GL-3I

Summary

General License No. 3I authorizes all transactions related to, the provision of financing for, and other dealings in bonds specified in the Annex (GL 3I Bonds) that would otherwise be prohibited by E.O. 13808, E.O. 13850, or E.O. 13884, as incorporated into the Venezuela Sanctions Regulations (VSR). It also authorizes U.S. persons to facilitate, clear, and settle trades of GL 3I Bond holdings placed before 4:00 p.m. EST on February 1, 2019, and to wind down financial contracts linked to GL 3I Bonds entered into before that same deadline. 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.

Authorized activities

• All transactions related to, the provision of financing for, and other dealings in GL 3I Bonds that would be prohibited by E.O. 13808, E.O. 13850, or E.O. 13884, including divestment or transfer of, or facilitation of divestment or transfer of, any holdings in such bonds to a U.S. person on or after October 18, 2023
• All transactions ordinarily incident and necessary to facilitating, clearing, and settling trades of holdings in GL 3I Bonds, provided such trades were placed prior to 4:00 p.m. eastern standard time on February 1, 2019
• All transactions and activities ordinarily incident and necessary to the wind down of financial contracts or other agreements entered into prior to 4:00 p.m. eastern standard time on February 1, 2019, involving, or linked to, GL 3I Bonds (valid through 12:01 a.m. eastern daylight time, March 31, 2020)
• All transactions related to, the 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, other than PDV Holding, Inc. (PDVH), CITGO Holding, Inc., and any of their subsidiaries

Conditions

U.S. persons may not sell, or facilitate the sale of, GL 3I Bonds to, directly or indirectly, any person whose property and interests in property are blocked pursuant to the VSR. The license does not authorize the unblocking of any property blocked pursuant to the VSR or any other part of 31 CFR chapter V (except as authorized by paragraphs (a), (b), (c), and (d)), nor any transactions or activities otherwise prohibited by the VSR or with any blocked persons other than transactions involving the Government of Venezuela (including Banco Central de Venezuela) as described in the license. The wind-down authorization under paragraph (c) is valid only through 12:01 a.m. eastern daylight time, March 31, 2020.