GL-51B

Summary

This license authorizes established U.S. entities (organized on or before January 29, 2025) to engage in transactions ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin minerals, including gold, even when those transactions involve the Government of Venezuela, Minerven, or Minerven Entities. Authorized activities also include due diligence, shipping and logistics, chartering vessels, security services, marine insurance, port and terminal services, and the processing or refining of such minerals. Payments to blocked persons (other than local taxes, permits, or fees) must be directed to the Foreign Government Deposit Funds or another Treasury-designated account.

Authorized activities

• Exportation, reexportation, sale, resale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin minerals, including gold, by an established U.S. entity
• Commercial, legal, technical, safety, and environmental due diligence and assessments ordinarily incident to the authorized activity
• 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 port authorities or terminal operators that are part of the Government of Venezuela
• Processing or refining of Venezuelan-origin minerals (except as excluded in paragraph (b))

Conditions

Authorized only for 'established U.S. entities' organized on or before January 29, 2025. Contracts with the Government of Venezuela, Minerven, or Minerven Entities must be governed by U.S. law and require dispute resolution in the U.S., U.K., France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must go into the Foreign Government Deposit Funds per Executive Order 14373 or another Treasury-designated account. Not authorized: commercially unreasonable payment terms, debt swaps, in-kind payments, or digital currency payments; transactions involving persons from Russia, Iran, North Korea, Cuba, or entities owned/controlled by Chinese persons; processing or refining minerals in Russia, Iran, North Korea, Cuba, or China; unblocking blocked property; transactions involving blocked vessels; or in-country exploration, development, mining, extraction, processing, refining, or production in Venezuela, or formation of joint ventures in Venezuela.

Reporting requirement

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