procedure

Issuance of Venezuela-related General License; Publication of New and Amended Venezuela-related Frequently Asked Questions

ID 23057

The Office of Foreign Assets Control, OFAC, has published a press release to inform of the issuance of a new general license and various new or amended frequently asked questions (FAQs) in relation to Venezuela-related sanctions measures pursuant to Statutory Instrument 31 CFR Part 591.
Specifically, OFAC has issued new General License 42 to permit otherwise prohibited transactions pursuant to above noted Instrument that are „ordinarily incident and necessary to the negotiation of settlement agreements“ in connection with „debt of the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA)“ or any entity owned or controlled by PdVSA (50% or more controlling interest).
Furthermore, OFAC has issued three new and one revised FAQ in this context which read as follows; for the answers, please click on the referenced link:
Revised FAQ 808: Do I need a specific license from OFAC to file a suit in U.S. court against a person designated or blocked pursuant to Venezuela-related sanctions? Does a U.S. court, or its personnel, need a specific license from OFAC to hear such a case?
New FAQ 1123: In Crystallex Int’l Corp. v. Bolivarian Republic of Venezuela, 17-mc-00151 (D. Del.), the U.S. District Court for the District of Delaware has entered a Sale Procedures Order with respect to certain shares in PDV Holding (PDVH) to satisfy a U.S. district court judgment confirming an arbitral award against Venezuela. May persons participate in or comply with steps relating to a judicial sale of such shares?
New FAQ 1124: I am a party seeking to enforce bondholder rights to the shares of CITGO Holding serving as collateral for the Petróleos de Venezuela, S.A. (PdVSA) 2020 8.5 percent bond, pending the outcome of ongoing litigation. How can I preserve or enforce my bondholder rights consistent with the Venezuela Sanctions Regulations, 31 CFR part 591 (VSR)?
New FAQ 1125: I am a creditor of the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or a PdVSA subsidiary. Do I need an OFAC license to negotiate the settlement of claims related to assets of the Government of Venezuela or PdVSA?

Other Features
bonds
sanctions
settlement
trading
Date Published: 2023-05-01
Regulatory Framework: US Sanctions
Regulatory Type: procedure
Asset Management
procedure

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