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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 47A
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, 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 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 shall require that (i) the terms of the contract be construed and interpreted in accordance...
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[6-10-26 update – GL 46C, 47A, 48B, 50B, 51B, 52A, and 54A issued to amend the “governing law and dispute resolution” provision to specify the governing law can be state or other jurisdiction within the United States and that dispute resolution may occur in the UK, France or Singapore. See FAQ # 1260]
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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) Compare/contrast Venezuela General License 46 (a “sister” GL modeled in a similar fashion). The GLs are modeled in...