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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 54A
Authorizing the Supply of Certain Items and Services for Minerals Operations in 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, CVG Compania General de Mineria de Venezuela CA (Minerven), or any entity in which Minerven owns, directly or indirectly, a 50 percent or greater interest (collectively, “Minerven 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, mining, extraction, processing, refining, or production of minerals, including gold, in Venezuela are authorized, provided that:
(1) Any...
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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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Consolidated Comment on Venezuela General License 54 and Venezuela General License 55
Venezuela Venezuela General License 51A broadly authorizes transactions “ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin minerals, including gold”. This excludes “[e]xploration, development, mining, extraction, processing, refining, or production of minerals in Venezuela or the formation of joint ventures or other entities in Venezuela to engage in” such activities....