On March 24, 2025, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 41B extending the expiration date of Venezuela GL 41, which authorized certain transactions related to Chevron Corporation’s joint ventures in Venezuela. Previously, under GL 41A issued earlier this month, all transactions “ordinarily incident and necessary to the wind down of transactions” were permissible until 12:01 a.m. EDT, April 3, 2025 (see Update of March 5, 2025). GL 41B is identical to GL 41A but only extends all such wind down transactions until 12:01 a.m. EDT, March 27, 2025. After that date, transactions previously authorized under GL 41 will be prohibited.
