The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued several amended general licenses on Thursday related to the oil and minerals sectors.
According to newsletter published on their websiteThe first is General License 46D, which authorizes certain activities involving oil or petrochemical products of Venezuelan origin.
This general license partially relaxes the restrictions of the Venezuela Sanctions Regulations (31 CFR Part 591). The measure authorizes U.S. companies to conduct extraction, marketing, import, and transportation operations involving Venezuelan oil and petrochemical products.
The provision covers ordinarily incidental transactions involving the Government of Venezuela, Petróleos de Venezuela, SA (PdVSA) and its subsidiaries with a stake equal to or greater than 50%.
In addition, General License 47B, which allows the sale of diluents of US origin to Venezuela; General License 48C, which authorizes the supply of certain articles and services to the country; and General License 50C, regarding the performance of transactions related to operations in the oil or gas sector in Venezuela by certain entities.
Another general license is 51C, which authorizes certain activities involving minerals of Venezuelan origin, including gold; as well as General License 52B, allowing certain transactions involving Petróleos de Venezuela, SA (Pdvsa).
General License 54B was also issued, which authorizes the supply of certain items and services for mining operations in the country, while General License 61A approves the supply of certain items and services to Venezuela related to telecommunications.
Of course, because it benefits them, to release them to certain extents and continue profiting at Venezuela's expense.
Venezuela is already asking to be free from these illegally imposed sanctions.