Search Results for keywords:"PdVSA"

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Search Results: keywords:"PdVSA"

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  • 2021-01853 — Notice of OFAC Sanctions Action
    Type:Notice
    Citation:86 FR 7458
    Reading Time:about 9 minutes

    The Office of Foreign Assets Control (OFAC), a part of the U.S. Department of the Treasury, has released a list of individuals, entities, and vessels now on their Specially Designated Nationals and Blocked Persons List. This action is based on OFAC's criteria, which show these parties meet specific legal standards and are connected with Venezuela's economic sectors, especially oil. The inclusion means all their U.S. assets are blocked, and U.S. persons are generally banned from doing business with them. The list includes people and companies from various countries such as Switzerland, Italy, Venezuela, and entities linked to the Venezuelan oil industry.

    Simple Explanation

    The U.S. Treasury made a list of people and companies that did something wrong with money, especially in Venezuela, and said that Americans can't do business with them anymore. They froze their U.S. assets and said if anyone needs to know more, they should look it up themselves.

  • 2024-29991 — Publication of Venezuela Sanctions Regulations Web General Licenses 5Q and 8O
    Type:Rule
    Citation:89 FR 103651
    Reading Time:about 6 minutes

    The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has published two general licenses related to the Venezuela Sanctions Regulations. These licenses, GL 5Q and GL 8O, permit certain financial transactions involving Petróleos de Venezuela, S.A. (PdVSA) and transactions necessary for the maintenance and wind-down of essential operations in Venezuela. They replace previous general licenses and set specific conditions and exceptions, such as prohibiting the drilling or selling of Venezuelan petroleum. These updates became effective on November 7, 2024.

    Simple Explanation

    The U.S. Office of Foreign Assets Control (part of the Treasury Department) has made new rules that let certain businesses do some money things with a big oil company in Venezuela, but they can't do things like digging for more oil. These rules started working on November 7, 2024.