Venezuela General License 5Q - Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 7, 2025 [PDF File Contains All Versions]

Date issued: Nov. 07 2024

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TURBOFAC Commentary (1859 words)

Notes: (PDF File Contains All Versions)

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...