GL-51
SupersededAuthorizing Certain Activities Involving Venezuelan-Origin Gold
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Summary
General License No. 51 authorizes all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (VSR), including those involving the Government of Venezuela, CVG Compania General de Mineria de Venezuela CA (Minerven), or any entity in which Minerven owns, directly or indirectly, a 50 percent or greater interest (Minerven Entities), that are ordinarily incident and necessary to the exportation, sale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin gold for importation into the United States, the refining of such gold in the United States, and the resale or exportation of such gold from the United States, by an established U.S. entity (an entity organized under the laws of the United States or any jurisdiction within it on or before January 29, 2025). Authorized transactions include related commercial, legal, technical, safety, and environmental due diligence, arranging shipping and logistics services, including chartering vessels, arranging security services, obtaining marine insurance and protection and indemnity (P&I) coverage, and arranging port and terminal services.
Conditions
Any contract for such transactions with the Government of Venezuela, Minerven, or Minerven Entities must specify that the laws of the United States or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract occur in the United States, and any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, must be made into the Foreign Government Deposit Funds specified in E.O. 14373 of January 9, 2026, or any other account as instructed by the U.S. Department of the Treasury. The license does not authorize: (1) payment terms that are not commercially reasonable, involve debt swaps or in-kind payments, or are denominated in digital currency, digital coin, or digital tokens issued by, for, or on behalf of the Government of Venezuela, including the petro; (2) any transaction involving a person located in or organized under the laws of the Russian Federation, Iran, North Korea, or Cuba, or any entity owned or controlled, directly or indirectly, by or in a joint venture with such persons; (3) any transaction involving an entity located in or organized under the laws of Venezuela or the United States that is owned or controlled, directly or indirectly, by or in a joint venture with a person located in or organized under the laws of the People's Republic of China; (4) the unblocking of any property blocked pursuant to the VSR; (5) any transaction involving a blocked vessel; or (6) mining, exploration, production, or refining of gold in Venezuela, or the formation of joint ventures or other entities in Venezuela to engage in those activities. Nothing in it relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce's Bureau of Industry and Security.
Reporting requirement
Any person that exports, reexports, sells, resells, purchases, or supplies Venezuelan-origin gold pursuant to this general license must provide a detailed report to Sanctions_inbox@state.gov and ofac_intake@doi.gov identifying, for each transaction: (1) the parties involved; (2) documentation demonstrating supply chain due diligence plans to determine the chain of custody of the gold; (3) the quantities, descriptions, and purchase prices of the gold; (4) the dates the transactions occurred; and (5) 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 30 days thereafter while such transactions are ongoing.