Search for ships currently entered in the London P&I Club by their name or I M O number Search Search for correspondents in our global network by country/area or port/city Search US Sanctions - Venezuela oil sector and PDVSA 15 February 2019 The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has added Venezuela’s State-owned oil company, Petroleos de Venezuela SA (“PdVSA”) to the SDN list as of Monday 28 January 2019 – a copy of the press release is available here . This is pursuant to Executive Order 13850 which mandates that persons operating in the oil sector of the Venezuelan economy may be subject to sanctions. APPLICATION OF THE SANCTIONS TO US ENTITIES/PERSONS The designation of PdVSA as a SDN means that (i) all property and interests in property of PdVSA subject to US jurisdiction are blocked and (ii) US entities/persons are generally prohibited from engaging in transactions with PdVSA, except under the terms of the relevant Licenses. Mindful of the disruption to many contracts currently in existence, OFAC has issued general licenses that authorize US entities to carry out certain transactions and activities with PdVSA and its subsidiaries within certain winding down periods, including:- General License 12 – Section (a): authorises the purchase and importation into the US of petroleum and petroleum products from PDVSA until 28 April 2019. General License 12 – Section (b): authorises the winding down of operations or contracts (eg. shipments to PdVSA from the US) until 27 February 2019, providing the operations or contracts were in effect prior to 28 January 2019. General License 11 – Section (a): authorises US employees and contractors of non-US entities located in a country other than the US or Venezuela to engage in the winding down of operations or contracts involving PDVSA until the 29 March 2019. General License 7 – Section (b): authorises transactions with respect to PDV Holding Inc. and CITGO Holding Inc. (and their subs