The U.S. Department of the Treasury authorizes certain transactions related to the Venezuelan state oil company.

On March 18, local time, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued General License No. 52, authorizing certain transactions involving the Venezuelan national oil company. According to the document, subject to meeting specific conditions, U.S. entities may conduct transactions with the Venezuelan national oil company and its controlling entities, including requiring that the relevant contracts be governed by U.S. law and that dispute resolution be carried out within the United States. The document also provides that payments of funds involving sanctioned parties must be deposited into a U.S. Treasury-designated account (the Foreign Government Deposits Fund) or carried out as instructed. In addition, related parties that export or resell Venezuelan crude oil or petrochemical products to countries outside the United States must submit detailed reports after the transaction and update them on a regular basis. (CCTV News)