89 FR 244 pgs. 103651-103652 - Publication of Venezuela Sanctions Regulations Web General Licenses 5Q and 8O
Type: RULEVolume: 89Number: 244Pages: 103651 - 103652
Pages: 103651, 103652FR document: [FR Doc. 2024-29991 Filed 12-18-24; 8:45 am]
Agency: Treasury Department
Sub Agency: Foreign Assets Control Office
Official PDF Version: PDF Version
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 591
Publication of Venezuela Sanctions Regulations Web General Licenses 5Q and 8O
AGENCY:
Office of Foreign Assets Control, Treasury.
ACTION:
Publication of web general licenses.
SUMMARY:
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GL) issued pursuant to the Venezuela Sanctions Regulations: GL 5Q and GL 8O, each of which was previously made available on OFAC's website.
DATES:
GL 5Q was issued on November 7, 2024. See SUPPLEMENTARY INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT:
OFAC: Assistant Director for Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 202-622-4855; or Assistant Director for Compliance, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are available on OFAC's website: https://ofac.treasury.gov.
Background
On November 7, 2024, OFAC issued GL 5Q and GL 8O to authorize certain transactions otherwise prohibited by the Venezuela Sanctions Regulations (VSR), 31 CFR part 591. Each GL was made available on OFAC's website ( https://ofac.treasury.gov ) when it was issued. GL 5Q supersedes GL 5P, which was issued on August 12, 2024. GL 8O supersedes GL 8N, which was issued on May 10, 2024. The text of these GLs is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 5Q
Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 7, 2025
(a) Except as provided in paragraph (b) of this general license, on or after March 7, 2025, all transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by subsection l(a)(iii) of Executive Order (E.O.) 13835 of May 21, 2018, as amended by E.O. 13857 of January 25, 2019, and incorporated into the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), are authorized.
(b) This general license does not authorize any transactions or activities otherwise prohibited by the VSR, or any other part of 31 CFR chapter V.
(c) Effective November 7, 2024, General License No. 5P, dated August 12, 2024, is replaced and superseded in its entirety by this General License No. 5Q.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets Control.
Dated: November 7, 2024.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 8O
Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities
(a) Except as provided in paragraphs (c) and (d) of this general license, all transactions and activities prohibited by Executive Order (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), that are ordinarily incident and necessary to the limited maintenance of essential operations, contracts, or other agreements, that: (i) are for safety or the preservation of assets in Venezuela; (ii) involve PdVSA or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest; and (iii) were in effect prior to July 26, 2019, are authorized through 12:01 a.m. eastern daylight time, May 9, 2025, for the following entities and their subsidiaries (collectively, the "Covered Entities"):
• Halliburton
• Schlumberger Limited
• Baker Hughes Holdings LLC
• Weatherford International, Public Limited Company
[top] Note to paragraph (a). Transactions and activities necessary for safety or the preservation of assets in Venezuela that are authorized by paragraph (a) of this general
(b) Except as provided in paragraph (d) of this general license, all transactions and activities prohibited by E.O. 13850, as amended, or E.O. 13884, each as incorporated into the VSR, that are ordinarily incident and necessary to the wind down of operations, contracts, or other agreements in Venezuela involving PdVSA or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, and that were in effect prior to July 26, 2019, are authorized through 12:01 a.m. eastern daylight time, May 9, 2025, for the Covered Entities.
(c) Paragraph (a) of this general license does not authorize:
(1) The drilling, lifting, or processing of, purchase or sale of, or transport or shipping of any Venezuelan-origin petroleum or petroleum products;
(2) The provision or receipt of insurance or reinsurance with respect to the transactions and activities described in paragraph (c)(1) of this general license;
(3) The design, construction, installation, repair, or improvement of any wells or other facilities or infrastructure in Venezuela or the purchasing or provision of any goods or services, except as required for safety;
(4) Contracting for additional personnel or services, except as required for safety; or
(5) The payment of any dividend, including in kind, to PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest.
(d) This general license does not authorize:
(1) Any transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela;
(2) Any loans to, accrual of additional debt by, or subsidization of PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, including in kind, prohibited by E.O. 13808 of August 24, 2017, as amended by E.O. 13857, and incorporated into the VSR; or
(3) Any transactions or activities otherwise prohibited by the VSR, or any other part of 31 CFR chapter V, or any transactions or activities with any blocked person other than the blocked persons identified in paragraphs (a) and (b) of this general license.
(e) Effective November 7, 2024, General License No. 8N, dated May 10, 2024, is replaced and superseded in its entirety by this General License No. 8O.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets Control.
Dated: November 7, 2024.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2024-29991 Filed 12-18-24; 8:45 am]
BILLING CODE 4810-AL-P