WASHINGTON, D.C., 9th September 2019 – The Office of Foreign Assets Control decided to modify General License 5, which authorizes transactions related to the PDVSA 2020 bond guaranteed by 50.1% of CITGO’s shares. The previous license would have allowed the creditors of the 2020 bond to get the collateral after the expected default of PDVSA this Monday, when $913 million of the bond’s principal are due. You can read the updated General License 5A here: https://www.treasury.gov/resource-center/sanctions/Programs/Documents/venezuela_gl5a.pdf

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