GL 58
GL 58 — Services to the Government of Venezuela for Potential Debt Restructuring
Issued
May 05, 2026
Expiration
No expiration
Authorized entity
Gobierno de Venezuela y PDVSA (recepción de servicios)
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
E.O. 13884
Signatory
Bradley T. Smith, Director, OFAC
Signed
May 05, 2026
Scope
Authorizes provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PDVSA, in connection with potential debt restructuring. Does not authorize the restructuring itself, transfer, settlement, or direct negotiations between the Government of Venezuela and its creditors.
Authorized parties
Authorized activities
- ·Asesoría legal sobre marcos de reestructuración (Chapter 15, modelos soberanos)
- ·Asesoría financiera y modelaje de escenarios
- ·Consulting estratégico y soporte de data room
- ·Asesoría sobre derecho aplicable, jurisdicción, cláusulas de acción colectiva
Prohibited activities
- ·Reestructuración, transferencia o settlement efectivos de la deuda
- ·Negociación directa Gobierno VE ↔ acreedores
- ·Pagos en oro, criptomonedas o petro
- ·Debt swaps
- ·Transacciones con personas/entidades en Rusia, Irán, Corea del Norte, Cuba o China
Excluded jurisdictions
Reporting obligation
Toda persona que preste estos servicios debe remitir copia del contrato firmado a Sanctions_inbox@state.gov y VZReporting@doe.gov dentro de los 10 días hábiles de su firma.
VENE · ECONOMIST Analysis
- Fact
- OFAC publicó GL 58 el 5 de mayo de 2026. El alcance se limita a servicios preparatorios — no autoriza la transacción de reestructuración misma. Los proveedores deben reportar el contrato firmado al Departamento de Estado y al Departamento de Energía dentro de 10 días hábiles.
- Implication
- Apertura del mercado para asesores soberanos tier-1 (Lazard, Rothschild, Cleary Gottlieb, White & Case, Houlihan Lokey, Latham & Watkins). Pre-condición legal para que un eventual deal de reestructuración tenga el work-product preparado. No significa que la reestructuración esté inminente — significa que el camino regulatorio empieza a abrirse. Riesgo: cláusula que prohíbe negociación directa todavía bloquea el cierre.
- Indicator to monitor
- Anuncios de mandatos de asesores soberanos firmados con el Gobierno de Venezuela. Filings de reporte al State Dept (10 días tras firma). Probable emisión de GL 59 que ampliaría a negociación directa.
Official license textShow
General License No. 58 — Authorizing Certain Services to the Government of Venezuela in Connection with Potential Debt Restructuring
(a) Except as provided in paragraph (b), all transactions prohibited by the VSR that are ordinarily incident and necessary to the provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PdVSA and PdVSA Entities, in connection with potential restructuring of debt of the Government of Venezuela, including debt of PdVSA and PdVSA Entities, are authorized.
Note 1. "Government of Venezuela" has the meaning in section 6(d) of E.O. 13884.
Note 2. Authorized services include the assessment, development, or preparation of debt restructuring options, proposals, and related supporting materials.
(b) This general license does not authorize: (1) the restructuring, transfer, or settlement of debt of the Government of Venezuela (including PdVSA), or direct negotiations between the Government of Venezuela and creditors regarding such restructuring; (2) non-commercially-reasonable payment terms, debt swaps, gold, or crypto/petro; (3) settlement agreements or enforcement against blocked property; (4) any transaction by a person in Russia, Iran, North Korea, Cuba, or China, or a joint venture with such persons; (5) any transaction involving an SDN-listed person (excluding PdVSA) or entities ≥50% owned by such persons (excluding PdVSA Entities); or (6) the unblocking of property blocked pursuant to 31 CFR Chapter V.
(c) Any person providing such services shall furnish a copy of the signed contract to Sanctions_inbox@state.gov and VZReporting@doe.gov within 10 business days of execution.
Bradley T. Smith — Director, OFAC. Dated: May 5, 2026.
Official source
This summary does not constitute legal advice. The final determination of scope and applicability of any OFAC license requires consultation with qualified legal counsel and review of the official text published by the Office of Foreign Assets Control. VENE · ECONOMIST maintains this page as editorial reference for institutional investors.
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