US Sanctions - Venezuela General Licence Changes
29 April 2020
Members and Assureds trading to Venezuela will already be aware of the sanctions position as outlined in our News Alert of August 2019 (available here). Those involved in or considering shipping Venezuelan origin petroleum or petroleum products should note that the US has issued an amended and more restricted General Licence 8F with effect from 22 April 2020. General Licence 8F authorises transactions involving PdVSA necessary for limited maintenance of essential operations or winding down of operations in Venezuela: whilst the amended General Licence 8F still allows Chevron time to wind-down its joint ventures, it restricts the ability of Chevron to export oil out of Venezuela.
The full Client Alert from Freehill Hogan and Mahar LLP can be accessed by clicking here.