[Federal Register Volume 89, Number 86 (Thursday, May 2, 2024)]
[Rules and Regulations]
[Pages 35703-35705]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09530]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 591


Publication of Venezuela Sanctions Regulations Web General 
Licenses 5O, 8M, and 44A

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 general licenses (GL) issued 
pursuant to the Venezuela Sanctions Regulations: GL 8M, GL 5O, and GL 
44A, each of which was previously made available on OFAC's website.

DATES: GL 8M was issued on November 16, 2023. See SUPPLEMENTARY 
INFORMATION for additional relevant dates.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Compliance, 202-622-2490.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document and additional information concerning OFAC are 
available on OFAC's website: https://ofac.treasury.gov.

Background

    On November 16, 2023, OFAC issued GL 8M to authorize certain 
transactions otherwise prohibited by the Venezuela Sanctions 
Regulations (VSR), 31 CFR part 591. GL 8M was made available on OFAC's 
website (https://ofac.treasury.gov/) when it was issued. GL 8M 
supersedes GL 8L, which was issued on May 23, 2023. GL 8M has an 
expiration date of May 16, 2024.
    On April 15, 2024, OFAC issued GL 5O to authorize certain 
transactions otherwise prohibited by the VSR. GL 5O was made available 
on OFAC's website (https://ofac.treasury.gov/) when it was issued. GL 
5O supersedes GL 5N, which was issued on January 16, 2024. GL 5O has an 
expiration date of August 13, 2024.
    On April 17, 2024, OFAC issued GL 44A to authorize certain 
transactions otherwise prohibited by the VSR. GL 44A was made available 
on OFAC's website (https://ofac.treasury.gov/) when it was issued. GL 
44A supersedes GL 44, which was issued on October 18, 2023. GL 44A has 
an expiration date of May 31, 2024.
    The text of these GLs is provided below.

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations

31 CFR Part 591

GENERAL LICENSE NO. 8M

Authorizing Transactions Involving Petr[oacute]leos de Venezuela, S.A. 
(PdVSA) Necessary for the Limited Maintenance of Essential Operations 
in Venezuela or the Wind Down of Operations in Venezuela for Certain 
Entities

    (a) Except as provided in paragraphs (c) and (d) of this general 
license, all transactions and activities prohibited by Executive Order 
(E.O.) 13850 of November 1, 2018, as amended by E.O. 13857 of January 
25, 2019, or E.O. 13884 of August 5, 2019, each as incorporated into 
the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), that 
are ordinarily incident and necessary to the limited maintenance of 
essential operations, contracts, or other agreements, that: (i) are for 
safety or the preservation of assets in Venezuela; (ii) involve PdVSA 
or any entity in which PdVSA owns, directly or indirectly, a 50 percent 
or greater interest; and (iii) were in effect prior to July 26, 2019, 
are

[[Page 35704]]

authorized through 12:01 a.m. eastern daylight time, May 19, 2024, for 
the following entities and their subsidiaries (collectively, the 
``Covered Entities''):

 Halliburton
 Schlumberger Limited
 Baker Hughes Holdings LLC
 Weatherford International, Public Limited Company

    Note to paragraph (a): Transactions and activities necessary for 
safety or the preservation of assets in Venezuela that are 
authorized by paragraph (a) of this general license include: 
transactions and activities necessary to ensure the safety of 
personnel, or the integrity of operations and assets in Venezuela; 
participation in shareholder and board of directors meetings; making 
payments on third-party invoices for transactions and activities 
authorized by paragraph (a) of this general license, or incurred 
prior to April 21, 2020, provided such activity was authorized at 
the time it occurred; payment of local taxes and purchase of utility 
services in Venezuela; and payment of salaries for employees and 
contractors in Venezuela.

