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July 12, 2021: That olive branch smells a lot like LPG… or is the other way around?

Yesterday afternoon, OFAC issued a new Venezuela-related General License 40, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela”:

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations 31 CFR part 591

GENERAL LICENSE NO. 40

Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela

(a) Except as provided in paragraph (b) of this general license, all transactions and activities related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are prohibited by E.O. 13850 of November 1, 2018, as amended by E.O. 13857 of January 25, 2019, or E.O. 13884 of August 5, 2019, each as incorporated into the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), are authorized through 12:01 a.m. eastern
daylight time, July 8, 2022.


(b) This general license does not authorize:


(1) Any payment-in-kind of petroleum or petroleum products; or

(2) Any transactions or activities otherwise prohibited by the VSR, prohibited by any other part of 31 CFR chapter V, or involving any blocked persons other than PdVSA, any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, or any Government of Venezuela person that is blocked solely pursuant to E.O. 13884.

Note to General License No. 40: Nothing in this general license relieves any persons from compliance with the requirements of other Federal agencies, including the Department of Commerce’s Bureau of Industry and Security.

Links:

OFAC Notice

General License 40

Categories: Licenses OFAC Updates Venezuela sanctions

eric9to5

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