OFAC Publishes General License 5W for PDVSA 2020 Bond Transactions
The license authorizes U.S. persons to engage in transactions involving the PDVSA 2020 8.5% bond beginning June 19, 2026.
The Office of Foreign Assets Control published General License 5W in the Federal Register (Vol. 91, No. 188, page 61771) on September 30, 2026. The license was originally issued on May 4, 2026 and authorizes, on or after June 19, 2026, all transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would otherwise be prohibited by subsection l(a)(iii) of Executive Order 13835, as amended.
General License 5W replaces and supersedes General License 5V, dated March 19, 2026, in its entirety. Paragraph (a) of the license states that, except as limited in paragraph (b), the authorized transactions cover financing and other dealings with the bond.
Paragraph (b) clarifies that the license does not authorize any transactions or activities prohibited by the Venezuela Sanctions Regulations or any other part of 31 CFR chapter V. The license therefore provides a narrow carve-out limited to the specified bond.
The notice includes contact information for OFAC's Assistant Director for Regulatory Affairs and directs readers to https://ofac.treasury.gov for the full text and additional guidance. The filing reference is FR Doc 2026-20012.
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