Sanctions are lifted in Venezuela: New Authorizations for the Export of Liquefied Petroleum Gas

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In a recent turn of events, certain transactions related to the export or re-export of liquefied petroleum gas to Venezuela have been authorized. This change, which involves the Government of Venezuela and Petróleos de Venezuela, SA (PdVSA), has significant implications for the oil and gas industry and for trade relations between the United States and Venezuela.

Authorization Details

Under the new general license, all transactions related to the export or re-export, directly or indirectly, of liquefied petroleum gas to Venezuela are authorized until 12:01 am ET on July 10, 2024. This authorization involves the Government of Venezuela, PdVSA, or any entity in which PdVSA has, directly or indirectly, an interest of 50 percent or more.

Exceptions to Authorization

Despite this general authorization, there are certain transactions that are not allowed. First, no in-kind payment for oil or oil products is authorized. Second, transactions that are prohibited by the Venezuela Sanctions Regulations (VSR) are not authorized, including transactions involving blocked persons other than PdVSA, any entity in which PdVSA owns, directly or indirectly, a 50 percent interest. percent or more, or any person in the Government of Venezuela who is blocked solely by virtue of Executive Order 13884.

Replacement of General License No. 40A

Effective July 10, 2023, General License No. 40A, dated July 7, 2022, is superseded and superseded in its entirety by this General License No. 40B.

Note to General License No. 40B

It is important to note that nothing in this general license exempts any person from meeting the requirements of other federal agencies, including the Commerce Department's Bureau of Industry and Security.

This change in the regulations for the export of liquefied petroleum gas to Venezuela represents a significant step in commercial relations between the United States and Venezuela. However, it is important that businesses and individuals fully understand the implications of this new general license and ensure that they comply with all relevant regulations and requirements.

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