Regulatory Alerts2024-12-19 | 2024-29991Publication of Venezuela Sanctions Regulations Web General Licenses 5Q and 8O
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) published General Licenses 5Q and 8O to authorize specific transactions otherwise prohibited by the Venezuela Sanctions Regulations. General License 5Q authorizes transactions related to the Petroleos de Venezuela, S.A. 2020 bond on or after March 7, 2025, while General License 8O permits limited maintenance of essential operations and wind-down activities for certain entities through May 9, 2025. These licenses supersede previous general licenses and explicitly prohibit activities such as petroleum extraction, new debt issuance, and the exportation of diluents to Venezuela.
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