OFAC Delays PDVSA Bond Authorization Until December 18 and Updates FAQ 595

OFAC issued Venezuela General License 5AA on November 4, replacing General License 5Z and delaying until December 18, 2026 the authorization for specified transactions involving the PDVSA 2020 8.5 percent bond. Updated FAQ 595 explains that, before that date, sales or transfers of CITGO shares connected with the bond remain prohibited under section 1(a)(iii) of E.O. 13835 unless specifically licensed by OFAC. The license does not authorize transactions otherwise prohibited by Venezuela sanctions or other OFAC regulations.