GL-46C

Summary

This license authorizes established U.S. entities to engage in transactions ordinarily incident and necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, transportation, and refining of Venezuelan-origin oil, or of Venezuelan-origin petrochemical products, for importation into the United States, including dealings with the Government of Venezuela, PdVSA, and PdVSA Entities. Authorized transactions include arranging shipping and logistics services, chartering vessels, obtaining marine insurance and P&I coverage, arranging port and terminal services, and commercially reasonable payments in the form of swaps of crude oil, diluents, or refined petroleum products. The term 'petrochemical products' is defined to include fertilizer products and fertilizer precursor chemicals listed in the Annex.

Authorized activities

• Lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including refining
• Importation of Venezuelan-origin petrochemical products into the United States
• Arranging shipping and logistics services, including chartering vessels
• Obtaining marine insurance and protection and indemnity (P&I) coverage
• Arranging port and terminal services, including with port authorities or terminal operators that are part of the Government of Venezuela
• Commercially reasonable payments in the form of swaps of crude oil, diluents, or refined petroleum products

Conditions

Only 'established U.S. entities' (organized under U.S. laws on or before January 29, 2025) may use this license. Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must be governed by U.S. law and require dispute resolution in the U.S., U.K., France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds per Executive Order 14373 or another account instructed by Treasury. The license does not authorize: non-commercially reasonable payment terms, debt swaps, gold payments, or payments in Venezuelan digital currency (including the petro); transactions involving persons from Russia, Iran, North Korea, or Cuba; transactions involving Venezuela- or U.S.-organized entities owned/controlled by or in a joint venture with Chinese persons; unblocking of property blocked under the VSR; or transactions involving a blocked vessel.

Reporting requirement

Any person that exports, reexports, sells, resells, or supplies Venezuelan-origin oil to countries other than the United States under this license must report to Sanctions_inbox@state.gov and VZReporting@doe.gov, identifying: (1) the parties involved; (2) quantities, values, and countries of ultimate destination; (3) dates the transactions occurred; and (4) any taxes, fees, or other payments provided to the Government of Venezuela. Reports are due ten days after the first such transaction and every 90 days thereafter while transactions are ongoing.