Chevron’s Venezuela Exit: OFAC Sanctions Update

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued Venezuela General License 41A, which authorizes the wind-down of certain transactions related to Chevron Corporation’s joint ventures in Venezuela.

This action follows President Donald Trump’s decision to revoke Chevron’s license to operate in Venezuela.

Main points of this development include:

1. Wind-down period: Chevron has until April 3, 2025, to wind down its operations in Venezuela. This is a significantly shorter timeframe than the usual six-month period typically granted for such wind-downs.

2. Impact on Chevron: This decision represents a pause in Chevron’s more than 100-year history of operating in Venezuela and will prevent the company from recouping debts owed by Venezuela’s state-owned oil company, Petróleos de Venezuela SA (PDVSA).

3. Economic implications: The move is expected to have significant consequences for Venezuela’s economy, as Chevron produces about a fifth of Venezuela’s crude annually.

4. Market effects: Oil prices in the U.S. could potentially rise, particularly affecting regions that depend on Gulf Coast refiners using Venezuela’s heavy crude.

5. Political context: This action is seen as a reversal of policies established by the previous Biden administration, which had allowed Chevron to resume limited operations in Venezuela in 2022.

The update to the Specially Designated Nationals and Blocked Persons (SDN) List is part of OFAC’s ongoing efforts to maintain and enforce sanctions.

This list is a reference tool that provides notice of OFAC’s actions regarding specially designated nationals and other persons whose property is blocked, assisting the public in complying with various sanctions programs.

These actions represent a significant shift in U.S. policy towards Venezuela and will likely have far-reaching implications for both countries’ oil industries and diplomatic relations.

The following individual has been added to OFAC’s SDN List:

