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553. For purposes of E.O. 13808, what is “new debt”?

Answer

OFAC considers “new debt” to be debt created on or after August 25, 2017. See FAQ 511 for examples of “debt,” which includes loans and extensions of credit.

OFAC does not consider debt that was created prior to August 25, 2017 to be “new debt” for purposes of E.O. 13808 so long as the terms of the debt instrument (including, for example, the length of the repayment period or any interest rate applied) agreed to by the parties do not change on or after August 25, 2017. Such preexisting debt does not need to conform to the 30- or 90-day tenors imposed under E.O. 13808, and U.S. persons may collect and accept payment for such debt regardless of whether the relevant segment of the Government of Venezuela, including PdVSA, pays during the agreed-upon payment period.

Date Released
February 12, 2018