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, 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 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;
(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
*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 Venezuela General License 46 (oil trading) and Venezuela General License 47 (diluents). This GL authorizes “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,” subject to make of the same conditions and under a similar structure as the other two GLs. The interpretive note to paragraph (a), which serves as an implicit interpretation of the term “ordinarily incident and necessary to” in the context of the transactions authorized, helpfully confirms that this includes “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”.
2) A significant difference between this GL and the other two is that the “[a]ny transaction involving a person” carveout includes China.
3) Query: with respect to the reference to Venezuela GL 30B, when would reliance on that GL be needed for a transaction not otherwise authorized as ordinarily incident to a transaction covered in paragraph (a)?
4) See FAQ # 1237, concerning the scope of " local taxes, permits, or fees."