OFAC authorized all transactions on or after January 21, 2022, related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that otherwise would be prohibited by Section 1(a)(iii) of Executive Order ("EO") 13835 ("Prohibiting Certain Additional Transactions With Respect to Venezuela"), as amended by EO 13857.
OFAC specified that General License ("GL") No. 5H does not authorize any transactions otherwise prohibited by the Venezuela Sanctions Regulations. GL 5H supersedes GL 5G (see previous coverage here), and, as described in updated FAQ 595, thereby delays the date of effectiveness until January 21, 2022.
Primary Sources
- OFAC General License No. 5H: Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 21, 2022
- OFAC FAQ: Venezuela Sanction - 595
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.