[Federal Register Volume 91, Number 88 (Thursday, May 7, 2026)]
[Rules and Regulations]
[Pages 24716-24719]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-09090]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 591
Publication of Venezuela Sanctions Regulations Web General
Licenses 47, 48, 49, and 50
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of web general licenses.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing four general licenses (GLs) issued
pursuant to the Venezuela Sanctions Regulations: GLs 47, 48, 49, and
50, which were previously made available on OFAC's website.
[[Page 24717]]
DATES: GL 47 was issued on February 3, 2026. See SUPPLEMENTARY
INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Regulatory Affairs, 202-622-4855; or https://ofac.treasury.gov/contact-ofac.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: https://ofac.treasury.gov/.
Background
On February 3, 2026, OFAC issued GL 47 to authorize certain
transactions otherwise prohibited by the Venezuela Sanctions
Regulations, 31 CFR part 591 (VSR). On February 10, 2026, OFAC issued
GL 48, to authorize certain transactions otherwise prohibited by the
VSR. On February 13, 2026, OFAC issued GLs 49 and 50 to authorize
certain transactions otherwise prohibited by the VSR. GLs 48, 49 and 50
have been superseded. These GLs were made available on OFAC's website
(https://ofac.treasury.gov) when they were issued. The text of these
GLs is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 47
Authorizing the Sale of U.S.-Origin Diluents to Venezuela
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by the Venezuela Sanctions Regulations, 31
CFR part 591 (the VSR), including those involving the Government of
Venezuela, Petr[oacute]leos de Venezuela, S.A. (PdVSA), or any entity
in which PdVSA owns, directly or indirectly, a 50 percent or greater
interest (collectively, ``PdVSA Entities''), that are ordinarily
incident and necessary to the exportation, reexportation, sale, resale,
supply, storage, marketing, delivery, or transportation of U.S.-origin
diluents to Venezuela are authorized, provided that any contract for
such transactions with the Government of Venezuela, PdVSA, or PdVSA
Entities specify that the laws of the United States or any jurisdiction
within the United States govern the contract and that any dispute
resolution under the contract occur in the United States.
Note 1 to Paragraph (a). Transactions authorized by paragraph
(a) include processing of payments, arranging shipping and logistics
services, including chartering vessels, obtaining marine insurance
and protection and indemnity (P&I) coverage, and arranging port and
terminal services, including with port authorities or terminal
operators that are part of the Government of Venezuela.
(b) This general license does not authorize:
(1) Payment terms that are not commercially reasonable, involve
debt swaps or payments in gold, or are denominated in digital currency,
digital coin, or digital tokens issued by, for, or on behalf of the
Government of Venezuela, including the petro;
(2) Any transaction involving a person located in or organized
under the laws of the Islamic Republic of Iran, the Democratic People's
Republic of Korea, the Republic of Cuba, or any entity that is owned or
controlled, directly or indirectly, by or in a joint venture with such
persons;
(3) The unblocking of any property blocked pursuant to the VSR,
except as provided in paragraph (a); or
(4) Any transaction involving a blocked vessel.
(c) Any person that exports, reexports, sells, resells, or supplies
U.S.-origin diluents to Venezuela pursuant to this general license must
provide a detailed report to [email protected] and
[email protected] that identifies, for each of these transactions:
(1) The parties involved;
(2) The quantities and values; and
(3) The dates the transactions occurred.
(d) Reports described in paragraph (c) are due ten days after the
execution of the first of such transactions and every 90 days
thereafter while such transactions are ongoing.
