Venezuela General License 3I - Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds [PDF File Contains All Versions]

Date issued: Oct. 18 2023

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TURBOFAC Commentary (1475 words)

[Update concerning trading in Venezuela-related securities. On 10-18-2023, OFAC issued broadened versions of Venezuela GL 3 and Venezuela GL 9, amended FAQ 661 and FAQ 662 accordingly, and issued FAQ 1136 to explain the significance of these changes. Refer to FAQ 1136, and comments thereto, for more information about Venezuela-related securities trading in general.

As it relates to this particular item, OFAC removed the otherwise major restriction at paragraph (e)(1) stating that the GL did not authorize "U.S. persons to purchase or invest in, or to facilitate the purchase of or investment in, directly or indirectly, GL 3H Bonds, other than purchases of or investments in GL 3H Bonds that are ordinarily incident and necessary to the divestment or transfer of holdings in GL 3H Bonds," and the requirement that divestments must be to a non-U.S. person has also...