OFAC New General License 44A for Venezuela

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued General License number 44A to authorize the wind down of transactions related to oil and gas sector operations in Venezuela effective April 17, 2024. General License 44, which authorized transactions related to oil or gas sector operations in Venezuela, expired at 12:01 AM on April 18, 2024. 

General License 44A – Authorizes the following non-exhaustive list of transactions to be completed before 12:01 am eastern daylight time, May 31, 2024: 

1. The production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services 
2. The payment of invoices for goods or services related to oil or gas sector operations in Venezuela 
3. The delivery of oil and gas from Venezuela to creditors of the Government of Venezuela, including creditors of entities in which Petróleos de Venezuela, S.A. (PdVSA) owns, directly or indirectly, a 50 percent or greater interest, for the purpose of debt repayment. 

Furthermore, OFAC advises entering into new business that was previously authorized under General License 44 will not be considered wind down activity. OFAC has issued new FAQS related to General License 44A to provide clarification. 

Additionally, please visit the Venezuela Sanctions link for a more comprehensive list of FAQS for Venezuela sanctions: Office of Foreign Assets Control (treasury.gov)

What does this mean for You? 

Please become familiar with the new General License 44A terms.