"Except as provided in paragraph (b) of this general license, on or after July 21, 2021, all transactions related to, the provision of financing for, and other dealings in the Petroleos de Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by … Executive Order 13835 of May 21, 2018 … are authorized," the notice said.
This general license does not authorize any transactions or activities prohibited by other documents, the notice added.
At the same time, the US Treasury Department said in a notice that the US has authorized a wind-down period for transactions with the Russian automotive conglomerate GAZ Group until January 26, 2022.
"[A]ll transactions and activities otherwise prohibited by the Ukraine Related Sanctions Regulations, 31 C.F.R. part 589, that are ordinarily incident and necessary (1) to divest or transfer debt, equity, or other holdings in GAZ Group to a non-US person, or (2) to facilitate the transfer of debt, equity, or other holdings in GAZ Group by a non-US person to another non-US person, are authorized through 12:01 a.m. eastern standard time, January 26, 2022," the letter said.
The general license does not authorize unblocking of certain property and specific kinds of transactions between US persons and the GAZ Group. The previous deadline for cutting ties with the GAZ Group was January 22, 2021.
The United States imposed sanctions on the GAZ Group last April, but has since issued several general licenses allowing US investors to continue conducting limited transactions with the Russian auto-maker.
The GAZ Group is part of Russian businessman Oleg Deripaska's business empire. The United States targeted the automaker along with Deripaska’s companies Rusal and EN+ Group over what Washington has described as Russia's "malign activities" in Ukraine.
In January 2019, the US Treasury Department lifted the sanctions on EN+ and Rusal.