PARSARAD, Behrouz (Arabic: بهروز پارسا راد) (a.k.a. PAEINSHAHRI, Behrouz (Arabic: بهروز پائینشهری); a.k.a. PARSA, Behrouz (Arabic: بهروز پارسا)), No. 18, No. 8, Bahar, Shahid Bakhtiari St., Tohid Ave., Tehran, Iran; DOB 02 Jul 1988; nationality Iran; Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; Additional Sanctions Information – Subject to Secondary Sanctions; Gender Male; Digital Currency Address – XBT bc1q3q2lz3cmt4u2f49ugxz5q34xrs0m2z4w2gmkp5; alt. Digital Currency Address – XBT bc1qj2ffj6pepc80sfqpx2k2pd3q278q72dpqv2ens; alt. Digital Currency Address – XBT bc1qjwr3rgww7a8ut7a4x8jqh3vswcue3xvp6dm7qe; alt. Digital Currency Address – XBT bc1qvxlwpgcw260sc97a0u6dm0cjxv027clhd67fvx; alt. Digital Currency Address – XBT bc1qwtswqzvaxl6lyw3keqqzwt8z937psta3wg9sjy; alt. Digital Currency Address – XBT bc1qyqvyupkpl6tm60zdecef925y220ssjuagpxsm0; alt. Digital Currency Address – XBT bc1q45cxufu7x6s5v9adzm9t38k80gwawse75xffwe; alt. Digital Currency Address – XBT bc1qmzmx8res2fgzd2wttyvf2ajqqqtcnxxrgkqc2t; alt. Digital Currency Address – XBT bc1qtnr3t28ltzgsuvr9j6ruqaat6fz773mm8wr02l; alt. Digital Currency Address – XBT bc1q6rzzf4erht8v7kgh5mfnwcrvzxchxt5glpsuls; alt. Digital Currency Address – XBT bc1qr4fd3glpnthkefcylhnxk4gp47jsd0523ue7qj; alt. Digital Currency Address – XBT bc1q2c3vwu7wxq308lsun24rjlsh6ff0x8whx55v4q; alt. Digital Currency Address – XBT bc1qwyye7frjufeth0pecvaf3hz67lakt028dezv3p; alt. Digital Currency Address – XBT bc1qhsp4kffl5pmsae43st9jufagu6uy7lsa6mslla; alt. Digital Currency Address – XBT bc1qlhh94040d8nxkstf4l7720q72f2vntxxl96m4d; alt. Digital Currency Address – XBT bc1qdzgee6h4zjwvn8lyzjxgd467zxnshelqkudh7z; alt. Digital Currency Address – XBT bc1q97eg4k2juepa3smpac4pnfjsnyws696c290cxq; alt. Digital Currency Address – XBT bc1qu3e9sq8cem759umc3pywlsly3rr2qvjlxfnn9l; alt. Digital Currency Address – XBT bc1qa4jp7udkn2ycecz8289jfs3vpnqdwf4483d3qe; alt. Digital Currency Address – XBT bc1qxp3sxw4q2rw3u9pd2k7udhp4eagc77jqcezv4q; alt. Digital Currency Address – XBT bc1q7d46dvuv56kn4mm0jz3yep6xj74kxcpydt5te4; alt. Digital Currency Address – XBT bc1qetqqlgvlnzdh4eshz9q6twlpdtmvy5rfkn3lza; alt. Digital Currency Address – XBT bc1qtrh9z4ls2s2mflyhc5y0mtxt0y30n87c97z4qp; alt. Digital Currency Address – XBT bc1qr2tgu4almsw9ajqfwz93qw0xc8w2g72xpyzqvn; alt. Digital Currency Address – XBT bc1qzqqdvukupr0qr5uckn2zjn40mkflnxu8fuuqdp; alt. Digital Currency Address – XBT bc1q6yz2q723helcd7rz7xltw5nu77vn649zczklc3; alt. Digital Currency Address – XBT bc1qfpdycqpkl5hvxg4feuk3nhde5h8t2zd89svsg9; alt. Digital Currency Address – XBT bc1qhe6zy9x6ar42zkec3lhkms5m7hh3svtc88qhf6; alt. Digital Currency Address – XBT bc1qptrvdk8uv8shd734tyhyzatrvmlq9l0v6r0dc2; alt. Digital Currency Address – XBT bc1qcp6fr7gtyukympl6unr7uv78h3vprycwj455zx; alt. Digital Currency Address – XBT bc1q8p5r6wdx7leuekulnlglapy2wlwxgukpe76mys; alt. Digital Currency Address – XBT bc1q7qsruzjsed9sy6taqz2m5rvljsmleg2xl7dz5r; alt. Digital Currency Address – XBT bc1q3tan207evu5skk2wj80ycyw242g0kdnn3hs3x0; alt. Digital Currency Address – XBT bc1q4sqmmyv63g6ma5cmswzap3d8k995h0str69v3t; alt. Digital Currency Address – XBT bc1qec85gd576z0phflq2jm8jxlh22tckqj3yru7xs; alt. Digital Currency Address – XBT bc1q4qjvgw475a39d8cpcyv5keq39jlmlrq870sn30; alt. Digital Currency Address – XBT bc1qmwznjzlhrj3fney3elxkwdpwa72u7eq0ge76dt; alt. Digital Currency Address – XBT bc1qzcg8y0utezp7zkp2cmqppd3x80l4gpqzew25wy; alt. Digital Currency Address – XBT bc1qdd2mumk4rxnygxyn5qhrq6pah6yjmnl3s9mef5; alt. Digital Currency Address – XBT bc1qcjh0phl2yy3rxcztfthz9psuvk8trv2qe06p0k; alt. Digital Currency Address – XBT 3FgaJMgxCfU3qqQ3Yiqv3Xw8rmLDDkByeo; alt. Digital Currency Address – XBT 3EQoMXw6Xi8zNzY8tLfJbkWjV5EXsQP4Es; alt. Digital Currency Address – XBT 37KHumAdzFcg1fXMv36UGg91MHPqhJUv19; alt. Digital Currency Address – XBT 3GBGnqDqdiskCmfq2Rchk1LcBoSo4P3DZQ; Digital Currency Address – XMR 88wRZuGMuC5YQvXpKpeLFHQeZWW28XtGyZCizkqeypTaRcjzNNKVrCg7PpoEeWaj5A7wwbh5M2X9ycXrfUkbeptACsG4bVn; alt. Digital Currency Address – XMR 8ANG5NBnApL94YAKRfCSaS7g2fjEi1DWVcFNTn3wQ5HpfsgtnusgxaXE24bbhXukTgF8esRnMsWaReRiqNbSBSbmRE5Nm5M; alt. Digital Currency Address – XMR 84AwzjeFWXNEuhj8LWinXo93AqYr6wS8ZcnaBCoGhrL7EtvBMBovdhiUSV9xLhjrPA8t64hYSaMc8bHtWXoV9129EHUjU62; alt. Digital Currency Address – XMR 87XWTP9tBECHXCwbyMK1KENoy4GeXkRviNzmhNc5Pvo5ExZ1QXjtRRyFeXPuHf7fNiS7KzBZNJeGweJhMbFB647171y66id; alt. Digital Currency Address – XMR 86ze8c9oUftDSTxzFBhfSJYpjvw6GYkqjeEaggy3hBVL1ou2tk79DfSj5YiZ3wjDHp541tizcQ8bVCxCtVHQncuc3asa8wz; Phone Number 989190900020; alt. Phone Number 989330219108; alt. Phone Number 989334445690; Passport M56769976 (Iran) (individual) [ILLICIT-DRUGS-EO14059].

Sources: US Department of the Treasury.