OFAC Continues to Renew, Delay Effective Date for Venezuela Licenses
The Office of Foreign Assets Control this week extended two Venezuela-related general licenses, one that renews the current authorization for certain transactions with state-owned energy company Petroleos de Venezuela and another that delays an exemption that would authorize certain transactions with PdVSA.
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General License 8O, which replaces 8N, authorizes certain transactions between PdVSA and Halliburton, Schlumberger, Baker Hughes and Weatherford International, with certain restrictions, through 12:01 a.m. EDT May 9. The license was scheduled to expire Nov. 15 (see 2311160051).
General License 5Q, which replaces 5P, now authorizes certain transactions with PdVSA involving an 8.5% bond on or after March 7, 2025. The previous license was set to allow those transactions to occur on or after Nov. 12, 2024 (see 2408120010).
OFAC also updated an FAQ that describes what transactions are authorized by General License 5Q.