US OFAC Eases PDVSA Business Ties, Keeps Citgo Board Block

OFAC issued General License 52C, updating GL 52B to permit broader business transactions with PDVSA and its controlled entities, while explicitly blocking changes to Citgo's board. The move signals a calibrated easing of Venezuela sanctions, likely aimed at facilitating debt negotiations or energy flows, but retains leverage over Citgo's governance. Uncertainty remains over the scope of authorized activities and the impact on ongoing litigation.