VENEECONOMIST
OFAC GENERAL LICENSESupersededFinance

GL 5V

GL 5V — PdVSA 2020 8.5% Bond (on or after May 5, 2026)

Version history

  • Mar 19, 2026La GL 5V reemplaza y supera en su totalidad a la GL 5U (2-feb-2026) y mueve la fecha de entrada en vigor del 20-mar-2026 al 5-may-2026. La FAQ 595 se enmendó el mismo día.
  • May 04, 2026Reemplazada y superada en su totalidad por la GL 5W, con efecto 4 de mayo de 2026.

Issued

Mar 19, 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

Mar 19, 2026

Scope

Authorized, on or after May 5, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5U (February 2, 2026) effective March 19, 2026, moving the effective date from March 20 to May 5, 2026. Superseded by GL 5W on May 4, 2026.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 5-may-2026

Prohibited activities

  • ·Cualquier transacción antes del 5-may-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 5 de mayo de 2026; antes de esa fecha cualquier operación sobre el colateral requería licencia específica.

VENE · ECONOMIST Analysis

Fact
OFAC emitió la GL 5V el 19 de marzo de 2026 y movió la fecha de efectividad de la autorización sobre el bono PdVSA 2020 8,5% del 20 de marzo al 5 de mayo de 2026, reemplazando en su totalidad a la GL 5U. La FAQ 595 se enmendó el mismo día.
Implication
Con la 5V la serie entra en el ritmo de ventanas de ~45 días que se mantiene desde entonces: el reloj regulatorio se renueva justo antes de cada vencimiento.
Indicator to monitor
La licencia sucesora y la fecha de efectividad que fije.
Official license textShow

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

(a) Except as provided in paragraph (b), on or after May 5, 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 March 19, 2026, General License No. 5U, dated February 2, 2026, is replaced and superseded in its entirety by this General License No. 5V.

Bradley T. Smith — Director, Office of Foreign Assets Control. Dated: March 19, 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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