Venezuela General License 3F

OFFICE OF FOREIGN ASSETS CONTROL

Executive Order 13808 of August 24, 2017

Imposing Additional Sanctions with Respect to the Situation in Venezuela

Executive Order 13850 of November 1, 2018

Blocking Property of Additional Persons Contributing to the Situation in Venezuela

Executive Order of August 5, 2019 Blocking Property of the Government of Venezuela

GENERAL LICENSE 3F

Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds

(a) Except as provided in paragraphs (e) and (f) of this general license, all transactions related to, the provision of financing for, and other dealings in bonds specified in the Annex to this general license (GL 3F Bonds) that would be prohibited by Subsection 1(a)(iii) of Executive Order (E.O.) 13808, or by E.O. 13850, each as amended by E.O. 13857 of January 25, 2019, or by E.O. of August 5, 2019, are authorized, provided that any divestment or transfer of, or facilitation of divestment or transfer of, any holdings in such bonds must be to a non-U.S. person.

(b) Except as provided in paragraph (f) of this general license, U.S. persons are authorized to engage in all transactions prohibited by Subsection l(a)(iii) of E.O. 13808 or by E.O. 13850, each as amended, or by E.O. of August 5, 2019 that are ordinarily incident and necessary to facilitating, clearing, and settling trades of holdings in GL 3F Bonds, provided such trades were placed prior to 4:00 p.m. eastern standard time on February 1, 2019.

(c) Except as provided in paragraph (f) of this general license, all transactions and activities prohibited by Section l(a)(iii) of E.O. 13808 or by E.O. 13850, each as amended, or by E.O. of August 5, 2019 that are ordinarily incident and necessary to the wind down of financial contracts or other agreements that were entered into prior to 4:00 p.m. eastern standard time on February 1, 2019, involving, or linked to, GL 3F Bonds are authorized. This authorization is valid through 12:01 a.m. eastern daylight time, September 30, 2019.

(d) Except as provided in paragraph (f) of this general license, all transactions related to, the provision of financing for, and other dealings in bonds that were issued both (i) prior to August 25, 2017 (the effective date of E.O. 13808), and (ii) by U.S. person entities owned or controlled, directly or indirectly, by the Government of Venezuela, other than Nynas AB, PDV Holding, Inc. (PDVH), CITGO Holding, Inc., and any of their subsidiaries, are authorized.

(e) Paragraph (a) of this general license does not authorize:

(1) U.S. persons to sell, or to facilitate the sale of, GL3F Bonds to, directly or indirectly, any person whose property and interests in property are blocked pursuant to E.O. 13850, as amended, or E.O. of August 5, 2019.

(2) U.S. persons to purchase or invest in, or to facilitate the purchase of or investment in, directly or indirectly, GL 3F Bonds, other than purchases of or investments in GL 3F Bonds that are ordinarily incident and necessary to the divestment or transfer of holdings in GL 3F Bonds.

(f) This general license does not authorize:

(1) The unblocking of any property blocked pursuant to any part of 31 C.F.R. chapter V,

except as authorized by paragraphs (a), (b), (c), and (d); or

(2) Any transaction that is otherwise prohibited by E.O. of August 5, 2019, or E.O. 13850, E.O. 13835 of May 21, 2018, E.O. 13827 of March 19, 2018, E.O. 13808, or E.O. 13692

of March 8, 2015, each as amended, or any part of 31 C.F.R. chapter V, or any transactions or dealings with any blocked person other than the transactions involving the Government of Venezuela, including Banco Central de Venezuela, that are described in this general license.

(g) Effective August 5, 2019, General License No. 3E, dated April 17, 2019, is replaced and superseded in its entirety by this General License No. 3F.

The Annex of permissible securities was updated as well.

Link:

General License 3F

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