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🇻🇪🇺🇸 The U.S. issues new licenses through the OFAC for limited operations with PDVSA in the areas of hydrocarbons and electricity
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury issued general licenses 46E, 48D, and 49B, which, under strict conditions, ease the interaction of U.S. companies with PDVSA. The measure authorizes crude oil extraction, refining, transportation, and port services, as well as the export of technology and equipment for the hydrocarbons and electricity sectors. However, the regulatory framework keeps intact the general sanctions regime: it prohibits the shipment of diluents, bars the creation of new joint ventures, and requires that any contractual litigation be resolved exclusively in U.S., UK, Singapore, or French courts, while payments to entities under sanctions will continue to be deposited in accounts held in custody in Washington.
🇻🇪🇺🇸 The U.S. issues new licenses through the OFAC for limited operations with PDVSA in the areas of hydrocarbons and electricity
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury issued general licenses 46E, 48D, and 49B, which, under strict conditions, ease the interaction of U.S. companies with PDVSA. The measure authorizes crude oil extraction, refining, transportation, and port services, as well as the export of technology and equipment for the hydrocarbons and electricity sectors. However, the regulatory framework keeps intact the general sanctions regime: it prohibits the shipment of diluents, bars the creation of new joint ventures, and requires that any contractual litigation be resolved exclusively in U.S., UK, Singapore, or French courts, while payments to entities under sanctions will continue to be deposited in accounts held in custody in Washington.