OFAC Further Delays Effective Date for Authorization of Transactions Related to Petróleos de Venezuela, S.A.

OFAC authorized all transactions on or after January 21, 2022, related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that otherwise would be prohibited by Section 1(a)(iii) of Executive Order ("EO") 13835 ("Prohibiting Certain Additional Transactions With Respect to Venezuela"), as amended by EO 13857.

OFAC specified that General License ("GL") No. 5H does not authorize any transactions otherwise prohibited by the Venezuela Sanctions Regulations. GL 5H supersedes GL 5G (see previous coverage here), and, as described in updated FAQ 595, thereby delays the date of effectiveness until January 21, 2022.