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Financial Services Law Insights and Observations

OFAC issues amended Venezuela-related general license

Financial Crimes Department of Treasury OFAC Sanctions Of Interest to Non-US Persons Venezuela Petroleos de Venezuela

Financial Crimes

On April 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued amended Venezuela General License (GL) 8F, titled “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.” GL 8F supersedes GL 8E and extends the expiration date for certain authorizations through December 1 that would otherwise be prohibited under Executive Orders 13850, 13857, or 13884.

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