[Federal Register Volume 89, Number 105 (Thursday, May 30, 2024)]
[Rules and Regulations]
[Pages 46802-46803]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-11846]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 591


Publication of Venezuela Sanctions Regulations Web General 
License 8N

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of a Web General License.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing one general license (GL) issued pursuant 
to the Venezuela Sanctions Regulations: GL 8N, which was previously 
made available on OFAC's website.

DATES: GL 8N was issued on May 10, 2024. 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/.

[[Page 46803]]

Background

    On May 10, 2024, OFAC issued GL 8N to authorize certain 
transactions otherwise prohibited by the Venezuela Sanctions 
Regulations (VSR), 31 CFR part 591. GL 8N was made available on OFAC's 
website (https://ofac.treasury.gov/) when it was issued. GL 8N 
supersedes GL 8M, which was issued on November 16, 2023. GL 8N has an 
expiration date of November 15, 2024. The text of this GL is provided 
below.

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations

31 CFR Part 591

GENERAL LICENSE NO. 8N

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 authorized through 12:01 a.m. eastern standard time, November 15, 
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 standard time, November 15, 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 May 10, 2024, General License No. 8N, dated November 
16, 2023, is replaced and superseded in its entirety by this General 
License No. 8N.

Lisa M. Palluconi,

Deputy Director, Office of Foreign Assets Control.

    Dated: May 10, 2024.

Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2024-11846 Filed 5-29-24; 8:45 am]
BILLING CODE 4810-AL-P