OFAC Extends Expiration Date Of Venezuela General Licenses

Author:Mr Cadwalader, Wickersham & Taft LLP
Profession:Cadwalader, Wickersham & Taft LLP

OFAC amended two general licenses (see here and here) authorizing certain transactions and activities involving Petróleos de Venezuela, S.A. ("PdVSA").

Under General License 8E, OFAC extended the expiration date under former General License 8D authorizing certain "maintenance" activities by specified companies in Venezuela and their subsidiaries with PdVSA until April 22, 2020.

Separately, OFAC replaced and superseded General License 5A with new General License 5B authorizing certain activities and transactions involving a PdVSA 2020 8.5 Percent Bond for an additional three months.

Both amended general licenses went into effect on January 17, 2020.

Primary Sources

OFAC General License No. 8E: Authorizing Transactions Involving Petróleos de...

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