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1247. Do non-U.S. persons face sanctions risk for engaging in transactions authorized by General Licenses (GL) 46B, 51A, and 52?
No, provided that non-U.S. persons comply with certain conditions outlined in GLs 46B, 51A, and 52, as described below. Subject to certain conditions, GLs 46B, 51A, and 52 authorize established U.S. entities to engage in certain transactions involving Petróleos de Venezuela, S.A. (PdVSA), as well as certain transactions that are ordinarily incident and necessary to, among other activities, the exportation, sale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin oil, petrochemical products, or minerals (including gold). Generally, non-U.S. persons do not risk exposure to U.S. sanctions for engaging in transactions authorized under GLs 46B, 51A, or 52 — such as transacting with PdVSA or importing Venezuelan-origin oil, petrochemical products, or minerals, into a third country — provided that:
• The non-U.S. entity was organized under the...
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1) OFAC’s guidance at FAQ # 7 states that “non-U.S. persons do not generally risk being sanctioned for engaging in or facilitating transactions for which a U.S. person would not require a specific license.” Meanwhile, Venezuela GLs Venezuela General License 46B, Venezuela General License 51 and Venezuela General License 52 each apply to transactions “by an established U.S. entity” (defined to mean “any entity organized under the laws of the United States or any jurisdiction within the United States on or before January 29, 2025.” Given that actually being an “established U.S. entity” within the meaning of the GL is effectively a condition for use of the GL, there appears to be no mechanism for applying the secondary sanctions related safe harbor at FAQ # 7 to transactions of non-U.S. persons that are...