GL-51C

Summary

General License No. 51C authorizes established U.S. entities 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 where those transactions involve the Government of Venezuela, Minerven, or Minerven Entities. Authorized transactions include related due diligence, shipping and logistics, marine insurance, port and terminal services, and the processing or refining of such minerals. The license imposes specific conditions on contracts and monetary payments to blocked persons, and it contains a detailed list of prohibited activities and parties.

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 provided by paragraph (b))

Conditions

Contracts with the Government of Venezuela, Minerven, or Minerven Entities must require dispute resolution in the United States, United Kingdom, France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds per Executive Order 14373 or another account instructed by the U.S. Department of the Treasury. The license does not authorize: commercially unreasonable payment terms, debt swaps, in-kind payments, or payments in Venezuelan digital currency (including the petro); transactions involving persons from Russia, Iran, North Korea, or Cuba; transactions involving entities in Venezuela or the U.S. that are owned or controlled by Chinese persons; processing or refining in Russia, Iran, North Korea, Cuba, or China; unblocking of blocked property; transactions involving blocked vessels; or 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, pursuant to this general license must submit a detailed report to Sanctions_inbox@state.gov and ofac_intake@doi.gov identifying: (1) the parties involved; (2) supply chain due diligence documentation; (3) quantities, descriptions, and purchase prices of the minerals; (4) transaction dates; and (5) any taxes, fees, or other payments to the Government of Venezuela. Reports are due ten days after the first such transaction and every 30 days thereafter while transactions are ongoing.