Rule2024-11846
Publication of Venezuela Sanctions Regulations Web General License 8N
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
May 30, 2024
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing one general license (GL) issued pursuant to the Venezuela Sanctions Regulations: GL 8N, which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 89 Issue 105 (Thursday, May 30, 2024)</title>
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[Federal Register Volume 89, Number 105 (Thursday, May 30, 2024)]
[Rules and Regulations]
[Pages 46802-46803]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-11846]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 591
Publication of Venezuela Sanctions Regulations Web General
License 8N
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of a Web General License.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing one general license (GL) issued pursuant
to the Venezuela Sanctions Regulations: GL 8N, which was previously
made available on OFAC's website.
DATES: GL 8N was issued on May 10, 2024. See SUPPLEMENTARY INFORMATION
for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Compliance, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>.
[[Page 46803]]
Background
On May 10, 2024, OFAC issued GL 8N to authorize certain
transactions otherwise prohibited by the Venezuela Sanctions
Regulations (VSR), 31 CFR part 591. GL 8N was made available on OFAC's
website (<a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>) when it was issued. GL 8N
supersedes GL 8M, which was issued on November 16, 2023. GL 8N has an
expiration date of November 15, 2024. The text of this GL is provided
below.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 8N
Authorizing Transactions Involving Petr[oacute]leos de Venezuela, S.A.
(PdVSA) Necessary for the Limited Maintenance of Essential Operations
in Venezuela or the Wind Down of Operations in Venezuela for Certain
Entities
(a) Except as provided in paragraphs (c) and (d) of this general
license, all transactions and activities prohibited by Executive Order
(E.O.) 13850 of November 1, 2018, as amended by E.O. 13857 of January
25, 2019, or E.O. 13884 of August 5, 2019, each as incorporated into
the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), that
are ordinarily incident and necessary to the limited maintenance of
essential operations, contracts, or other agreements, that: (i) are for
safety or the preservation of assets in Venezuela; (ii) involve PdVSA
or any entity in which PdVSA owns, directly or indirectly, a 50 percent
or greater interest; and (iii) were in effect prior to July 26, 2019,
are authorized through 12:01 a.m. eastern standard time, November 15,
2024, for the following entities and their subsidiaries (collectively,
the ``Covered Entities''):
<bullet> Halliburton
<bullet> Schlumberger Limited
<bullet> Baker Hughes Holdings LLC
<bullet> Weatherford International, Public Limited Company
Note to paragraph (a). Transactions and activities necessary for
safety or the preservation of assets in Venezuela that are
authorized by paragraph (a) of this general license include:
transactions and activities necessary to ensure the safety of
personnel, or the integrity of operations and assets in Venezuela;
participation in shareholder and board of directors meetings; making
payments on third-party invoices for transactions and activities
authorized by paragraph (a) of this general license, or incurred
prior to April 21, 2020, provided such activity was authorized at
the time it occurred; payment of local taxes and purchase of utility
services in Venezuela; and payment of salaries for employees and
contractors in Venezuela.
(b) Except as provided in paragraph (d) of this general license,
all transactions and activities prohibited by E.O. 13850, as amended,
or E.O. 13884, each as incorporated into the VSR, that are ordinarily
incident and necessary to the wind down of operations, contracts, or
other agreements in Venezuela involving PdVSA or any entity in which
PdVSA owns, directly or indirectly, a 50 percent or greater interest,
and that were in effect prior to July 26, 2019, are authorized through
12:01 a.m. eastern standard time, November 15, 2024, for the Covered
Entities.
(c) Paragraph (a) of this general license does not authorize:
(1) The drilling, lifting, or processing of, purchase or sale of,
or transport or shipping of any Venezuelan-origin petroleum or
petroleum products;
(2) The provision or receipt of insurance or reinsurance with
respect to the transactions and activities described in paragraph
(c)(1) of this general license;
(3) The design, construction, installation, repair, or improvement
of any wells or other facilities or infrastructure in Venezuela or the
purchasing or provision of any goods or services, except as required
for safety;
(4) Contracting for additional personnel or services, except as
required for safety; or
(5) The payment of any dividend, including in kind, to PdVSA, or
any entity in which PdVSA owns, directly or indirectly, a 50 percent or
greater interest.
(d) This general license does not authorize:
(1) Any transactions or dealings related to the exportation or
reexportation of diluents, directly or indirectly, to Venezuela;
(2) Any loans to, accrual of additional debt by, or subsidization
of PdVSA, or any entity in which PdVSA owns, directly or indirectly, a
50 percent or greater interest, including in kind, prohibited by E.O.
13808 of August 24, 2017, as amended by E.O. 13857, and incorporated
into the VSR; or
(3) Any transactions or activities otherwise prohibited by the VSR,
or any other part of 31 CFR chapter V, or any transactions or
activities with any blocked person other than the blocked persons
identified in paragraphs (a) and (b) of this general license.
(e) Effective May 10, 2024, General License No. 8N, dated November
16, 2023, is replaced and superseded in its entirety by this General
License No. 8N.
Lisa M. Palluconi,
Deputy Director, Office of Foreign Assets Control.
Dated: May 10, 2024.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2024-11846 Filed 5-29-24; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on May 30, 2024.
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