GL-56
ActiveAuthorizing Commercial-Related Negotiations of Contingent Contracts with the Government of Venezuela
Machine-extracted. The summary, conditions, and reporting fields on this page were extracted by AI from the official document. Rely on the official OFAC General License, not this page.
Summary
This license authorizes all transactions prohibited by E.O. 13884 that are ordinarily incident and necessary to engaging in commercial-related negotiations of contingent contracts with the Government of Venezuela. The entry into and performance of any such contract must be made expressly contingent upon separate OFAC authorization. Contingent contracts include executory contracts, pro forma invoices, agreements in principle, bids or proposals, binding memoranda of understanding, and similar agreements.
Conditions
The license does not authorize: (1) transactions prohibited by VSR/E.O. 13808 related to bonds and debt of the Government of Venezuela or PdVSA, or E.O. 13835 transactions related to equity interests in PdVSA; (2) payment terms that are not commercially reasonable, involve debt swaps, gold payments, or Venezuelan-issued digital currencies including the petro; (3) entry into settlement agreements or enforcement of liens/judgments/arbitral awards affecting blocked property; (4) any transaction involving persons in Russia, Iran, North Korea, or Cuba or entities they own/control/joint-venture with; (5) any transaction involving entities in Venezuela or the U.S. owned/controlled by or in joint venture with persons organized under laws of the People's Republic of China; (6) any transaction involving SDN-listed individuals/entities or entities 50%+ owned by SDN-listed persons; (7) the unblocking of any property blocked under 31 CFR Chapter V.