OFAC amends two Venezuela-related General Licenses

The Office of Foreign Assets Control of the US Department of the Treasury has issued two amended General Licenses, 5B and 8E, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After April 22, 2020” and “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for Maintenance of Operations for Certain Entities in Venezuela.”  

General License 5B replaces and supersedes General License 5A, and is effective as of January 17, 2020.  GL 5B authorizes transactions related to the financing of the PdVSA 2020 8.5 percent bond, beginning on April 22, 2020, that would otherwise be prohibited by Executive Order 13835, as amended by Executive Order 13857.  However, the amended general license does not authorize other transactions prohibited by Executive Order 13857, which amends Executive Orders 13884, 13850, 13835, 13827, 13808, or 13692, or transactions prohibited by 31 CFR Chapter V.

General License 8E replaces and supersedes General License 8D, and is in effect from January 17, 2020 through April 21, 2020.  GL 8E authorizes transactions and activities ordinarily incident to the maintenance of operations involving PdVSA and related entities that were in effect prior to July 26, 2019 and would otherwise be prohibited by Executive Orders 13884 and 13850, as amended by Executive Order 13857, for five named companies and their subsidiaries.  The amended General License does not authorize transactions otherwise prohibited by Executive Order 13857, which amends Executive Orders 13884, 13850, 13835, 13827, 13808, or 13692, or transactions prohibited by 31 CFR Chapter V.  Furthermore, General License 8E does not authorize transactions involving the exportation of diluents to Venezuela.

OFAC press release | GL 5B | GL 8E 

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