezuela General License 5P, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S. gov/ofac. 2020 8. 13857, and provides additional authority for designating individuals and entities that are owned or controlled by, or that act or purport to act for or on behalf of, the Government of Venezuela, as well as individuals and Mar 24, 2025 · Nothing in this general license relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce’s Bureau of Industry and Security. persons to export goods, services, and technology from the United States to Petróleos de Venezuela, S. 41 Dec 2, 2022 · On November 26, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued General License 41 (“GL 41“) authorizing Chevron Corporation (“Chevron”) to resume limited oil extraction operations in Venezuela and accompanying FAQs. Specially Designated Nationals List Update The following deletions have been made to OFAC's SDN List: (a) of this general license, unless separately authorized. government approach Maduro. Oct 27, 2023 · OFAC amended two general licenses to allow for unrestricted secondary market trading in specified Venezuela sovereign bonds (GL 3I) and certain debt or equity issued by Petróleos de Venezuela, S. OFAC issued FAQ 1137 Nov 26, 2022 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 8K, "Authorizing Transactions Involving Petróleos de Venezuela, S. 5 Percent Bond on or After March 7, 2025," and Venezuela General License 8O, "Authorizing Transactions Involving Petróleos de Venezuela, S. Sanctions with Respect to Venezuela on October 18, 2023. Venezuela General License 10A - Authorizing the Purchase in Venezuela of Refined Petroleum Products from Petróleos de Venezuela, S. Updated on April 17, 2024 Paralelamente a la emisión de la LG 41 sobre Venezuela, la OFAC también difundió orientaciones públicas que indican que se autoriza a personas estadounidenses a prestar bienes y servicios para determinadas actividades conforme se especifica en la LG 41 y que las personas que no sean estadounidenses no se exponen de manera general al riesgo May 26, 2025 · Chevron Corporation CVX is expected to be granted a limited license from the U. energy company’s license to operate in Jul 19, 2018 · After 12:01 a. " Mar 4, 2025 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Venezuela General License 41A, "Authorizing the Wind Down of Certain Transactions Related to Chevron Corporation's Joint Ventures in Venezuela. m. government policy, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 41, authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela. Executive Order 13884 , among other things, blocks the property of the Government of Venezuela, defined similarly to how the term is defined under E. The US oil company had General License 41, a sanctions waiver issued by Trump’s predecessor that allowed it to operate in the country, canceled in March as part of the White House’s escalation of economic sanctions against the Jun 6, 2019 · Do I need an OFAC license to negotiate the settlement of claims related to assets of the Government of Venezuela or PdVSA? 659. It may be in your and the U. The United States Office of Foreign Assets Control (OFAC) renewed a license, allowing American energy giant Chevron to continue its operations in Venezuela, on Saturday. P. OFAC is also issuing two new Venezuela-related Frequently Asked Questions (FAQs 1136, 1137), amending four related FAQs Nov 7, 2024 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Venezuela General License 5Q, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S. Does Venezuela-related General License 12 authorize U. A Apr 22, 2024 · On April 17, 2024, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued General License 44A (“GL 44A”), authorizing the wind down by 12:01 am EDT on May 31, 2024 of transactions that were previously authorized under GL 44. This special waiver may authorize the oil giant to Apr 7, 2025 · First, the U. (PdVSA) (August 05, 2019) Venezuela General License 15C - Authorizing Transactions Involving Certain Banks for Certain Entities (May 12, 2020) Apr 23, 2024 · As part of these sanctions relief actions, in October 2023, OFAC issued General License (GL) 44, authorizing transactions related to oil or gas sector operations in Venezuela, including transactions involving Petróleos de Venezuela, S. According to the accompanying press release, OFAC issued GL 41 after Unitary Platform and President Maduro’s regime Apr 17, 2024 · The Office of Foreign Assets Control (OFAC), Department of Treasury of the United States Government today issued General Licence 44A which governs sanctions related to the Bolivarian Republic of Venezuela and deals with Authorizing the Wind Down of Transactions Related to Oil or Gas Sector Operations in Venezuela. 