OFAC issues three Venezuela general licenses, delays PdVSA 2020 bond relief

WASHINGTON, June 18, 2026 — The U.S. Treasury’s Office of Foreign Assets Control issued three Venezuela-related general licenses on Thursday and amended a related FAQ, combining a fresh delay for certain Petróleos de Venezuela, S.A. bond transactions with broader authorizations for telecommunications, mail and some dealings involving state airline Conviasa.

The package includes General License 5X, General License 24A and new General License 59, OFAC said in its June 18 recent actions notice.

General License 5X replaces GL 5W and authorizes, on or after Aug. 4, 2026, transactions related to the PdVSA 2020 8.5% bond that would otherwise be barred under Executive Order 13835. In updated FAQ 595, OFAC said the practical effect is another delay in the authorization becoming effective until Aug. 4, 2026. Until that date, transactions tied to the sale or transfer of CITGO shares serving as collateral for the bond remain prohibited unless specifically authorized. OFAC added that it would view specific license applications favorably if parties reach a restructuring or refinancing agreement.

General License 24A replaces the long-standing GL 24 and continues to authorize transactions involving the Government of Venezuela that are incident to the receipt and transmission of telecommunications, as well as common carrier transactions tied to mail and package services to, from or within Venezuela. OFAC said the authorization applies to Government of Venezuela persons blocked solely under Executive Order 13884, but it does not cover other blocked persons or activity otherwise barred under the Venezuela sanctions regulations or other OFAC programs.

General License 59 newly authorizes certain goods, technology, software and services from the United States or by U.S. persons for the maintenance, repair, upgrade, refurbishment, safety and airworthiness of aircraft involving Conviasa or its 50%-or-more-owned entities. It also covers related payments, shipping, logistics, customs clearance, delivery and technical support.

The Conviasa authorization is tightly limited. It excludes non-commercially reasonable payment terms, debt swaps, payments in gold or Venezuelan-issued digital currency, as well as transactions involving Russia, Iran, North Korea or Cuba-linked persons, certain China-linked joint ventures in Venezuela or the United States, military or intelligence activity, and any unblocking of property already blocked under the Venezuela sanctions regulations.

For compliance teams, the main takeaway is that OFAC preserved restrictions around the PdVSA 2020 bond and CITGO collateral while carving out narrowly defined operational channels for communications, postal services and aircraft safety-related support.