Articles Posted in Venezuela

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On March 18, 2026, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General License 52 (GL 52). The license broadly authorizes established U.S. entities to engage in transactions with Petróleos de Venezuela, S.A. (PdVSA)—including oil trading, new investment and the formation of joint ventures—while maintaining substantial restrictions on counterparties, payment structures, and debt- or equity-related transactions. OFAC simultaneously issued FAQ 1245 and FAQ 1246, which clarify the scope of authorized activities, confirm key exclusions, and address the license’s implications for high-profile enforcement matters.

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When some energy executives and their lawyers hear “investment protection” they think arbitration. They picture a panel in some neutral city, elaborate briefs and a damages award to be executed on some asset somewhere. In “An Integrated Approach to International Energy Investment Protection,” we observe that protection doesn’t begin when the dispute starts. It begins long before the investment is even made.

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