The United States issued General License 44 to provide relief to Venezuela’s oil and gas sector, but warns it will not be renewed after April 18, 2024, if there is no progress on allowing all presidential candidates to compete in the Venezuelan elections.
According to the US Government, Nicolas Maduro’s actions in Venezuela, such as arresting opposition members and preventing certain candidates from participating in the upcoming presidential election, contradict agreements made in Barbados last October. In response, the US warns that it will not renew General License 44.
General License 44: Oil and Gas
As per the License, all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), including transactions involving Petroleos de Venezuela, S.A. (PdVSA) or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest that are related to oil or gas sector operations in Venezuela are authorised until April 18, 2024, including:
- Production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services;
- Payment of invoices for goods or services related to oil or gas sector operations in Venezuela;
- New investment in oil or gas sector operations in Venezuela; and
- Delivery of oil and gas from Venezuela to creditors of the Government of Venezuela, including creditors of PdVSA Entities, for the purpose of debt repayment.
Furthermore, the United States is revoking General License 43, which allowed transactions involving Minerven, the Venezuelan state-owned gold mining company. U.S. persons will have fourteen days to wind down any transactions that were previously authorized by that license.
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