(Department of the Treasury, 20.Jul.2021) — The Office of Foreign Assets Control (OFAC) issued the following update to General License No. 5G related to PDVSA and Citgo Petroleum.
Venezuela Sanctions Regulations 31 CFR Part 591
GENERAL LICENSE NO. 5G
Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After 21 October 2021
(a) Except as provided in paragraph (b) of this general license, on or after 21 October 2021, 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 21 May 2018, as amended by E.O. 13857 of 25 January 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 other part of 31 CFR chapter V.
(c) Effective 20 July 2021, General License No. 5F, dated 23 December 2020, is replaced and superseded in its entirety by this General License No. 5G.
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