Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

OFAC extends Venezuela-related general license

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

Financial Crimes

On November 24, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 8I, which extends the authorization of certain transactions that were in effect prior to July 26, 2019, involving Petróleos de Venezuela, S.A. that are 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 amended), as incorporated into the Venezuela Sanctions Regulations. (Covered by InfoBytes here.) Effective through June 1, 2022, GL 8I replaces GL 8H, which was issued June 1.

Share page with AddThis