GL-48C

Summary

General License No. 48C authorizes all transactions prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) 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, or production of oil, gas, or petrochemical products in Venezuela, or for the generation, transmission, storage, or distribution of electricity in Venezuela. The license covers dealings with the Government of Venezuela, PdVSA, and PdVSA Entities, subject to specific payment, dispute-resolution, and reporting conditions. It replaces and supersedes General License No. 48B in its entirety effective August 27, 2026.

Authorized activities

• Provision of goods, technology, software, or services for the exploration, development, or production of oil, gas, or petrochemical products in Venezuela
• Provision of goods, technology, software, or services for the generation, transmission, storage, or distribution of electricity in Venezuela
• Processing of payments ordinarily incident and necessary to the above
• 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
• Transactions for the maintenance of oil, gas, petrochemical products, or electricity operations in Venezuela
• Refurbishment or repair of items used for oil, gas, or petrochemical products exploration, development, or production activities, or for electricity generation, transmission, storage, or distribution
• Transactions involving the Government of Venezuela, PdVSA, or PdVSA Entities that are ordinarily incident and necessary to the above authorized purposes

Conditions

Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must require dispute resolution proceedings to occur in the United States, the 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 as specified in Executive Order 14373 of January 9, 2026, or any other account as instructed by the U.S. Department of the Treasury. Prohibited activities include: payment terms that are not commercially reasonable, involve debt swaps or payments in gold, or are denominated in digital currency/coin/tokens issued by or on behalf of the Government of Venezuela (including the petro); transactions involving persons located in or organized under the laws of Russia, Iran, North Korea, Cuba, or China, or entities owned/controlled by or in a joint venture with such persons; unblocking of any property blocked pursuant to the VSR; transactions involving a blocked vessel; formation of new joint ventures or other entities in Venezuela to explore or produce oil, gas, or petrochemical products or to generate, transmit, store, or distribute electricity; and any transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela.

Reporting requirement

Any person that exports, reexports, sells, resells, or supplies goods, technology, software, or services pursuant to this general license must provide a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying: (1) the parties involved; (2) the goods, technology, software, or services involved, including quantities and values; (3) the 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 execution of the first such transaction and every 90 days thereafter while such transactions are ongoing.