OFAC issues new regulations regarding PDVSA related sanctions

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On October 21, 2019, the Office of Foreign Assets Control (“OFAC”) issued new regulations regarding its sanctions on Petróleos de Venezuela, S.A. (“PDVSA”). Specifically, OFAC issued General License 8D extending the deadline established by General License 8C for Chevron Corporation, Halliburton, Schlumberger Limited, Baker Hughes, Weatherford International, and the subsidiaries of these companies, to conduct all the transactions and activities ordinarily incident and necessary to the maintenance of operations, contracts, or other agreements in Venezuela involving PDVSA or any entity in which PDVSA owns, directly or indirectly, a 50% or greater interest; and that were in effect prior to July 26, 2019.