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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 5Q
Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 7, 2025
(a) Except as provided in paragraph (b) of this general license, on or after March 7, 2025, all transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by subsection l(a)(iii) of Executive Order (E.O.) 13835 of May 21, 2018, as amended by E.O. 13857 of January 25, 2019, and incorporated into the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), are authorized.
(b) This general license does not authorize any transactions or activities otherwise prohibited by the VSR, or any...
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1) This GL has no expiration date, but the difference between the first iteration of the GL and GL 5A was the effective revocation of the GL through the addition of a "waiting period" clause that has rendered the GL a nullity up through the last update of this comment (5-3-13). OFAC discusses its rationale for the licensing policy shift at Case No. VENEZUELA-EO13850-2020-366869-1.
1.1) See FAQ # 1124, and comments thereto, and query whether the "nonenforcement policy" articulated therein effectively authorizes transactions that would have otherwise required this license.
2) The Blocking of the Gov't of Venezuela (GOV); Subsequent Amendment:
The first iteration of this GL was issued in July, 2018. This was prior to the blocking of the GOV pursuant to EO 13884 and prior...