OFAC Allows Venezuelan Oil and Gas Authorization to Expire and Extends Prohibitions to Execution on PdVSA 2020 Bond Collateral

May 2, 2024

On April 17, 2024, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) announced that it would not renew an existing authorization for transactions related to oil and gas sector operations in Venezuela, and replaced the existing authorization with a 45-day wind-down period for previously authorized transactions, expiring May 31, 2024. 

On April 15, 2024, OFAC separately reissued a separate general license, continuing to extend prohibitions to execution on the PdVSA 2020 bond collateral.

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