https://sputnikglobe.com/20210910/us-treasury-restricts-certain-transactions-related-to-pdvsa-bonds-until-january-21-2022-1088962376.html
US Treasury Restricts Certain Transactions Related to PDVSA Bonds Until January 21, 2022
US Treasury Restricts Certain Transactions Related to PDVSA Bonds Until January 21, 2022
Sputnik International
WASHINGTON (Sputnik) - The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday issued an updated license delaying the authorization of... 10.09.2021, Sputnik International
2021-09-10T20:07+0000
2021-09-10T20:07+0000
2022-11-15T14:20+0000
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“Most recently, OFAC issued General License 5H on September 10, 2021, which further delays the effectiveness of the authorization [to allow trade of shares connected to the PdVSA bond] until January 21, 2022,” the Treasury Department said on its policy website. “As a result, during such period, transactions related to the sale or transfer of CITGO shares in connection with the PdVSA 2020 8.5 percent bond are prohibited, unless specifically authorized by OFAC.”The general license, signed by OFAC Director Andrea Gacki, specified that it does not authorize other transactions and activities prohibited under Venezuela Sanctions Regulations even when enacted. It replaced a July 20 license that restricted trade of the bonds until October 21, 2021.The decision protects Citgo, a US-based oil and gas company majority-owned by PdVSA. So long as the restrictions on bond trading with PdVSA are in place, Citgo is safe from bondholders taking possession of the company’s shares.
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US Treasury Restricts Certain Transactions Related to PDVSA Bonds Until January 21, 2022
20:07 GMT 10.09.2021 (Updated: 14:20 GMT 15.11.2022) WASHINGTON (Sputnik) - The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday issued an updated license delaying the authorization of certain transactions with Petroleum of Venezuela (PdVSA), the state oil and natural gas company of Venezuela.
“Most recently, OFAC issued General License 5H on September 10, 2021, which further delays the effectiveness of the authorization [to allow trade of shares connected to the PdVSA bond] until January 21, 2022,” the Treasury Department said on its policy website. “As a result, during such period, transactions related to the sale or transfer of CITGO shares in connection with the PdVSA 2020 8.5 percent bond are prohibited, unless specifically authorized by OFAC.”
The general license, signed by OFAC Director Andrea Gacki, specified that it does not authorize other transactions and activities prohibited under Venezuela Sanctions Regulations even when enacted. It replaced a July 20 license that restricted trade of the bonds until October 21, 2021.
The decision protects Citgo, a US-based oil and gas company majority-owned by PdVSA. So long as the restrictions on bond trading with PdVSA are in place, Citgo is safe from bondholders taking possession of the company’s shares.