Publication of Venezuela Sanctions Regulations Web General Licenses 46C, 47A, 48B, 50B, 51B, 52A, and 54A
What happened
The Department of the Treasury's Office of Foreign Assets Control (OFAC) published seven general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 46C, 47A, 48B, 50B, 51B, 52A, and 54A. These GLs, which were made available on OFAC's website, authorize certain transactions otherwise prohibited by the Venezuela Sanctions Regulations. GL 46C, for example, authorizes activities involving Venezuelan-origin oil or petrochemical products for importation into the United States by established U.S. entities, provided specific contract and payment conditions are met.
Why it matters
This action provides clarity and formal publication for existing authorizations, allowing certain U.S. entities to engage in transactions with Venezuelan-origin oil and petrochemical products. It specifies conditions for these activities, such as requiring U.S. law for contracts and certain payment methods, while prohibiting transactions with entities from specific countries or involving blocked vessels. The publication ensures that those affected have access to the full legal text of these exceptions to the sanctions.
Who it affects
- ›Established U.S. entities dealing with Venezuelan oil
- ›Companies involved in lifting, exporting, or refining Venezuelan oil
- ›Entities importing Venezuelan petrochemical products into the U.S.
- ›Parties contracting with the Government of Venezuela or PdVSA
- ›Persons exporting Venezuelan oil to countries other than the U.S.
The receipts are official. The summary is ours.
Read on Federal Register ↗Summaries are generated from the official text and may simplify or omit nuance. The official document is the source of truth.