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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 52B
Authorizing Certain Transactions Involving Petróleos de Venezuela, S.A.
(a) Except as provided in paragraph (c) of this general license, all transactions prohibited by Executive Order (E.O.) 13884 or E.O. 13850 involving 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”), by an established U.S. entity are authorized, provided that:
(1) Any contract for such transactions with PdVSA or PdVSA Entities shall require that dispute resolution proceedings relating to the contract occur in the United States, the United Kingdom, France, or Singapore; and
(2) Any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, is made into...
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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]
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