13835 as an obstacle to holders of the PdVSA 2020 8. Applying for a Specific OFAC License. persons should interpret the non-renewal of GL 44. Department of Treasury Office of Foreign Assets Control (OFAC) – was published on March 4, 2025, authorizing the settlement of transactions previously Dec 2, 2019 · On November 5, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued a new Venezuela-related general license (General License No. , LTD. Nov 27, 2024 · Specially Designated Nationals List Update The following individuals have been added to OFAC's SDN List: AIGSTER VILLAMIZAR, Carlos Eduardo, Venezuela; DOB 07 Jan 1972; POB Caracas, Venezuela; nationality Venezuela; Gender Male; Cedula No. Oct 26, 2021 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing nine Venezuela web general licenses (GLs) in the Federal Register: GL 8, GL 8A, GL 8B, GL 8C, GL 8D, GL 8E, GL 8F, and GL 8G, each of which is now expired and was previously issued on OFAC's website, as well as Oct 18, 2023 · WASHINGTON – In response to the signing of an electoral roadmap agreement between Venezuela’s Unitary Platform and representatives of Maduro, and in support of the Venezuelan people, the U. Mar 25, 2025 · Two days later, on March 4, 2025, OFAC issued updated Venezuela General License (“GL”) 41A, which replaced and superseded GL 41, issued on November 26, 2022. F. R. Treasury Department Office of Foreign Assets Control (OFAC) issued General License 44A to authorize certain transactions related to oil or gas sector operations in Venezuela. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities" and Venezuela-related General License 41, "Authorizing Mar 4, 2025 · 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 related to the operation and management by Chevron Corporation or its May 1, 2023 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela General License 42, "Authorizing Certain Transactions Related to the Negotiation of Certain Settlement Agreements with the IV Venezuelan National Assembly and Certain Other Persons. 5 Percent Bond that would be prohibited by Subsection 1(a)(iii) of Executive Order 13835 of May 21 Dec 19, 2024 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GL) issued pursuant to the Venezuela Sanctions Regulations: GL 5Q and GL 8O, each of which was previously made available on OFAC's website. Sanctions with Respect to Venezuela on October 18, 2023” (the “FAQs”), which provide guidance on how U. (PdVSA), Banco Central de Venezuela (BCV), or other blocked Government of Venezuela persons? Apr 17, 2024 · Sanctions with Respect to Venezuela on October 18, 2023,” as updated on April 17, 2024, was superseded by the Venezuela Sanctions FAQ Topic Page on March 5, 2025. (PdVSA) or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest (collectively, “PdVSA Nov 7, 2024 · Further, this General License does not authorize transactions related to the export or re-export of diluents to Venezuela; the issuance of any loans to, or accrual of additional debt by, or subsidization of PdVSA; or any transactions otherwise prohibited by OFAC’s Venezuela Sanctions Regulations (31 C. Updated GL 41A provided a wind-down period through early April for transactions previously authorized by GL 41, including certain natural resource extraction operations in Venezuela Apr 22, 2024 · On April 17, 2024, the U. Nov 5, 2019 · General License 35 authorizes U. (PdVSA) as well as entities in which PdVSA owns, directly or indirectly, a 50% or greater interest, which Feb 2, 2024 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending FAQ 629 and is publishing an updated document, "Frequently Asked Questions Related to the Suspension of Certain U. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities (a) Except as provided in paragraphs (c) and (d) of this general license, all transactions Oct 18, 2023 · Venezuela Sanctions Regulations 31 CFR part 591 GENERAL LICENSE NO. In addition, OFAC has made the following changes to its SDN List. Those Nov 7, 2024 · GENERAL LICENSE NO. " Executive Orders. " Mar 21, 2025 · New OFAC General License 41A in Venezuela By Tinoco Travieso Planchart & Nuñez General License 41A – issued by the U. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities," and Venezuela-related General License 45A, "Authorizing Mar 17, 2025 · The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended Venezuela General License (“GL”) 41 to wind-down, rather than authorize, certain transactions related to the operation and management of Chevron Corporation’s joint venture with Petróleos de Venezuela, S. to remain in Venezuela, allowing the company to conduct minimal maintenance on equipment but prohibiting it from producing May 2, 2024 · (a) Except as provided in paragraph (b) of this general license, all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), including transactions involving Petróleos de Venezuela, S. O. treasury. Treasury has revoked licenses allowing French oil firm Maurel & Prom and Italian firm Eni to operate in Venezuela and receive oil from PDVSA as payment, further tightening sanctions on Jan 20, 2022 · OFAC issued General License (GL) 5 on July 19, 2018, which removed E. Does General License 28 extend the authorization of wind-down periods that have expired for Petroleos de Venezuela, S. 41B. Under Secretary of the Treasury for Terrorism and Financial Mar 31, 2025 · The U. Visit the link below to apply for an OFAC license. (PDVSA), related to oil and gas sector operations in Venezuela. 