February 2, 2024
As explained in our prior Client Alert of October 19, 2023, on October 18, 2023, the United States temporarily suspended certain sanctions against Venezuela in response to the recent signing of an electoral roadmap agreement between Venezuela’s Unitary Platform and representatives of President Maduro. Notably, the suspension of sanctions included the issuance of General License 44, which broadly speaking temporarily authorized through April 18, 2024, all transactions that are related to oil and gas sector operations in Venezuela. For purposes of the shipping sector, General License 44 temporarily authorized the provision of goods and services concerning “the production, lifting, sale, and exportation of oil or gas from Venezuela.”
To read the full client alert, click HERE.