VENEECONOMIST
OFAC GENERAL LICENSESupersededFinance

GL 5T

GL 5T — PDVSA 2020 Bonds Authorization

Issued

Mar 02, 2026

Expiration

No expiration

Authorized entity

PDVSA

Type

General

Scope

Authorizes specific transactions involving the PDVSA 2020 bonds (collateralized by Citgo Holding shares) that would otherwise be prohibited by Section 1(a)(iii) of Executive Order 13835.

Authorized activities

  • ·Operaciones secundarias con bonos PDVSA 2020
  • ·Pagos de cupón bajo condiciones específicas

Prohibited activities

  • ·Ejecución del colateral (Citgo) sin autorización separada

VENE · ECONOMIST Analysis

Fact
OFAC publicó GL 5T el 2 de marzo de 2026, manteniendo la protección estructural a Citgo y prorrogando el régimen iniciado con GL 5 en 2019.
Implication
El holding Citgo continúa blindado de ejecución por bondholders mientras dure la GL 5T. Esto sostiene el valor presente de Citgo como activo soberano disputado y mantiene viva la tesis de litigación Crystallex/ConocoPhillips ante el tribunal de Delaware.
Indicator to monitor
Próxima renovación o expiración de GL 5T (revisión periódica OFAC). Decisión del juez Stark en el caso Crystallex sobre subasta del colateral.

Official source

OFAC — action pageFull text (OFAC PDF)

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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Related licenses in this sector

GL 5X

GL 5X — PdVSA 2020 8.5% Bond (on or after August 4, 2026)

GL 58

GL 58 — Services to the Government of Venezuela for Potential Debt Restructuring

GL 57

GL 57 — Financial Services with BCV and Named State Banks

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