GL-52B

Summary

This general license authorizes all transactions prohibited by E.O. 13884 or E.O. 13850 involving PdVSA or PdVSA Entities by an established U.S. entity (organized under U.S. law on or before January 29, 2025), subject to specific conditions. It also authorizes transactions involving the Government of Venezuela that are necessary for those activities. Key conditions include requiring dispute resolution in specified jurisdictions and routing monetary payments to blocked persons into the Foreign Government Deposit Funds.

Authorized activities

• All transactions prohibited by E.O. 13884 or E.O. 13850 involving PdVSA or PdVSA Entities by an established U.S. entity
• All transactions involving the Government of Venezuela otherwise prohibited by E.O. 13884 that are necessary for the activities in paragraph (a)

Conditions

Contracts with PdVSA or PdVSA Entities must require dispute resolution proceedings to occur in the United States, the United Kingdom, France, or Singapore. Monetary payments to a blocked person (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds or another account instructed by Treasury. The license excludes: transactions otherwise prohibited by the VSR (e.g., E.O. 13808 bond-related, E.O. 13835 equity-transfer-related transactions); settlement agreements or enforcement of liens/judgments against blocked persons' property; transactions with SDN-listed persons (other than PdVSA/PdVSA Entities); non-commercially-reasonable payment terms, debt swaps, gold payments, or Venezuelan digital currency; transactions involving persons from Russia, Iran, North Korea, or Cuba; transactions involving entities owned/controlled by persons from China; unblocking of VSR-blocked property; and transactions involving blocked vessels.

Reporting requirement

Any person that exports, reexports, sells, resells, or supplies Venezuelan-origin oil or Venezuelan-origin petrochemical products to countries other than the United States must file a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying: the parties involved; a description of the transactions (products, quantities, values, dates, and countries of ultimate destination); and any taxes, fees, or other payments provided to the Government of Venezuela. Reports are due ten days after execution of the first such transaction and every 90 days thereafter while transactions are ongoing.