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OFAC ·

OFAC replaces Venezuela GL 5V with GL 5W for PdVSA 2020 8.5% Bond

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

Financial Services Sanctions
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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 screening logic from GL 5V to GL 5W — transactions cleared under GL 5V after 4 May 2026 fall outside any active licence and create prohibited-dealing exposure.
  • — Securities operations and custody teams must scope PdVSA 2020 8.5% Bond settlement and financing to GL 5W's bond-specific authorisation only — pre-19 June 2026 dealings and other PdVSA instruments remain blocked.
  • — Compliance teams advising counterparties must reissue GL 5V-based guidance against GL 5W terms and amended FAQ 595 — guidance referencing the superseded licence creates regulatory documentation exposure.
Who is affected
  • — Bank sanctions-screening teams handling Venezuela-linked transactions
  • — Securities operations and custody teams holding or settling PdVSA 2020 8.5% Bond positions
  • — Compliance teams advising counterparties on Venezuela sanctions exposure
What to watch
  • — 4 May 2026 — GL 5V superseded; transactions cleared under prior licence after this date fall outside any active authorisation
  • — 19 June 2026 — GL 5W authorisation window opens; PdVSA 2020 8.5% Bond transactions within scope become permissible
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