    (b) Except as provided in paragraph (d) of this general license, 
all transactions and activities prohibited by E.O. 13850, as amended, 
or E.O. 13884, each as incorporated into the VSR, that are ordinarily 
incident and necessary to the wind down of operations, contracts, or 
other agreements in Venezuela involving PdVSA or any entity in which 
PdVSA owns, directly or indirectly, a 50 percent or greater interest, 
and that were in effect prior to July 26, 2019, are authorized through 
12:01 a.m. eastern daylight time, May 16, 2024, for the Covered 
Entities.
    (c) Paragraph (a) of this general license does not authorize:
    (1) The drilling, lifting, or processing of, purchase or sale of, 
or transport or shipping of any Venezuelan-origin petroleum or 
petroleum products;
    (2) The provision or receipt of insurance or reinsurance with 
respect to the transactions and activities described in paragraph 
(c)(1) of this general license;
    (3) The design, construction, installation, repair, or improvement 
of any wells or other facilities or infrastructure in Venezuela or the 
purchasing or provision of any goods or services, except as required 
for safety;
    (4) Contracting for additional personnel or services, except as 
required for safety; or
    (5) The payment of any dividend, including in kind, to PdVSA, or 
any entity in which PdVSA owns, directly or indirectly, a 50 percent or 
greater interest.
    (d) This general license does not authorize:
    (1) Any transactions or dealings related to the exportation or 
reexportation of diluents, directly or indirectly, to Venezuela;
    (2) Any loans to, accrual of additional debt by, or subsidization 
of PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 
50 percent or greater interest, including in kind, prohibited by E.O. 
13808 of August 24, 2017, as amended by E.O. 13857, and incorporated 
into the VSR; or
    (3) Any transactions or activities otherwise prohibited by the VSR, 
or any other part of 31 CFR chapter V, or any transactions or 
activities with any blocked person other than the blocked persons 
identified in paragraphs (a) and (b) of this general license.
    (e) Effective November 16, 2023, General License No. 8L, dated May 
23, 2023, is replaced and superseded in its entirety by this General 
License No. 8M.

Bradley T. Smith,

Director, Office of Foreign Assets Control.

    Dated: November 16, 2023.

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations

31 CFR Part 591

GENERAL LICENSE NO. 5O

Authorizing Certain Transactions Related to the Petr[oacute]leos de 
Venezuela, S.A. 2020 8.5 Percent Bond on or After August 13, 2024

    (a) Except as provided in paragraph (b) of this general license, on 
or after August 13, 2024, 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 April 15, 2024, General License No. 5N, dated January 
16, 2024, is replaced and superseded in its entirety by this General 
License No. 5O.

Bradley T. Smith,

Director, Office of Foreign Assets Control.

    Dated: April 15, 2024.

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations

31 CFR Part 591

GENERAL LICENSE NO. 44A

Authorizing the Wind Down of Transactions Related to Oil or Gas Sector 
Operations in Venezuela

    (a) Except as provided in paragraph (b) of this general license, 
all transactions prohibited by the Venezuela Sanctions Regulations, 31 
CFR part 591 (the VSR), including transactions 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 
(collectively, ``PdVSA Entities''), that are ordinarily incident and 
necessary to the wind down of any transaction related to oil or gas 
sector operations in Venezuela previously authorized by Venezuela 
General License 44 are authorized through 12:01 a.m. eastern daylight 
time May 31, 2024.
    (b) This general license does not authorize:
    (1) Any transactions involving any financial institution blocked 
pursuant to Executive Order (E.O.) 13850 other than Banco Central de 
Venezuela or Banco de Venezuela SA Banco Universal;
    (2) The provision of goods or services to, or new investment in, an 
entity located in Venezuela that is owned or controlled by, or a joint 
venture with, an entity located in the Russian Federation;
    (3) Any transactions related to new investment in oil or gas sector 
operations in Venezuela by a person located in the Russian Federation 
or any entity owned or controlled by a person located in the Russian 
Federation;
    (4) Any transactions prohibited by subsections 1(a)(i)-(iii) or 
1(b) of E.O. 13808, other than the payment of invoices for goods or 
services related to oil or gas sector operations in Venezuela, or 
delivery of oil or gas from Venezuela to creditors of the Government of 
Venezuela, including creditors of PdVSA Entities, for the purpose of 
debt repayment;
    (5) Any transactions prohibited by E.O. 13827 or E.O. 13835; or
    (6) The unblocking of any property blocked pursuant to the VSR.
    (c) Effective April 17, 2024, General License No. 44, dated October 
18, 2023, is replaced and superseded in its entirety by this General 
License No. 44A.

    Note to General License No. 44A. Nothing in this general license 
relieves any person from compliance with the requirements of other 
Federal agencies, including the

[[Page 35705]]

Department of Commerce's Bureau of Industry and Security.

Bradley T. Smith,

Director, Office of Foreign Assets Control.

    Dated: April 17, 2024.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2024-09530 Filed 5-1-24; 8:45 am]
BILLING CODE 4810-AL-P