[Federal Register Volume 85, Number 50 (Friday, March 13, 2020)]
[Rules and Regulations]
[Pages 14572-14573]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05109]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 591


General Licenses Issued Pursuant to Venezuela-Related Executive 
Order 13835

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of General Licenses.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing three Venezuela-related general licenses 
in the Federal Register: General Licenses 5 and 5A, which have been 
superseded, and General License 5B, each of which was previously issued 
on OFAC's website.

DATES: General License 5B was issued on January 17, 2020 and the 
authorizations in such General License will be effective April 22, 
2020.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Sanctions Compliance & 
Evaluation, 202-622-2490.

SUPPLEMENTARY INFORMATION: 

Electronic Availability

    This document and additional information concerning OFAC are 
available on OFAC's website (www.treasury.gov/ofac).

[[Page 14573]]

Background

    On March 8, 2015, the President, invoking the authority of, inter 
alia, the International Emergency Economic Powers Act (50 U.S.C. 1701-
1706), issued Executive Order (E.O.) 13692 (``Blocking Property and 
Suspending Entry of Certain Persons Contributing to the Situation in 
Venezuela'') (80 FR 12747, March 11, 2015) (E.O. 13692). In E.O. 13692, 
the President found that the situation in Venezuela, including the 
Government of Venezuela's erosion of human rights guarantees, 
persecution of political opponents, curtailment of press freedoms, use 
of violence and human rights violations and abuses in response to 
antigovernment protests, and arbitrary arrest and detention of 
antigovernment protestors, as well as the exacerbating presence of 
significant public corruption, constitutes an unusual and extraordinary 
threat to the national security and foreign policy of the United 
States, and declared a national emergency to deal with that threat.
    The President has issued six additional Executive orders pursuant 
to the national emergency declared in E.O. 13692: E.O. 13808 of August 
24, 2017 (``Imposing Additional Sanctions With Respect to the Situation 
in Venezuela'') (82 FR 41155, August 29, 2017); E.O. 13827 of March 19, 
2018 (``Taking Additional Steps to Address the Situation in 
Venezuela'') (83 FR 12469, March 21, 2018); E.O. 13835 of May 21, 2018 
(``Prohibiting Certain Additional Transactions With Respect to 
Venezuela'') (83 FR 24001, May 24, 2018) (E.O. 13835); E.O. 13850 of 
November 1, 2018 (``Blocking Property of Additional Persons 
Contributing to the Situation in Venezuela'') (83 FR 55243, November 2, 
2018), E.O. 13857 of January 25, 2019 (``Taking Additional Steps To 
Address the National Emergency With Respect to Venezuela'') (84 FR 509, 
January 30, 2019), and E.O. 13884 of August 5, 2019 (``Blocking 
Property of the Government of Venezuela'') (84 FR 38843, August 7, 
2019).
    OFAC, in consultation with the Department of State, issued 
Venezuela-related General License (GL) 5 on July 19, 2018, pursuant to 
E.O. 13835, to authorize certain transactions related to the 
Petr[oacute]leos de Venezuela, S.A. 2020 8.5 Percent Bond that were 
prohibited by Subsection 1(a)(iii) of E.O. 13835. On October 24, 2019, 
OFAC issued GL 5A, which replaced and superseded GL 5. GL 5A delayed 
until January 22, 2020 the effectiveness of the authorization that was 
previously contained in GL 5. On January 17, 2020, OFAC issued GL 5B, 
which replaced and superseded GL 5A. GL 5B further delayed until April 
22, 2020 the effectiveness of the authorization that was previously 
contained in GL 5. As a result, no transactions may be conducted 
pursuant to GL 5B until April 22, 2020. The text of GL 5, GL 5A, and GL 
5B is provided below.

Office of Foreign Assets Control

Executive Order 13835 of May 21, 2018--Prohibiting Certain Additional 
Transactions With Respect to Venezuela

General License No. 5

Authorizing Certain Transactions Related to the Petroleos de Venezuela 
SA 2020 8.5 Percent Bond

    (a) Except as provided in paragraph (b) of this general license, 
all transactions related to, the provision of financing for, and other 
dealings in the Petroleos de Venezuela SA 2020 8.5 Percent Bond that 
would be prohibited by Subsection l(a)(iii) of Executive Order 13835 of 
May 21, 2018 (``Prohibiting Certain Additional Transactions With 
Respect to Venezuela'') (E.O. 13835) are authorized.
    (b) This general license does not authorize any transaction that is 
otherwise prohibited by E.O. 13835, Executive Order 13827 of March 19, 
2018, Executive Order 13808 of August 24, 2017, Executive Order 13692 
of March 8, 2015, or any part of 31 CFR chapter V.

Bradley T. Smith
Acting Director
Office of Foreign Assets Control

Dated: July 19, 2018

Office of Foreign Assets Control

Executive Order 13835 of May 21, 2018--Prohibiting Certain Additional 
Transactions With Respect to Venezuela

General License No. 5A

Authorizing Certain Transactions Related to the Petr[oacute]leos de 
Venezuela, S.A. 2020 8.5 Percent Bond on or After January 22, 2020

    (a) Except as provided in paragraph (b) of this general license, on 
or after January 22, 2020, all transactions related to, the provision 
of financing for, and other dealings in the Petr[oacute]leos de 
Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by 
Subsection l(a)(iii) of Executive Order (E.O.) 13835, as amended by 
E.O. 13857 of January 25, 2019, are authorized.
    (b) This general license does not authorize any transaction that is 
otherwise prohibited by E.O. 13884 of August 5, 2019, or E.O. 13850 of 
November 1, 2018, E.O. 13835, E.O. 13827 of March 19, 2018, E.O. 13808 
of August 24, 2017, or E.O. 13692 of March 8, 2015, each as amended by 
E.O. 13857, or any part of 31 CFR chapter V.
    (c) Effective October 24, 2019, General License No. 5, dated July 
19, 2018, is replaced and superseded in its entirety by this General 
License No. 5A.

Andrea Gacki
Director
Office of Foreign Assets Control

Dated: October 24, 2019

Office of Foreign Assets Control

Executive Order 13835 of May 21, 2018--Prohibiting Certain Additional 
Transactions With Respect to Venezuela

General License No. 5B

Authorizing Certain Transactions Related to the Petr[oacute]leos de 
Venezuela, S.A. 2020 8.5 Percent Bond on or After April 22, 2020

    (a) Except as provided in paragraph (b) of this general license, on 
or after April 22, 2020, all transactions related to, the provision of 
financing for, and other dealings in the Petr[oacute]leos de Venezuela, 
S.A. 2020 8.5 Percent Bond that would be prohibited by Subsection 
l(a)(iii) of Executive Order (E.O.) 13835, as amended by E.O. 13857 of 
January 25, 2019, are authorized.
    (b) This general license does not authorize any transaction that is 
otherwise prohibited by E.O. 13884 of August 5, 2019, or E.O. 13850 of 
November 1, 2018, E.O. 13835, E.O. 13827 of March 19, 2018, E.O. 13808 
of August 24, 2017, or E.O. 13692 of March 8, 2015, each as amended by 
E.O. 13857, or any part of 31 CFR chapter V.
    (c) Effective January 17, 2020, General License No. 5A, dated 
October 24, 2019, is replaced and superseded in its entirety by this 
General License No. 5B.

Andrea Gacki
Director
Office of Foreign Assets Control

Dated: January 17, 2020

    Dated: March 9, 2020.
Andrea Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2020-05109 Filed 3-12-20; 8:45 am]
 BILLING CODE 4810-AL-P