OFAC Amends Venezuelan General License

The Treasury Department's Office of Foreign Assets Control amended a general license related to U.S. sanctions on Venezuela, according to a March 14 OFAC notice. The license allows transactions with PDV Holding and CITGO Holding, two oil companies and subsidiaries of Petroleos de Venezuela, the U.S.-sanctioned and Venezuela state-owned oil company. The license also allows transactions with PDV Holding’s and CITGO Holding’s subsidiaries. The license changes the expiration date to automatically renew on the first day of each month, the notice said, and is “valid for a period of 18 months from the effective date” of the general license “or the date of any subsequent renewal of (the license), whichever is later.” The license, General License No. 7A, replaces General License No. 7, which was issued Jan. 28.