New energy law, new oil license, new game

Right after Jorge Rodríguez said that the law had been approved, OFAC dropped the newly minted General License 46. Which still has to be read carefully, but it does partially lift sanctions over the oil industry with some limitations: lets U.S. companies handle Venezuelan oil again, butthere’s tight control over payments and sales to third countries + an explicit restriction over transactions with the axis (Russia, Iran, North Korea, aaand China).

Section 1 double downs on the mantra “never trust chavista courts.”

“Any contract for such transactions with the Government of Venezuela, PdVSA, or PdVSA Entities specify that the laws of the United States or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract occur in the United States…”

So long, Revolution. A new meaning to rodilla en tierra.