- within International Law, Intellectual Property, Litigation and Mediation & Arbitration topic(s)
OFAC authorized all transactions on or after January 20, 2023, 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. 5I does not authorize any transactions otherwise prohibited by the Venezuela Sanctions Regulations. GL 5I supersedes GL 5H (see previous coverage here), and, as described in updated FAQ 595, thereby delays the date of effectiveness until January 20, 2023.
Primary Sources
- OFAC (Venezuela) General License No. 5I: Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 20, 2023
- OFAC Sanctions Regulations FAQs
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