The U.S. Department of the Treasury, through the Office of Foreign Assets Control (OFAC), issued this Monday the General License 52C. This measure flexibilizes financial sanctions and authorizes certain commercial transactions with Petróleos de Venezuela, S.A. (PDVSA) and its subsidiaries.
The document, signed by OFAC Director Bradley T. Smith, fully replaces General License 52B and permits operations previously restricted by Executive Orders 13884 and 13850.
«All transactions prohibited by Executive Order (E.O.) 13884 or E.O. 13850 involving Petróleos de Venezuela, S.A. (PDVSA), or any entity in which PDVSA owns, directly or indirectly, a 50 percent or greater interest (collectively, ‘PDVSA entities’), carried out by a U.S.-based entity, are authorized,» the official document details.
The provision establishes that participating companies must meet specific conditions for the contracts to be valid. Among these, is demanded «that dispute resolution procedures related to the contract be conducted in the United States, the United Kingdom, France, or Singapore.»
Likewise, the regulations stipulate that «any monetary payment to a blocked person—excluding payments for taxes, permits, or local fees—must be made into the Foreign Government Deposit Fund» or into accounts designated by the U.S. Department of the Treasury.
The regulatory framework maintains operational restrictions prohibiting transactions involving bonds and debt, the use of Petros or digital currencies, and partnerships with entities from Russia, Iran, North Korea, or Cuba, as well as with companies linked to China.
Additionally, the text prohibits «any transaction intended to affect or alter the corporate governance of PDV Holding, Inc., Citgo Holding, Inc., or CITGO Petroleum Corporation» and mandates the submission of monitoring reports every 90 days for exports destined for third countries.