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OFAC GENERAL LICENSESupersededFinance

GL 5U

GL 5U — PdVSA 2020 8.5% Bond (on or after March 20, 2026)

Version history

  • Feb 02, 2026La GL 5U reemplaza y supera en su totalidad a la GL 5T (19-dic-2025) y mueve la fecha de entrada en vigor del 3-feb-2026 al 20-mar-2026. La FAQ 595 se actualizó el mismo día.
  • Mar 19, 2026Reemplazada y superada en su totalidad por la GL 5V, con efecto 19 de marzo de 2026.

Issued

Feb 02, 2026

Expiration

No expiration

Authorized entity

PdVSA — Bono 2020 8,5% (colateralizado por acciones de CITGO Holding)

Type

General

Regulation

31 CFR part 591 (VSR)

Executive orders

E.O. 13835 (21-may-2018, subsección 1(a)(iii)), E.O. 13857 (25-ene-2019, enmienda la E.O. 13835)

Signatory

Bradley T. Smith, Director, OFAC

Signed

Feb 02, 2026

Scope

Authorized, on or after March 20, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5T (December 19, 2025) effective February 2, 2026, moving the effective date from February 3 to March 20, 2026. Superseded by GL 5V on March 19, 2026.

Authorized parties

Petróleos de Venezuela, S.A. (PdVSA)Tenedores del Bono PdVSA 2020 8,5%

Authorized activities

  • ·Operaciones, financiación y demás tratos relacionados con el bono PdVSA 2020 8,5% a partir del 20-mar-2026

Prohibited activities

  • ·Cualquier transacción antes del 20-mar-2026 cubierta por la subsección 1(a)(iii) de la E.O. 13835
  • ·Venta, transferencia o ejecución del colateral (acciones de CITGO Holding) sin licencia específica de OFAC

Conditions

  • ·La autorización solo entraba en vigor a partir del 20 de marzo de 2026; antes de esa fecha cualquier operación sobre el colateral requería licencia específica.

VENE · ECONOMIST Analysis

Fact
OFAC emitió la GL 5U el 2 de febrero de 2026 y movió la fecha de efectividad de la autorización sobre el bono PdVSA 2020 8,5% del 3 de febrero al 20 de marzo de 2026, reemplazando en su totalidad a la GL 5T del 19 de diciembre de 2025.
Implication
Eslabón de la serie de prórrogas que mantiene fuera de alcance la ejecución del colateral de CITGO Holding mientras avanza la vía negociada.
Indicator to monitor
La licencia sucesora y la fecha de efectividad que fije.
Official license textShow

General License No. 5U — Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 20, 2026

(a) Except as provided in paragraph (b), on or after March 20, 2026, all transactions related to, the provision of financing for, and other dealings in the PdVSA 2020 8.5 Percent Bond that would be prohibited by subsection 1(a)(iii) of E.O. 13835 of May 21, 2018, as amended by E.O. 13857 of January 25, 2019, and incorporated into 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 February 2, 2026, General License No. 5T, dated December 19, 2025, is replaced and superseded in its entirety by this General License No. 5U.

Bradley T. Smith — Director, Office of Foreign Assets Control. Dated: February 2, 2026.

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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