Brief
OFAC issued General License 5Z on September 16, replacing General License 5Y and allowing transactions tied to PDVSA’s 8.5% 2020 bond beginning November 5, 2026. The measure changes the U.S. sanctions framework governing dealings in the debt, although some restrictions remain. It also establishes a defined future date for permitted activity involving an obligation issued by Venezuela’s state oil company.
The decision directly changes the legal pathway under U.S. sanctions for transactions involving a PDVSA obligation. For investors, the November effective date could affect the bond’s pricing and sanctions-risk assessment, while the remaining restrictions will determine how broadly market participants can use the authorization.
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Oil And Gas · TalCual
Sep 16, 2026
Watch for OFAC clarifications or amendments before November 5, followed by observable transaction activity in the PDVSA 2020 bond once General License 5Z takes effect.