GL-51B

Summary

General License No. 51B authorizes established U.S. entities to engage in 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, purchase, delivery, or transportation of Venezuelan-origin minerals, including gold. The license covers dealings with the Government of Venezuela, Minerven, and Minerven Entities. Authorized transactions include due diligence, shipping and logistics, marine insurance, port services, and processing or refining of such minerals. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must be directed to the Foreign Government Deposit Funds or another Treasury-designated account.

Authorized activities

• Exportation of Venezuelan-origin minerals, including gold
• Reexportation of Venezuelan-origin minerals, including gold
• Sale and resale of Venezuelan-origin minerals, including gold
• Supply and storage of Venezuelan-origin minerals, including gold
• Purchase, delivery, and transportation of Venezuelan-origin minerals, including gold
• Commercial, legal, technical, safety, and environmental due diligence and assessments
• Arranging shipping and logistics services, including chartering vessels
• Arranging security services
• 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
• Processing or refining of Venezuelan-origin minerals, including gold (subject to exclusions)

Conditions

Only 'established U.S. entities' (organized under U.S. law on or before January 29, 2025) may use this license. Contracts with the Government of Venezuela, Minerven, or Minerven Entities must be governed by U.S. state or jurisdictional law and must require dispute resolution in the U.S., UK, France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must go to the Foreign Government Deposit Funds or Treasury-designated account. Prohibited are: commercially unreasonable payment terms, debt swaps, in-kind payments, Venezuelan digital currency (including petro); transactions involving persons from Russia, Iran, North Korea, Cuba, or entities owned/controlled by such persons; transactions involving Venezuela- or U.S.-organized entities owned/controlled by Chinese persons; processing or refining in Russia, Iran, North Korea, Cuba, or China; unblocking blocked property; transactions involving blocked vessels; and exploration, development, mining, extraction, processing, refining, or production of minerals in Venezuela or formation of joint ventures in Venezuela for such activities.

Reporting requirement

Any person that exports, reexports, sells, resells, purchases, or supplies Venezuelan-origin minerals, including gold, under this license must submit a detailed report to Sanctions_inbox@state.gov and ofac_intake@doi.gov. The report must identify: the parties involved; supply chain due diligence documentation showing chain of custody; quantities, descriptions, and purchase prices; transaction dates; and any taxes, fees, or other payments provided to the Government of Venezuela. The first report is due ten days after the execution of the first such transaction, and subsequent reports are due every 30 days thereafter while transactions are ongoing.