The US Office of Foreign Assets Control has issued a new authorization that allows certain transactions involving the exportation or reexportation of liquefied petroleum gas to Venezuela until July 8, 2025.
However, there are exceptions. Transactions that involve the Venezuelan government, Petróleos de Venezuela, S.A. (PdVSA), or any entity where PdVSA has a 50% or more stake are still prohibited under sanctions introduced by Executive Orders 13850 (November 1, 2018), 13857 (January 25, 2019), and 13884 (August 5, 2019), which are part of the Venezuela Sanctions Regulations.
This General License (40C) does not authorize:
- Any payment-in-kind of petroleum or petroleum products
- As mentioned, any transactions otherwise prohibited by the VSR, including transactions involving any blocked persons other than PdVSA, any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, or any Government of Venezuela person that is blocked solely pursuant to E.O. 13884.
Effective July 8, 2024, General License No. 40B, dated July 10, 2023, is replaced and superseded in its entirety by this General License No. 40C.
Furthermore, nothing in this general license relieves any persons from compliance with the requirements of other Federal agencies, including the Department of Commerce’s Bureau of Industry and Security.
To remind, General License 44, which authorized transactions related to oil or gas sector operations in Venezuela, expired on April 18. The United States concluded that Venezuela’s Nicolas Maduro and his representatives have not fully fulfilled the commitments outlined in the electoral roadmap agreement signed with the opposition in Barbados in October 2023.
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