OFAC amended a general license authorizing certain transactions and activities involving Petróleos de Venezuela, S.A. ("PdVSA") that are necessary for the maintenance or wind down of operations.

Under General License ("GL") 8G, OFAC extended - through June 3, 2021 - the previous GL that authorized transactions and activities incidental to the maintenance of essential operations for certain covered entities. The operations must (i) be for the safety or preservation of assets in Venezuela, (ii) involve PdVSA and (iii) have been in effect prior to July 26, 2019.

OFAC specified that GL 8G does not authorize any activities otherwise prohibited by the Venezuela Sanctions Regulations.

The amended general license went into effect on November 17, 2020.

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