On 28 January 2019 US imposed new sanctions for operating in the oil sector of the Venezuelan economy, Venezuela’s state-owned oil company Petróleos de Venezuela. 

On 28 January 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Petróleos de Venezuela, S.A. (PdVSA) pursuant to Executive Order (E.O.) 13850 for operating in the oil sector of the Venezuelan economy, following a determination by Secretary of the Treasury Steven T. Mnuchin, in consultation with Secretary of State Michael Pompeo, that persons operating in Venezuela’s oil sector are subject to sanctions pursuant to E.O. 13850.

In addition, OFAC is amending General License 3 “Authorizing Transactions Related to, Provisions of Financing for, and Other Dealings in Certain Bonds,” and issuing the following eight new Venezuela-related general licenses in connection with this designation:

General License 7 “Authorizing Certain Activities with PDV Holding, Inc. and CITGO Holding, Inc.,” General License 8 “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Prohibited by Executive Order 13850 for Certain Entities Operating in Venezuela,” General License 9 “Authorizing Transactions Related to Dealings in Certain Debt,” General License 10 “Authorizing the Purchase in Venezuela of Gasoline from Petróleos de Venezuela, S.A. (PdVSA),” General License 11 “Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with Petróleos de Venezuela, S.A. (PdVSA),” General License 12 “Authorizing Certain Activities Necessary to Wind Down of Operations or Existing Contracts with Petróleos de Venezuela, S.A. (PdVSA),” General License 13 “Authorizing Certain Activities Involving Nynas AB,” and General License 14 “Official Business of the United States Government.”

OFAC expects to publish in the near term new FAQs and update existing FAQs, in connection with today’s action and the issuance of these general licenses.

In addition, on January 25, 2019, the President signed an Executive Order “Taking Additional Steps to Address the National Emergency with Respect to Venezuela.” OFAC is publishing a frequently asked question in connection with the issuance of the Executive Order.

OFAC has also updated its SDN List today. Please visit www.treasury.gov for specific information on this action.

For more information on this specific action, please visit OFACs Recent Actions page.

 Issuance of a New Venezuela-related Executive Order and General Licenses;  Venezuela-related Designation