United States Treasury Issues General License for Venezuela Oil Transactions to Broaden Industry Access
The U.S. Treasury has issued a general license for Venezuelan oil deals. This moves away from individual exemptions to support a broad reconstruction effort.
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The United States 
USTreasury Department has issued a broad general license that significantly alters the regulatory framework for energy transactions with Venezuela 
VE. This new directive from the Office of Foreign Assets Control authorizes transactions involving the government of Venezuelaand the state oil company PDVSA that are ordinarily incident and necessary to activities such as the lifting, exportation, reexportation, sale, and refining of Venezuelan-origin oil by an established United Statesentity. This move marks a material shift in policy from a previous strategy of granting individual, case-by-case exemptions to a broader general authorization for the sector.
USTreasury Department has issued a broad general license that significantly alters the regulatory framework for energy transactions with Venezuela VE. This new directive from the Office of Foreign Assets Control authorizes transactions involving the government of Venezuelaand the state oil company PDVSA that are ordinarily incident and necessary to activities such as the lifting, exportation, reexportation, sale, and refining of Venezuelan-origin oil by an established United Statesentity. This move marks a material shift in policy from a previous strategy of granting individual, case-by-case exemptions to a broader general authorization for the sector.
