WANA (Feb 14) – The United States Department of the Treasury on Friday issued two general licenses authorizing negotiations and the conclusion of conditional contracts for certain investments in Venezuela, as well as related transactions. However, the licenses prohibit the involvement of persons based in Russia, Iran, North Korea, Cuba, and China.

 

According to the text of the licenses, “no transaction involving any person located in the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the People’s Republic of China, or any entity owned or controlled by, or acting on behalf of, such persons, is authorized.”

 

As reported, the license titled “Authorizing Transactions Related to Certain Oil or Gas Sector Operations in Venezuela by Certain Entities” specifies that any contract for such transactions with the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or entities owned or controlled by PdVSA must be governed by United States law.

 

Under the license, any payments of oil or gas taxes or royalties to the Government of Venezuela, PdVSA, or affiliated entities “must be deposited into blocked foreign government funds or into any account designated by the U.S. Treasury Department.”

The flags of Iran and Venezuela are seen when Venezuelan President Nicolás Maduro arrives at Mehrabad Airport in Tehran, Iran, June 10, 2022. Majid Asgaripour/WANA (West Asia News Agency)