Brief
The U.S. Treasury’s Office of Foreign Assets Control issued General License 44 on October 18, 2023, permitting transactions connected to oil and gas operations in Venezuela. The authorization remains in force only until 12:01 a.m. Eastern daylight time on April 18, 2024. OFAC also released related frequently asked questions, providing an official framework for parties assessing Venezuela-linked energy transactions during the license period.
The license temporarily changes the sanctions constraints surrounding Venezuela’s most important industry, creating a defined period in which authorized oil and gas activity can proceed. Its fixed expiration also leaves investors exposed to a clear policy-renewal risk in April 2024.
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Industry · U.S. Treasury OFAC — Venezuela Actions
Oct 18, 2023
The key signal is whether OFAC extends, replaces or allows General License 44 to expire on April 18, 2024, along with any changes to the related guidance defining permitted transactions.