5 percent bond gaining access to their collateral. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 41B, terminating a U. (c) This authorization automatically renews on the first day of each month and is valid for a period of six months from the effective date of General License No. part 591) or with any blocked Feb 2, 2021 · The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 30A, "Authorizing Certain Transactions Necessary to Port and Airport Operations. 13857, and provides additional authority for designating individuals and entities that are owned or controlled by, or that act or purport to act for or on behalf of, the Government of Venezuela, as well as individuals and May 17, 2023 · On May 1, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC“) issued General License No. A. " The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Venezuela General License 5R, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S. General licenses and statements of licensing policy relating to this part also may be available through the Venezuela sanctions page on OFAC's Web site: www. 5 Percent Bond on or After July 3, 2025. V11983476 (Venezuela) (individual) [VENEZUELA]. The PdVSA, as it is known, was placed on OFAC’s Specially Designated Nationals and Blocked Persons List, or the SDN List, pursuant to E. 13850. " Nov 17, 2023 · General License 45A (which was issued on November 16, 2023 following the issuance of GL 45 on October 18) authorizes certain repatriation transactions of Venezuelan nationals from non-U. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued 4 General Licenses suspending select sanctions. Mar 24, 2025 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela General License 41B, "Authorizing the Wind Down of Certain Transactions Related to Chevron Corporation's Joint Ventures in Venezuela. Note 2 to General License No. Group Co. 35) (“GL 35”) to authorize certain administrative transactions with the Government of Venezuela (“GOV”) prohibited by Executive Order (“EO”) 13884 (“Blocking Property of the Government of Venezuela”); issued May 22, 2025 · Caracas, May 21, 2025 (venezuelanalysis. 6 days ago · Dollar’s correlation with Treasury yields breaks down; Treasury secretary Bessent insists US will ‘never default’ on its debt ‘Loyalty above all’: conservatives wrestle with the law of Trump Apr 26, 2024 · In addition to that limited wind-down period and license, OFAC also simultaneously published an updated “Frequently Asked Questions Related to the Suspension of Certain U. 41, whichever is later. " Oct 18, 2023 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 3I, General License 5M, General License 9H, General License 43, General License 44 and General License 45. Authorizing Transactions Involving Petróleos de Venezuela, S. General License 44A extends authorization for transactions normally prohibited under the Venezuela Sanctions Regulations "that are ordinarily incident and necessary to the On January 28th, OFAC designated Petroleos de Venezuela S. eastern daylight time, April 28, 2019, as described in Venezuela-related General License 7 and General License 12, any transactions (including swaps and non-cash transactions) involving the purchase or exchange of petroleum or petroleum products in which PdVSA or any entity in which it owns, directly or indirectly, a 50 percent OFAC has also issued General License 4C to authorize further transactions ordinarily incident and necessary to the exportation or reexportation of agricultural commodities, medicine, medical devices, replacement parts and components for medical devices, or software updates for medical devices to Venezuela, or to persons in third countries Nov 16, 2023 · The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 8M, "Authorizing Transactions Involving Petróleos de Venezuela, S. (“PdVSA”) and any entity in which PdVSA owns, directly or indirectly, a 50 percent 5 days ago · The Trump administration issued a stripped-down license to Chevron Corp. " OFAC is also issuing an amended Frequently Asked Question ( FAQ 595 ). Feb 17, 2025 · For Curaçao, obtaining an OFAC license has been essential due to the sanctions imposed by Washington against neighboring Venezuela and its state-owned oil company Petróleos de Venezuela, S. General License 5 was replaced and superseded by General License 5A on October 24, 2019 with a delay in the effectiveness of the authorization in the general license. announced that it would not renew the Department of the Treasury's Office of Foreign Assets Control (OFAC) general license (GL) that temporarily authorized transactions, including those involving state-owned oil company Petróleos de Venezuela, S. " Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons (SDN) List. (PdVSA) (GL 9H). government's interest to authorize particular economic activity related to the Venezuela-related Sanctions. (PdVSA) or any entity in which it owns, directly or Apr 25, 2024 · On April 17, 2024, the Office of Foreign Assets Control (OFAC) published a bulletin announcing the issuance of a General License related to certain transactions in Venezuela.