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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 46B
Authorizing Certain Activities Involving Venezuelan-Origin Oil or Petrochemical Products
(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, Petróleos 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 lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil, or of Venezuelan-origin petrochemical products for importation into the United States, by an established U.S. entity are authorized, provided that:
(1) Any contract...
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[2-11-26 update - OFAC issued GL 46A to insert "excluding payments for local taxes, permits, or fees" in paragraph (a)(2), and see guidance at FAQ # 1237.
3-13-26 update - OFAC issued GL 46B to expand the GL to cover "Venezuelan-origin petrochemical products for importation into the United States".]
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*This is one of several Venezuelan energy sector-related GLs issued since the U.S. military operation resulting in the capture of Nicolás Maduro. See Venezuela General License 46A, Venezuela General License 47, Venezuela General License 48, Venezuela General License 49 and Venezuela General License 50.
1) This is the first Venezuela-related GL issued by the second Trump Administration. It follows the U.S....