With the issuance of General License Y5, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) extended until September 17 the protection of Citgo, a PDVSA subsidiary considered a strategic asset in Venezuelan debt litigation.

In this regard, OFAC extended the restriction on creditors taking action against assets linked to the PDVSA 2020 bond.

The new license states that “except as provided in paragraph (b) of this general license, as of September 17, 2026, all transactions related to, the provision of financing for, and other transactions with the 8.5 percent bond of Petróleos de Venezuela, S.A. 2020 that would be prohibited by subsection l(a)(iii) of Executive Order (EO) 13835 of May 21, 2018, as amended by EO 13857 of January 25, 2019, and incorporated into the Venezuela Sanctions Regulations, 31 CFR Part 591 (the VSR) are authorized.”

In this process, the suspension of the final execution of Citgo, ordered by a Delaware court in favor of Amber Energy, a subsidiary of Elliott Investment Management, remains in effect.

M.Pino

Source: talcualdigital

(Reference image source: Mathias Reding on Unsplash)

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La entrada OFAC extends protection for Citgo until September apareció primero en Bitfinance.