GL 58: The first technical step towards restructuring the Venezuelan debt.

On May 5, 2026, the Office of Foreign Assets Control (OFAC) issued General License No. 58, which allows the Government of Venezuela, including PDVSA and its subsidiary companies (those with 50% or more of interest), to hire certain professional services to organize its financial debt. This licence is therefore intended to facilitate the preparatory stages for a possible renegotiation of the country's payment commitments.

What activities are allowed?

The licence allows the contracting of legal, financial and consulting services necessary for:

1. Assess and develop debt restructuring options and proposals.
2. Prepare support materials and technical documents related to debt.
3. To hire experts to analyse the financial situation of the Venezuelan State and PDVSA.

What is still prohibited?

• Direct negotiations:No direct negotiations are allowed between the Government of Venezuela and its creditors to close agreements.
• Debt transfer: The actual exchange, settlement or transfer of debt securities is not permitted. The payment of services by swaps, the use of gold, or the use of digital coins issued by Venezuela, such as Petro, is prohibited.
• Restricted actors: The services previously identified under this licence may not be contracted with individuals or entities from Russia, Iran, North Korea, Cuba or China.
• Embargoes and sentences: It is not allowed to execute judicial or arbitral sentences against property blocked from Venezuela abroad.

What should you consider?

1. Any person or company providing these services must send a copy of the signed contract to the State Department and the U.S. Department of Energy. United States.
2. The shipment must take place within 10 working days of the signing of the contract.