On May 5, 2026, the U.S. Treasury issued General License 58, which allows Venezuela to hire advisors to restructure its debts and those of its state agencies and instrumentalities, including the oil company, Petróleos de Venezuela (PDVSA). The move was modest in scope—it stops far short of authorizing a debt settlement or payment transfers—but the signal was unmistakable. On May 13, Venezuela’s interim government announced it had formally launched the restructuring process.[1] For the first time since 2017, one of the world’s largest unresolved sovereign defaults[2] may be headed for resolution with a green light from the U.S. government. […]