GL-9H

Summary

General License 9H authorizes transactions and activities ordinarily incident and necessary to dealings in PdVSA Securities (debt and equity in PdVSA or entities 50% or more owned by PdVSA, issued prior to August 25, 2017), including divestment or transfer of such holdings to U.S. persons on or after October 18, 2023. It also authorizes facilitating, clearing, and settling trades in PdVSA Securities, winding down pre-existing financial contracts linked to such securities, and dealings in bonds issued prior to August 25, 2017 by PDV Holdings, Inc. and CITGO Holdings, Inc. and their subsidiaries. The license supersedes General License No. 9G in its entirety effective October 18, 2023.

Authorized activities

• Dealings in PdVSA debt (including listed bonds, promissory notes, and other receivables) and equity issued prior to August 25, 2017
• Divestment or transfer of, or facilitation of divestment or transfer of, PdVSA Securities holdings to a U.S. person (on or after October 18, 2023)
• Facilitating, clearing, and settling transactions to divest PdVSA Securities, including on behalf of U.S. persons
• Facilitating, clearing, and settling trades of PdVSA Securities placed prior to 4:00 p.m. eastern standard time on January 28, 2019
• Wind down of financial contracts or other agreements entered into prior to 4:00 p.m. eastern standard time on January 28, 2019, involving or linked to PdVSA Securities (valid through 12:01 a.m. EDT March 31, 2020)
• Dealings in bonds issued prior to August 25, 2017 by PDV Holdings, Inc. and CITGO Holdings, Inc. and any of their subsidiaries

Conditions

Paragraph (a) does not authorize U.S. persons to sell, or facilitate the sale of, PdVSA Securities to any person whose property and interests in property are blocked pursuant to the VSR. The license does not authorize: (1) 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), (c), (d), and (e); or (2) any transactions or activities otherwise prohibited by the VSR or 31 CFR chapter V, or any transactions with blocked persons other than those involving the Government of Venezuela (including Banco Central de Venezuela), PdVSA, or entities 50% or more owned by PdVSA as described in the license. Wind-down authorization under paragraph (d) is valid only through 12:01 a.m. eastern daylight time, March 31, 2020. Clearing/settling trades under paragraph (c) is limited to trades placed prior to 4:00 p.m. eastern standard time on January 28, 2019.