[Federal Register Volume 85, Number 50 (Friday, March 13, 2020)]
[Rules and Regulations]
[Pages 14572-14573]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05109]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 591
General Licenses Issued Pursuant to Venezuela-Related Executive
Order 13835
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of General Licenses.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing three Venezuela-related general licenses
in the Federal Register: General Licenses 5 and 5A, which have been
superseded, and General License 5B, each of which was previously issued
on OFAC's website.
DATES: General License 5B was issued on January 17, 2020 and the
authorizations in such General License will be effective April 22,
2020.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Sanctions Compliance &
Evaluation, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website (www.treasury.gov/ofac).
[[Page 14573]]
Background
On March 8, 2015, the President, invoking the authority of, inter
alia, the International Emergency Economic Powers Act (50 U.S.C. 1701-
1706), issued Executive Order (E.O.) 13692 (``Blocking Property and
Suspending Entry of Certain Persons Contributing to the Situation in
Venezuela'') (80 FR 12747, March 11, 2015) (E.O. 13692). In E.O. 13692,
the President found that the situation in Venezuela, including the
Government of Venezuela's erosion of human rights guarantees,
persecution of political opponents, curtailment of press freedoms, use
of violence and human rights violations and abuses in response to
antigovernment protests, and arbitrary arrest and detention of
antigovernment protestors, as well as the exacerbating presence of
significant public corruption, constitutes an unusual and extraordinary
threat to the national security and foreign policy of the United
States, and declared a national emergency to deal with that threat.
The President has issued six additional Executive orders pursuant
to the national emergency declared in E.O. 13692: E.O. 13808 of August
24, 2017 (``Imposing Additional Sanctions With Respect to the Situation
in Venezuela'') (82 FR 41155, August 29, 2017); E.O. 13827 of March 19,
2018 (``Taking Additional Steps to Address the Situation in
Venezuela'') (83 FR 12469, March 21, 2018); E.O. 13835 of May 21, 2018
(``Prohibiting Certain Additional Transactions With Respect to
Venezuela'') (83 FR 24001, May 24, 2018) (E.O. 13835); E.O. 13850 of
November 1, 2018 (``Blocking Property of Additional Persons
Contributing to the Situation in Venezuela'') (83 FR 55243, November 2,
2018), E.O. 13857 of January 25, 2019 (``Taking Additional Steps To
Address the National Emergency With Respect to Venezuela'') (84 FR 509,
January 30, 2019), and E.O. 13884 of August 5, 2019 (``Blocking
Property of the Government of Venezuela'') (84 FR 38843, August 7,
2019).
OFAC, in consultation with the Department of State, issued
Venezuela-related General License (GL) 5 on July 19, 2018, pursuant to
E.O. 13835, to authorize certain transactions related to the
Petr[oacute]leos de Venezuela, S.A. 2020 8.5 Percent Bond that were
prohibited by Subsection 1(a)(iii) of E.O. 13835. On October 24, 2019,
OFAC issued GL 5A, which replaced and superseded GL 5. GL 5A delayed
until January 22, 2020 the effectiveness of the authorization that was
previously contained in GL 5. On January 17, 2020, OFAC issued GL 5B,
which replaced and superseded GL 5A. GL 5B further delayed until April
22, 2020 the effectiveness of the authorization that was previously
contained in GL 5. As a result, no transactions may be conducted
pursuant to GL 5B until April 22, 2020. The text of GL 5, GL 5A, and GL
5B is provided below.
Office of Foreign Assets Control
Executive Order 13835 of May 21, 2018--Prohibiting Certain Additional
Transactions With Respect to Venezuela
General License No. 5
Authorizing Certain Transactions Related to the Petroleos de Venezuela
SA 2020 8.5 Percent Bond
(a) Except as provided in paragraph (b) of this general license,
all transactions related to, the provision of financing for, and other
dealings in the Petroleos de Venezuela SA 2020 8.5 Percent Bond that
would be prohibited by Subsection l(a)(iii) of Executive Order 13835 of
May 21, 2018 (``Prohibiting Certain Additional Transactions With
Respect to Venezuela'') (E.O. 13835) are authorized.
(b) This general license does not authorize any transaction that is
otherwise prohibited by E.O. 13835, Executive Order 13827 of March 19,
2018, Executive Order 13808 of August 24, 2017, Executive Order 13692
of March 8, 2015, or any part of 31 CFR chapter V.
Bradley T. Smith
Acting Director
Office of Foreign Assets Control
Dated: July 19, 2018
Office of Foreign Assets Control
Executive Order 13835 of May 21, 2018--Prohibiting Certain Additional
Transactions With Respect to Venezuela
General License No. 5A
Authorizing Certain Transactions Related to the Petr[oacute]leos de
Venezuela, S.A. 2020 8.5 Percent Bond on or After January 22, 2020
(a) Except as provided in paragraph (b) of this general license, on
or after January 22, 2020, all transactions related to, the provision
of financing for, and other dealings in the Petr[oacute]leos de
Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by
Subsection l(a)(iii) of Executive Order (E.O.) 13835, as amended by
E.O. 13857 of January 25, 2019, are authorized.
(b) This general license does not authorize any transaction that is
otherwise prohibited by E.O. 13884 of August 5, 2019, or E.O. 13850 of
November 1, 2018, E.O. 13835, E.O. 13827 of March 19, 2018, E.O. 13808
of August 24, 2017, or E.O. 13692 of March 8, 2015, each as amended by
E.O. 13857, or any part of 31 CFR chapter V.
(c) Effective October 24, 2019, General License No. 5, dated July
19, 2018, is replaced and superseded in its entirety by this General
License No. 5A.
Andrea Gacki
Director
Office of Foreign Assets Control
Dated: October 24, 2019
Office of Foreign Assets Control
Executive Order 13835 of May 21, 2018--Prohibiting Certain Additional
Transactions With Respect to Venezuela
General License No. 5B
Authorizing Certain Transactions Related to the Petr[oacute]leos de
Venezuela, S.A. 2020 8.5 Percent Bond on or After April 22, 2020
(a) Except as provided in paragraph (b) of this general license, on
or after April 22, 2020, all transactions related to, the provision of
financing for, and other dealings in the Petr[oacute]leos de Venezuela,
S.A. 2020 8.5 Percent Bond that would be prohibited by Subsection
l(a)(iii) of Executive Order (E.O.) 13835, as amended by E.O. 13857 of
January 25, 2019, are authorized.
(b) This general license does not authorize any transaction that is
otherwise prohibited by E.O. 13884 of August 5, 2019, or E.O. 13850 of
November 1, 2018, E.O. 13835, E.O. 13827 of March 19, 2018, E.O. 13808
of August 24, 2017, or E.O. 13692 of March 8, 2015, each as amended by
E.O. 13857, or any part of 31 CFR chapter V.
(c) Effective January 17, 2020, General License No. 5A, dated
October 24, 2019, is replaced and superseded in its entirety by this
General License No. 5B.
Andrea Gacki
Director
Office of Foreign Assets Control
Dated: January 17, 2020
Dated: March 9, 2020.
Andrea Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2020-05109 Filed 3-12-20; 8:45 am]
BILLING CODE 4810-AL-P