GL-47A

Summary

General License 47A authorizes transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, marketing, delivery, or transportation of U.S.-origin diluents to Venezuela, including dealings with the Government of Venezuela, PdVSA, and PdVSA Entities. Contracts with those parties must be governed by U.S. law and must designate dispute resolution in the United States, United Kingdom, France, or Singapore. The license does not authorize certain payment arrangements, transactions involving Iran, North Korea, or Cuba, unblocking of blocked property, or transactions involving blocked vessels.

Authorized activities

• Exportation of U.S.-origin diluents to Venezuela
• Reexportation of U.S.-origin diluents to Venezuela
• Sale and resale of U.S.-origin diluents to Venezuela
• Supply and storage of U.S.-origin diluents to Venezuela
• Marketing of U.S.-origin diluents to Venezuela
• Delivery and transportation of U.S.-origin diluents to Venezuela
• Processing of payments related to diluent transactions
• 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 Government of Venezuela port authorities or terminal operators

Conditions

Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must (i) be construed under the laws of a U.S. state or jurisdiction and (ii) require dispute resolution in the United States, United Kingdom, France, or Singapore. Payment terms must be commercially reasonable and may not involve debt swaps, gold payments, or Venezuelan government-issued digital currency (including the petro). Transactions involving persons located in or organized under the laws of Iran, North Korea, or Cuba (or entities owned/controlled by or in joint venture with such persons) are prohibited. Transactions involving blocked vessels or the unblocking of blocked property (except as authorized in paragraph (a)) are also prohibited.

Reporting requirement

Any person that exports, reexports, sells, resells, or supplies U.S.-origin diluents to Venezuela under this license must submit a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying (1) the parties involved, (2) the quantities and values, and (3) the dates the transactions occurred. The initial report is due ten days after the first such transaction, with subsequent reports due every 90 days while transactions are ongoing.