GL-58

Summary

General License No. 58 authorizes transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are ordinarily incident and necessary to the provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PdVSA and PdVSA Entities, in connection with potential debt restructuring. Authorized services include the assessment, development, or preparation of debt restructuring options, proposals, and related supporting materials. The license does not authorize the actual restructuring, transfer, or settlement of debt, nor direct negotiations between Venezuela and creditors.

Authorized activities

• Provision of legal services to the Government of Venezuela in connection with potential debt restructuring
• Provision of financial advisory services to the Government of Venezuela in connection with potential debt restructuring
• Provision of consulting services to the Government of Venezuela in connection with potential debt restructuring
• Assessment of debt restructuring options for the Government of Venezuela, PdVSA, and PdVSA Entities
• Development of debt restructuring proposals for the Government of Venezuela, PdVSA, and PdVSA Entities
• Preparation of debt restructuring options, proposals, and related supporting materials

Conditions

Services must be paid under commercially reasonable terms; payment via debt swaps, gold, or Venezuelan government-issued digital currency (including the petro) is prohibited. Transactions by persons located in Russia, Iran, North Korea, Cuba, or China, or entities owned/controlled by or in joint ventures with such persons, are excluded. Transactions involving SDN-listed individuals or entities (other than PdVSA and PdVSA Entities) are prohibited. The license does not authorize entry into settlement agreements, enforcement of liens or judgments affecting blocked property, or unblocking of any blocked property.

Reporting requirement

Any person that provides legal, financial advisory, and consulting services pursuant to this general license must furnish a copy of the signed contract for such services to Sanctions_inbox@state.gov and VZReporting@doe.gov within 10 business days of execution.