- within International Law, Intellectual Property, Litigation and Mediation & Arbitration topic(s)
OFAC authorized all transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would otherwise be prohibited by Subsection 1(a)(iii) of Executive Order ("EO") 13835 ("Prohibiting Certain Additional Transactions With Respect to Venezuela"), as amended by EO 13857 ("Taking Additional Steps to Address the National Emergency with Respect to Venezuela"). The effective date is October 21, 2021.
OFAC specified that General License ("GL") No. 5G does not authorize any transactions otherwise prohibited by the Venezuela Sanctions Regulations. GL 5G supersedes GL 5F (see previous coverage here), and, as described in updated FAQ 595, thereby delays the date of effectiveness until October 21, 2021.
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.
