Venezuela-related General License 58, "Authorizing Certain Services to the Government of Venezuela in Connection with Potential Debt Restructuring."

Date issued: May. 05 2026

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TURBOFAC Commentary (548 words)

Notes:

1) Read in conjunction with FAQ # 547, Venezuela GL 3 and Venezuela GL 9. Prior to the issuance of this GL, Venezuela GL 3 and Venezuela GL 9 have long authorized “participating in negotiations” concerning “restructuring outstanding Venezuelan and PDVSA debt” (but not a transaction that “involves the creation or subsequent dealing in new debt of PdVSA or debt otherwise of the Government of Venezuela” (that would implicate the “new debt” prohibition of EO 13808). As it relates to the range of pre-sanctions debts covered by Venezuela GL 3 and Venezuela GL 9, this GL does not appear to provide much in the way of additional authorizations, and is indeed even narrower than Venezuela GL 3 and Venezuela GL 9 given the lack of authorization to negotiate directly with PdVSA/GoV (where there is...