The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued an amended Venezuela-related General License (5Y) authorizing transactions related to Petróleos de Venezuela, S.A.’s 2020 8.5 percent bond on or after September 17, 2026. The update modifies previously issued General License 5. OFAC also amended Frequently Asked Question (FAQ) 595 to clarify guidance on the license. The changes take effect August 3, 2026. The revisions aim to align authorizations with evolving financial instruments and regulatory requirements. OFAC emphasized the license permits specific transactions while maintaining sanctions compliance. The updated FAQ addresses interpretation of the license’s scope and applicability.
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