April 22, 2020
On April 21, 2020, the Office of Foreign Assets Control (OFAC) issued amended General License 8F authorizing transactions involving PdVSA necessary for limited maintenance of essential operations in Venezuela or the wind-down of operations in Venezuela for certain entities like Chevron. The amended version of this license is different from prior versions in key respects. It generally allows Chevron additional time to wind-down its joint ventures with PdVSA but restricts Chevron’s ability to export oil out of Venezuela. The amended license is a clear ratcheting up of the administration’s sanctions targeting Venezuela.
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