May 08, 2026
The U.S. authorized advisory services for the restructuring of Venezuela's debt, but explicitly prohibited the use of petro.
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury issued General License 58 (GL-58) on May 5, 2026, under the Venezuela Sanctions Regulations.
The document opened a regulatory window for law firms, financial advisors, and consultants to provide services to the Venezuelan government regarding a potential restructuring of its sovereign debt, including the debt of Petróleos de Venezuela, S.A. (PdVSA) and its affiliated entities. However, the text imposed a direct restriction on digital assets.
Section b2 of the GL-58 explicitly established that the payment terms for authorized services cannot involve digital currencies or tokens issued by, for, or on behalf of the Venezuelan government, specifically mentioning the petro.
This cryptocurrency, launched in 2018 by Nicolás Maduro's government and allegedly backed by oil reserves, has been under Washington's scrutiny for years. The direct reference to the petro in the license reinforces the U.S. stance of not recognizing this digital instrument as a legitimate means of payment in any context involving Venezuelan interests.
Within what is permitted, the GL-58 enabled the assessment, development, and preparation of options and proposals for debt restructuring, along with supporting materials. However, the document clarified that the authorization does not cover the actual restructuring of the debt, its transfer or liquidation, nor direct negotiations between the Venezuelan government and its creditors. In other words, professionals can craft strategies and analyses, but cannot finalize deals.
Geopolitical restrictions and sanctions lists
The license also imposed significant geopolitical barriers. Any transaction conducted by individuals located in Russia, Iran, North Korea, Cuba, or China is excluded from authorization, just like the participation of entities owned or controlled by individuals from those countries or that operate in a joint venture with them.
Furthermore, the GL-58 prohibited any transaction involving individuals or entities listed on the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals and Blocked Persons (SDN List), with the exception of PdVSA and its affiliated entities, which are indeed covered by the license.
The GL-58 indicated that any sovereign debt restructuring process involving Venezuela must steer clear of Venezuelan government-issued digital instruments, regardless of the regulatory progress seen in the rest of the region.
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