U.S. publication of Venezuela “web general licenses”

Nine Venezuela web general licenses (GL) that have expired, one scheduled to expire December 1, 2021

Nine Venezuela web general licenses (GL) that have expired

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today released for publication in the Federal Register a publication of “web general licenses” related to Venezuela.

Today’s OFAC document [PDF 274 KB] announces publication of nine Venezuela web general licenses (GL)—GL8, GL8A, GL8B, GL8C, GL8D, GL8E, GL8F, and GL8G—each of which has expired and was previously issued and posted on OFAC’s website.

OFAC is also publishing GL8H, which was also previously issued on OFAC’s website and expires on December 1, 2021.

The document is scheduled to be published in the Federal Register on October 26, 2021.

Background

The president in March 2015 declared a national emergency via an executive order to deal with the “unusual and extraordinary threat” from Venezuela to U.S. national security and policy.

OFAC in January 2019 issued GL8 to authorize certain entities and their subsidiaries to engage in transactions and activities ordinarily incident and necessary to operations in Venezuela involving Petróleos de Venezuela, S.A. (PdVSA) or any entity in which PdVSA owns, directly or indirectly, a 50% or greater interest, that were otherwise prohibited by an executive order.

Subsequently, OFAC issued eight further iterations of GL 8 that extended the period and modified the scope of the authorization.
 

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