OFAC issues Venezuela General License 5W authorising PdVSA 2020 8.5% Bond transactions on or after 19 June 2026
→Sanctions-screening and securities-operations teams must update bond-handling controls to permit PdVSA 2020 8.5% Bond transactions only within GL 5W's scope and only on or after 19 June 2026
Change
OFAC issued Venezuela-related General License 5W, dated 4 May 2026, authorising transactions related to, financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or after 19 June 2026 that would otherwise be prohibited under EO 13835 (as amended by EO 13857) and 31 CFR Part 591; GL 5W replaces and supersedes GL 5V in its entirety effective 4 May 2026, alongside an amended FAQ 595.
Why it matters
Transactions in the PdVSA 2020 8.5% Bond that would otherwise be prohibited under the Venezuela Sanctions Regulations are authorised on or after 19 June 2026 only within GL 5W's scope. Transactions before 19 June 2026 remain blocked. The licence does not authorise any transactions or activities otherwise prohibited by 31 CFR Part 591 or any other part of 31 CFR Chapter V — non-bond dealings with PdVSA remain blocked under separate authorities.
Implications
- → Bank sanctions-screening teams must update GL number references from 5V to 5W in screening logic and confirm new authorisation window starts 19 June 2026 — transactions cleared under GL 5V on or after 4 May 2026 fall outside the active licence and create prohibited-dealing exposure.
- → Securities operations and custody teams handling the PdVSA 2020 8.5% Bond must scope settlement, financing, and intermediary activity within GL 5W's bond-specific authorisation only — activity touching other PdVSA instruments or pre-19 June 2026 dealings remains blocked under the underlying VSR.
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