Venezuela: bonds restructuring, Citgo and OFAC licences

As of 18 October 2026, Venezuela has confirmed Centerview Partners as its financial adviser (reported 16 October), but no exchange terms have been agreed.

Country file · updated 18 October 2026

Status summary

What is the current status of Venezuela’s debt restructuring? As of 18 October 2026, Venezuela has confirmed Centerview Partners as its financial adviser (reported 16 October), but no exchange terms have been agreed. In the Citgo sale appeal, a requested six-month abeyance drew support from Gold Reserve (conditional on U.S. support) and opposition from other creditors; no order granting the pause was verified. OFAC’s GL 5Z is scheduled to take effect on 5 November 2026 for specified PDVSA 2020 bond transactions.

Adviser: Centerview Partners (reported)
Citgo appeal: Abeyance requested · no ruling verified
Next date: 5 Nov 2026 · GL 5Z

Key dates

5 Nov 2026 · Venezuela — OFAC GL 5Z scheduled effectiveness for specified PDVSA 2020 bond transactions. Subject to amendment; not a payment date. OFAC · GL 5Z (PDF) · OFAC · Venezuela programme page

Creditor groups & advisers

Reuters reported on 16 October that Venezuela’s top economic adviser confirmed Centerview Partners remains the country’s financial adviser for the restructuring. That concerns the advisory mandate only. Creditor-side committees and advisers will be listed here once verified from primary sources.

Legal & enforcement track

Citgo sale appeal. Venezuela has asked for the appeal to be paused. Gold Reserve’s 8 October response supports a limited six-month abeyance only with concurrent U.S. support; Mealey’s reports other creditors opposed the pause on 8 October; Venezuela Restructuring Desk reported on 14 October that the Justice Department expressed no views. No order granting the pause was verified as of this edition.

Member research: Venezuela: five gates between a claim and cash — separating the obligor, priority, licence, timing and settlement questions before valuing a recovery.

Sanctions & licences

GL 5Z — scheduled effectiveness 5 November 2026 for specified PDVSA 2020 bond transactions. Subject to amendment; not a payment date.
GL 60A and FAQ 1263 (16 Oct 2026) — earthquake-relief transactions; relief payments under GL 60A need not go into the FGDF account, while FGDF requirements in other Venezuela GLs remain.
Jorge Rodríguez — removed from OFAC’s SDN List on 14 October 2026.
Background, separate action: Delcy Rodríguez was removed from the SDN List on 1 April 2026.

Full sanctions & licences hub →

Latest items

Venezuela: Centerview confirmed as restructuring adviser; execution milestones still ahead — 16 October 2026 · Reported
OFAC issues Venezuela GL 60A (earthquake relief) and amends FAQ 1263 — 16 October 2026 · Primary source
OFAC removes Jorge Rodríguez from the SDN List — 14 October 2026 · Primary source
Citgo appeal: Justice Department expressed no views on abeyance, per Restructuring Desk — 14 October 2026 · Reported
Citgo appeal: Gold Reserve backs a limited abeyance only with U.S. support; other creditors oppose — 8 October 2026 · Filings · no ruling verified