July 19, 2023

OFAC extends Venezuela general license

The Office of Foreign Assets Control of the US Department of the Treasury has issued General License 5L, which replaces and supersedes General License 5K.  GL 5L authorizes transactions related to the provision of financing for the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would otherwise be prohibited by subsection l(a)(iii) of Executive Order 13835, as amended by Executive Order 13857, as long as the transactions are not otherwise prohibited by the Venezuela Sanctions Regulations.  General License 5L, effective on July 19, 2023, authorizes transactions on or after October 20, 2023.