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 PetrĂ³leos 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.