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General License 52C eases operations with PDVSA
The Office of Foreign Assets Control of the U.S. Treasury Department issued General License No. 52C on September 14, which replaces GL 52B and expands easing for Petróleos de Venezuela S.A. (Pdvsa). This amendment allows established U.S. entities to carry out transactions not permitted under executive orders 13884 and 13850.
The Office of Foreign Assets Control of the U.S. Treasury Department issued General License No. 52C on September 14, which replaces GL 52B and expands easing for Petróleos de Venezuela S.A. (Pdvsa). This amendment allows established U.S. entities to carry out transactions not permitted under executive orders 13884 and 13850. It also sets out parameters under which these U.S. entities may conduct operational and commercial transactions with Petróleos de Venezuela, S.A. (PDVSA) and its subsidiaries in which it holds at least a 50% equity stake.
General License No. 52C applies exclusively to U.S. entities that were established on or before January 29, 2025, authorizing them to enter into and carry out commercial or contractual relations within the framework provided. It also establishes that all payments directed to blocked persons or entities must be deposited into the Foreign Government Deposit Funds, as stipulated in Executive Order 14373, or into specific accounts determined by the U.S. Treasury Department. Only payments for local taxes, permits or fees are exempt from this requirement.