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ARTICLE · 04 JANUARY 2021

OFAC Modifies Authorizations Under Venezuela- And Ukraine-Related General Licenses

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OFAC authorized certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond, which otherwise would be prohibited by Executive Order.

GlobalInternational Law
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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OFAC authorized certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond, which otherwise would be prohibited by Executive Order 13835 ("Prohibiting Certain Additional Transactions With Respect to Venezuela"). OFAC specified that General License ("GL") 5F does not authorize any transactions otherwise prohibited by the Venezuela Sanctions Regulations.

GL 5F supersedes GL 5E (see previous coverage here), and as described in updated FAQ 595, delays the date of effectiveness until July 21, 2021.

Additionally, OFAC extended the expiration date for two Ukraine-related GLs through January 26, 2022 (see previous coverage here):

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