March 14, 2019: OFAC extends Venezuela General License 7

General License 7A changes the expiration date to April 28th.

And the Treasury Department issued the following press release:

OFAC Extends Expiration Date of General License Related to PDVH and CITGO

Washington – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today extended the expiration date of a general license related to PDV Holding, Inc. (PDVH), and CITGO Holding, Inc.  General License 7A provides an 18-month authorization that renews automatically on a monthly basis, which will enable CITGO to maintain operations in markets that are based on long-term planning and contractual commitments. 

“This extension will further enable CITGO’s ongoing operations while prohibiting any benefit from flowing back to the illegitimate Maduro regime,” said a Treasury spokesperson.     

On January 28, 2019, OFAC designated Petroleos de Venezuela, S.A. (PdVSA) pursuant to Executive Order (E.O.) 13850 for operating in the oil sector of the Venezuelan economy.  Concurrent with this action, OFAC issued a general license that authorized certain transactions and activities related to PdVSA and its subsidiaries within specified timeframes.  Effective March 14, 2019, General License 7, dated January 28, 2019, is replaced and superseded in its entirety by General License 7A.  As with any general license issued by OFAC, the license may be revoked or amended at any time.

Links:

OFAC Notice

General License 7A

Treasury Press Release

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