The United States Treasury Department issued a special license for Petróleos de Venezuela (PDVSA), one month after the relief of sanctions against the South American country. The authorization allows PDVSA to carry out transactions corresponding to the limited maintenance of essential operations or the closure of operations of certain entities.
According to La Voz de América, the measure has an impact on “the security or preservation of assets in Venezuela”; it involves PDVSA or any entity where this company has a 50 percent shareholding; and that were in effect before July 26, 2019.
This October 18 marks one month since the first relief of sanctions, which was carried out after the signing of the Barbados agreement between the ruling party and the Venezuelan opposition. Ofac’s actions included four operating licenses for PDVSA and Minerven.
However, the Ofac license issued on Thursday does not authorize the drilling, lifting or processing, purchase or sale, or transportation or shipment of any oil or oil products of Venezuelan origin. Furthermore, the provision or receipt of insurance is not permitted with respect to the transactions and activities described in the general license published this week.
The transactions authorized this week also do not include the hiring of additional personnel or services, except when necessary for security reasons, and the payment of any dividend to PDVSA or any entity in which the Venezuelan state company owns, directly or indirectly, a participation of 50 percent or more.
It is emphasized that the purchase or provision of any good or service is not authorized, except when necessary for security reasons, and the design, construction, installation, repair, or improvement of any well or other facilities or infrastructure in Venezuela is also not allowed.
Despite the relief of sanctions, the United States continues to impose restrictions on certain activities, highlighting that the newly issued license has important limitations.
ANA MARÍA RODRÍGUEZ BRAZÓN
TIME CORRESPONDENT
CARACAS