GL-49A
SupersededAuthorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela
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
This license authorizes all transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are related to the negotiation of and entry into contingent contracts for new investment in oil, gas, petrochemical products, or electricity sector operations in Venezuela, including transactions involving the Government of Venezuela, PdVSA, or PdVSA-majority-owned entities. The authorization covers negotiating and entering into contingent contracts for new exploration, development, production, electricity generation/transmission/storage/distribution, expanding existing operations, forming new joint ventures, and conducting due diligence. Any contract performance must be made expressly contingent upon separate OFAC authorization. The license supersedes General License No. 49 dated February 13, 2026.
Conditions
Contract performance must be made expressly contingent upon separate OFAC authorization. The license does not authorize: (1) any transaction involving a person located in Russia, Iran, North Korea, Cuba, China, or any entity owned/controlled by or in a joint venture with such persons; (2) the unblocking of any property blocked under the VSR; or (3) any transaction involving a blocked vessel. Compliance with other federal agencies (including Commerce/BIS) is still required.