InfoBytes Blog
Financial Services Law Insights and Observations
OFAC amends Venezuela-related general license
On June 1, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 8H, which authorizes 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 that would otherwise be prohibited by Executive Order 13850, as incorporated into the Venezuela Sanctions Regulations. (Covered by InfoBytes here.) Effective June 1, GL 8H replaces GL 8G, which was issued November 2020.