Note to General License No. 47. Nothing in this general license
relieves any person from compliance with the requirements of other
Federal agencies, including the Department of Commerce's Bureau of
Industry and Security.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: February 3, 2026.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 48
Authorizing the Supply of Certain Items and Services to Venezuela
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by the Venezuela Sanctions Regulations, 31
CFR part 591 (the VSR), including those involving the Government of
Venezuela, Petr[oacute]leos de Venezuela, S.A. (PdVSA), or any entity
in which PdVSA owns, directly or indirectly, a 50 percent or greater
interest (collectively, ``PdVSA Entities''), that are ordinarily
incident and necessary to the provision from the United States or by a
U.S. person of goods, technology, software, or services for the
exploration, development, or production of oil or gas in Venezuela are
authorized, provided that:
(1) Any contract for such transactions with the Government of
Venezuela, PdVSA, or PdVSA Entities specify that the laws of the United
States or any jurisdiction within the United States govern the contract
and that any dispute resolution under the contract occur in the United
States; and
(2) Any monetary payment to a blocked person, excluding payments
for local taxes, permits, or fees, is made into the Foreign Government
Deposit Funds, as specified in Executive Order 14373 of January 9,
2026, or any other account as instructed by the U.S. Department of the
Treasury.
Note 1 to Paragraph (a). Transactions authorized by paragraph
(a) include processing of payments, arranging shipping and logistics
services, including chartering vessels, obtaining marine insurance
and protection and indemnity (P&I) coverage, and arranging port and
terminal services, including with port authorities or terminal
operators that are part of the Government of Venezuela. Paragraph
(a) also authorizes transactions for the maintenance of oil or gas
operations in Venezuela, including the refurbishment or repair of
items used for oil or gas exploration, development, or production
activities.
Note 2 to Paragraph (a). See Venezuela General License No. 30B
for an authorization for transactions ordinarily incident and
necessary to operations or use of ports and airports in Venezuela.
(b) This general license does not authorize:
(1) Payment terms that are not commercially reasonable, involve
debt swaps or payments in gold, or are denominated in digital currency,
digital coin, or digital tokens issued by, for, or on behalf of the
Government of Venezuela, including the petro;
(2) Any transaction involving a person located in or organized
under the laws of the Russian Federation, the Islamic Republic of Iran,
the Democratic People's Republic of Korea, the Republic of Cuba, the
People's Republic of China, or any entity that is owned or controlled,
directly or indirectly, by or in a joint venture with such persons;
(3) The unblocking of any property blocked pursuant to the VSR;
[[Page 24718]]
(4) Any transaction involving a blocked vessel;
(5) The formation of new joint ventures or other entities in
Venezuela to explore or produce oil or gas; or
(6) Any transactions or dealings related to the exportation or
reexportation of diluents, directly or indirectly, to Venezuela.
(c) Any person that exports, reexports, sells, resells, or supplies
goods, technology, software, or services pursuant to this general
license must provide a detailed report to [email protected] and
[email protected] that identifies, for each of these transactions:
(1) The parties involved;
(2) The goods, technology, software, or services involved,
including quantities and values;
(3) The dates the transactions occurred; and
(4) Any taxes, fees, or other payments provided to the Government
of Venezuela.
(d) Reports described in paragraph (c) are due ten days after the
execution of the first of such transactions and every 90 days
thereafter while such transactions are ongoing.
Note to General License No. 48. Nothing in this general license
relieves any person from compliance with the requirements of other
Federal agencies, including the Department of Commerce's Bureau of
Industry and Security.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: February 10, 2026.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 49
Authorizing Negotiations of and Entry Into Contingent Contracts for
Certain Investment in Venezuela
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by the Venezuela Sanctions Regulations, 31
CFR part 591 (the VSR), including those involving the Government of
Venezuela, Petr[oacute]leos de Venezuela, S.A. (PdVSA), or any entity
in which PdVSA owns, directly or indirectly, a 50 percent or greater
interest, that are related to the negotiation of and entry into
contingent contracts for new investment in oil or gas sector operations
in Venezuela are authorized, provided that the performance of any such
contract is made expressly contingent upon separate authorization from
the Office of Foreign Assets Control (``contingent contracts'').
Note 1 to Paragraph (a). For purposes of this general license,
the term ``contingent contracts'' includes executory contracts,
executory pro forma invoices, agreements in principle, executory
offers capable of acceptance such as bids or proposals in response
to public tenders, binding memoranda of understanding, or any other
similar agreement.
