OFAC’s relaxation of sanctions on Venezuela’s oil and gas sector broader than expected

In response to an agreement reached on Tuesday between President Nicolás Maduro’s representatives and the Venezuelan political opposition about a road map for the 2024 Venezuelan presidential election, on October 18, the Office of Foreign Assets Control (OFAC) issued General License 44 (GL 44), broadly licensing all transactions in Venezuela’s oil and gas sector, including transactions involving Petróleos de Venezuela, S.A. (PdVSA), for a six-month period (until April 18, 2024).

Download this article as a PDF