GL-46E
ActiveAuthorizing Certain Activities Involving Venezuelan-Origin Oil or Petrochemical Products
Machine-extracted. The summary, conditions, and reporting fields on this page were extracted by AI from the official document. Rely on the official OFAC General License, not this page.
Summary
General License 46E authorizes established U.S. entities to engage in all transactions ordinarily incident and necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil (including refining) and Venezuelan-origin petrochemical products for importation into the United States, even where those transactions involve the Government of Venezuela, PdVSA, or PdVSA Entities. The license also covers associated shipping, logistics, marine insurance, port and terminal services, and commercially reasonable swap payments. Petrochemical products include fertilizer products and fertilizer precursor chemicals listed in the Annex.
Conditions
The license applies only to 'established U.S. entities' (organized under U.S. law on or before January 29, 2025). Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must require dispute resolution in the United States, United Kingdom, France, or Singapore. Any monetary payment to a blocked person (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds per Executive Order 14373 or another Treasury-designated account. The license does not authorize: (1) payment terms that are not commercially reasonable, involve debt swaps or gold payments, or are denominated in Venezuelan digital currency (including the petro); (2) transactions involving persons in or organized under the laws of Russia, Iran, North Korea, or Cuba, or entities owned/controlled by or in joint ventures with such persons; (3) transactions involving Venezuela- or U.S.-organized entities owned/controlled by or in joint ventures with Chinese persons; (4) unblocking of property blocked under the VSR; or (5) 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 submit a detailed 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.
Read the official OFAC General License ↗
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