OFAC Extends Deadline for US Action on PdVSA’s Defaulted Bonds amid Geopolitical Complexity
On July 19, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) granted a further extension for U.S. persons’ right to pursue action against collateral backing the Petróleos de Venezuela, S.A., more commonly known as PdVSA’s defaulted 2020 8.5% bonds. This decision was facilitated through General License (GL) 5L, a part…