GL-3I

Summary

General License 3I authorizes U.S. persons to engage in transactions related to, provide financing for, and deal in specified Venezuela-related bonds (GL 3I Bonds) that would otherwise be prohibited under E.O. 13808, E.O. 13850, and E.O. 13884 as incorporated into the Venezuela Sanctions Regulations (31 CFR Part 591). It also authorizes facilitating, clearing, and settling trades of GL 3I Bonds placed before February 1, 2019, and the wind-down of financial contracts linked to GL 3I Bonds entered into before that date. Additionally, it authorizes transactions in bonds issued before August 25, 2017 by U.S. person entities owned or controlled by the Government of Venezuela (excluding PDVH, CITGO Holding, Inc., and their subsidiaries). This license replaces and supersedes General License No. 3H dated May 12, 2020.

Authorized activities

• All transactions related to GL 3I Bonds that would be prohibited by E.O. 13808, E.O. 13850, or E.O. 13884
• Provision of financing for GL 3I Bonds
• Other dealings in GL 3I Bonds
• Divestment or transfer of, or facilitation of divestment or transfer of, holdings in GL 3I Bonds to a U.S. person (on or after October 18, 2023)
• Facilitating, clearing, and settling trades of GL 3I Bonds placed prior to 4:00 p.m. EST on February 1, 2019
• Wind down of financial contracts or agreements entered into prior to 4:00 p.m. EST on February 1, 2019 involving or linked to GL 3I Bonds (authorized through March 31, 2020)
• All transactions related to, provision of financing for, and other dealings in bonds issued prior to August 25, 2017 by U.S. person entities owned or controlled by the Government of Venezuela (excluding PDVH, CITGO Holding, Inc., and their subsidiaries)

Conditions

U.S. persons may not sell or facilitate the sale of GL 3I Bonds to any person whose property and interests in property are blocked under the VSR. The license does not authorize the unblocking of any blocked property (except as specifically described) or any transactions with blocked persons other than those involving the Government of Venezuela (including Banco Central de Venezuela) as described in the license. The wind-down authorization under paragraph (c) was valid only through 12:01 a.m. eastern daylight time, March 31, 2020. Transactions in paragraph (b) are limited to trades placed prior to 4:00 p.m. eastern standard time on February 1, 2019.