OFAC Updates Transaction Licenses for Certain Venezuelan Entities

Posted by Timothy Miller on 11/22/23 5:00 PM

In a bulletin published November 16, 2023, the Department of the Treasury's Office of Foreign Assets Control (OFAC) announced General License No. 8M, which will authorize transactions that involve Petróleos de Venezuela, S.A. (PdVSA) and are “necessary for safety or the preservation of assets in Venezuela.”

General License No. 8M went into effect November 16, 2023, and will replace and supersede General License No. 8L in its entirety.

The full bulletin from OFAC can be found here:

OFAC’s Frequently Asked Questions document on the General License can be found here:

Topics: Import, OFAC, Venezuela, License

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