Rule2025-13846
Publication of Venezuela Sanctions Regulations Web General Licenses 41A, 5R, and 41B
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
July 23, 2025
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing three general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 41A, 5R, and 41B, each of which was previously made available on OFAC's website.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 139 (Wednesday, July 23, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 139 (Wednesday, July 23, 2025)]
[Rules and Regulations]
[Pages 34598-34600]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13846]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 591
Publication of Venezuela Sanctions Regulations Web General
Licenses 41A, 5R, and 41B
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of web general licenses.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing three
[[Page 34599]]
general licenses (GLs) issued pursuant to the Venezuela Sanctions
Regulations: GLs 41A, 5R, and 41B, each of which was previously made
available on OFAC's website.
DATES: GL 41A was issued on March 4, 2025. See SUPPLEMENTARY
INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Regulatory Affairs, 202-622-4855; or <a href="https://ofac.treasury.gov/contact-ofac">https://ofac.treasury.gov/contact-ofac</a>.
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>.
Background
On March 4, 2025, OFAC issued GL 41A to authorize certain
transactions otherwise prohibited by the Venezuela Sanctions
Regulations (VSR), 31 CFR part 591. GL 41A had an expiration date of
April 3, 2025. GL 41A replaced and superseded GL 41. On March 6, 2025,
OFAC issued GL 5R, also authorizing certain transactions otherwise
prohibited by the VSR. GL 5R replaced and superseded GL 5Q. On March
24, 2025, OFAC issued GL 41B, which replaced and superseded GL 41A. GL
41B has an expiration date of May 27, 2025. Each GL was made available
on OFAC's website (<a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>) when it was issued. The
text of these GLs is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 41A
Authorizing the Wind Down of Certain Transactions Related to Chevron
Corporation's Joint Ventures in Venezuela
(a) Except as provided in paragraph (b) of this general license,
all transactions ordinarily incident and necessary to the wind down of
transactions previously authorized by Venezuela General License 41
related to the operation and management by Chevron Corporation or its
subsidiaries (``Chevron'') of Chevron's joint ventures in Venezuela
(collectively, the ``Chevron JVs'') involving Petr[oacute]leos de
Venezuela, S.A. (PdVSA) or any entity in which PdVSA owns, directly or
indirectly, a 50 percent or greater interest, that are prohibited by
Executive Order (E.O.) 13850, as amended by E.O. 13857, or E.O. 13884,
each as incorporated into the Venezuela Sanctions Regulations, 31 CFR
part 591 (the VSR), are authorized through 12:01 a.m. eastern daylight
time, April 3, 2025.
(b) This general license does not authorize:
(1) The payment of any taxes or royalties to the Government of
Venezuela;
(2) The payment of any dividends, including a dividend in kind, to
PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 50
percent or greater interest;
(3) The sale of petroleum or petroleum products produced by or
through the Chevron JVs for the exportation to any jurisdiction other
than the United States;
(4) Any transaction involving an entity located in Venezuela that
is owned or controlled by an entity located in the Russian Federation;
or
(5) Any transactions otherwise prohibited by the VSR, including
transactions involving any person blocked pursuant to the VSR other
than the blocked persons described in paragraph (a) of this general
license, unless separately authorized.
(c) Effective March 4, 2025, General License No. 41, dated November
26, 2022, is replaced and superseded in its entirety by this General
License No. 41A.
Note 1 to General License No. 41A. Nothing in this general
license relieves any person from compliance with the requirements of
other Federal agencies, including the Department of Commerce's
Bureau of Industry and Security.
Lisa M. Palluconi,
Acting Director,
Office of Foreign Assets Control.
Dated: March 4, 2025.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 5R
Authorizing Certain Transactions Related to the Petr[oacute]leos de
Venezuela, S.A. 2020 8.5 Percent Bond on or After July 3, 2025
(a) Except as provided in paragraph (b) of this general license, on
or after July 3, 2025, all transactions related to, the provision of
financing for, and other dealings in the Petr[oacute]leos de Venezuela,
S.A. 2020 8.5 Percent Bond that would be prohibited by subsection
l(a)(iii) of Executive Order (E.O.) 13835 of May 21, 2018, as amended
by E.O. 13857 of January 25, 2019, and incorporated into the Venezuela
Sanctions Regulations, 31 CFR part 591 (the VSR), are authorized.
(b) This general license does not authorize any transactions or
activities otherwise prohibited by the VSR, or any other part of 31 CFR
chapter V.
(c) Effective March 6, 2025, General License No. 5Q, dated November
7, 2024, is replaced and superseded in its entirety by this General
License No. 5R.
Lisa M. Palluconi,
Acting Director,
Office of Foreign Assets Control.
Dated: March 6, 2025.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 41B
Authorizing the Wind Down of Certain Transactions Related to Chevron
Corporation's Joint Ventures in Venezuela
(a) Except as provided in paragraph (b) of this general license,
all transactions ordinarily incident and necessary to the wind down of
transactions previously authorized by Venezuela General License 41,
issued on November 26, 2022, related to the operation and management by
Chevron Corporation or its subsidiaries (``Chevron'') of Chevron's
joint ventures in Venezuela (collectively, the ``Chevron JVs'')
involving Petr[oacute]leos de Venezuela, S.A. (PdVSA) or any entity in
which PdVSA owns, directly or indirectly, a 50 percent or greater
interest, that are prohibited by Executive Order (E.O.) 13850, as
amended by E.O. 13857, or E.O. 13884, each as incorporated into the
Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), are
authorized through 12:01 a.m. eastern daylight time, May 27, 2025.
(b) This general license does not authorize:
(1) The payment of any taxes or royalties to the Government of
Venezuela;
(2) The payment of any dividends, including a dividend in kind, to
PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 50
percent or greater interest;
(3) The sale of petroleum or petroleum products produced by or
through the Chevron JVs for the exportation to any jurisdiction other
than the United States;
(4) Any transaction involving an entity located in Venezuela that
is owned or controlled by an entity located in the Russian Federation;
or
(5) Any transactions otherwise prohibited by the VSR, including
transactions involving any person blocked pursuant to the VSR other
than
[[Page 34600]]
the blocked persons described in paragraph (a) of this general license,
unless separately authorized.
(c) Effective March 24, 2025, General License No. 41A, dated March
4, 2025, is replaced and superseded in its entirety by this General
License No. 41B.
Note 1 to General License No. 41B. Nothing in this general
license relieves any person from compliance with the requirements of
other Federal agencies, including the Department of Commerce's
Bureau of Industry and Security.
Note 2 to General License No. 41B. Nothing in this general
license authorizes any expansion of the Chevron JVs into new fields
in Venezuela.
Lisa M. Palluconi,
Acting Director,
Office of Foreign Assets Control.
Dated: March 24, 2025.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2025-13846 Filed 7-22-25; 8:45 am]
BILLING CODE 4810-AL-P
</pre></body>
</html>Indexed from Federal Register on July 23, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.