The U.S. Department of Treasury’s Office of Foreign Assets Controls (“OFAC”) issued General License 5D pertaining to the Venezuela sanctions. Effective July 15, 2020, General License 5D replaces and supersedes General License 5C, which authorizes transactions related to the state-owned oil company Petróleos de Venezuela, S.A (“PDVSA”) 2020 8.5 percent bond that would be prohibited by the Venezuela Sanctions Regulations (31 C.F.R. part 591 or “VSR”). General License 5D does not authorize any transactions or activities otherwise prohibited by the VSR.
