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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 50C
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, 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 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 shall require that dispute resolution...
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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. Also added Note 2 to Paragraph (a) to clarify that a contract governing by U.S. law can “recognize that certain aspects of the underlying activity” may be governed by Venezuelan law.]
[8-27-26 update – GL amended (alongside all others with a governing law provision) to strike the requirement that “the terms of the contract be construed and interpreted in accordance with the laws of a state or other jurisdiction within the United States” and to remove the related interpretive note]
1) *This...