Note 2 to Paragraph (a). Paragraph (a) authorizes negotiating
and entering into contingent contracts to engage in new oil or gas
exploration, development, or production activities in Venezuela,
expand existing operations in Venezuela, and to form new joint
ventures or other entities in Venezuela related to the foregoing
activities. Transactions authorized by paragraph (a) also include
prefatory steps for such activities, such as conducting commercial,
legal, technical, safety, and environmental due diligence and
assessments.
(b) This general license does not authorize:
(1) Any transaction involving a person located in the Russian
Federation, the Islamic Republic of Iran, the Democratic People's
Republic of Korea, the Republic of Cuba, the People's Republic of
China, or any entity that is owned or controlled by or in a joint
venture with such persons;
(2) The unblocking of any property blocked pursuant to the VSR; or
(3) Any transaction involving a blocked vessel.
Note to General License No. 49. Nothing in this general license
relieves any person from compliance with the requirements of other
Federal agencies, including the Department of Commerce's Bureau of
Industry and Security.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: February 13, 2026.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 50
Authorizing Transactions Related to Oil or Gas Sector Operations in
Venezuela of Certain Entities
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by the Venezuela Sanctions Regulations, 31
CFR part 591 (the VSR), including those involving the Government of
Venezuela, Petr[oacute]leos de Venezuela, S.A. (PdVSA), or any entity
in which PdVSA owns, directly or indirectly, a 50 percent or greater
interest (collectively, ``PdVSA Entities''), that are related to oil or
gas sector operations in Venezuela of the entities listed in the Annex
to this general license and their subsidiaries are authorized, provided
that:
(1) Any contract for such transactions with the Government of
Venezuela, PdVSA, or PdVSA Entities specify that the laws of the United
States or any jurisdiction within the United States govern the contract
and that any dispute resolution under the contract occur in the United
States; and
(2) Any monetary payment to a blocked person, excluding payments
for local taxes, permits, or fees, is made into the Foreign Government
Deposit Funds, as specified in Executive Order 14373 of January 9,
2026, or any other account as instructed by the U.S. Department of the
Treasury.
Note 1 to Paragraph (a)(2). Any payments of oil or gas taxes or
royalties to the Government of Venezuela, PdVSA, or any PdVSA Entity
must be paid into the Foreign Government Deposit Funds or any other
account as instructed by the U.S. Department of the Treasury.
(b) This general license does not authorize:
(1) Payment terms that are not commercially reasonable, involve
debt swaps or payments in gold, or are denominated in digital currency,
digital coin, or digital tokens issued by, for, or on behalf of the
Government of Venezuela, including the petro;
(2) Any transaction involving a person located in the Russian
Federation, the Islamic Republic of Iran, the Democratic People's
Republic of Korea, the Republic of Cuba, the People's Republic of
China, or any entity that is owned or controlled by or in a joint
venture with such persons;
(3) The unblocking of any property blocked pursuant to the VSR; or
(4) Any transaction involving a blocked vessel.
(c) Any person that engages in transactions pursuant to this
general license must provide a detailed report to
[email protected] and [email protected] that identifies:
(1) The parties involved;
(2) A description of the transactions, including, as relevant, the
quantities, values, and dates of the transactions; and
(3) Any taxes, fees, or other payments provided to the Government
of Venezuela.
(d) Reports described in paragraph (c) are due ten days after the
execution of the first of such transactions and every 90 days
thereafter while such transactions are ongoing.
Note to General License No. 50. Nothing in this general license
relieves any person from
[[Page 24719]]
compliance with the requirements of other Federal agencies,
including the Department of Commerce's Bureau of Industry and
Security.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: February 13, 2026.
Annex--Entities Described in Paragraph (a) of General License 50
List of Entities Described in Paragraph (a) of General License 50
as of February 13, 2026:
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Entity
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BP PLC
Chevron Corporation
Eni S.p.A.
Repsol S.A.
Shell PLC
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Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2026-09090 Filed 5-6-26; 8:45 am]
BILLING CODE 4810-AL-P