Issuance of Amended Venezuela-related General License and Frequently Asked Question
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Key facts
Source:US Treasury OFAC (U.S. Treasury, public domain)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced updates regarding its sanctions regime related to Venezuela. The agency issued an amended version of General License 5Y, which pertains to specific financial activities involving the state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA).
The updated license specifically addresses transactions involving the PDVSA 2020 8.5 percent bond. According to the announcement, the authorization covers certain activities related to this bond that are scheduled to occur on or after September 17, 2026.
In addition to the updated general license, OFAC has released an amendment to its guidance documentation. This includes a revision to Frequently Asked Question (FAQ) 595, which provides further clarification on the implementation of Venezuela-related sanctions.
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