GL-62

Summary

{ "value": "General License No. 62 authorizes all transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are related to the negotiation of and entry into contingent contracts for new investment in Venezuela's telecommunications sector, including transactions involving the Government of Venezuela, CONATEL, and CANTV. Authorized activities include establishing new telecom service providers, expanding existing operations, forming new joint ventures, and conducting prefatory due diligence. Contract performance, however, remains expressly contingent on separate OFAC authorization. Telecommunications is broadly defined to include data, telephone, internet, radio, television, news wire feeds, and similar services regardless of transmission medium.", "quote": "all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), including those involving the Government of Venezuela, including but not limited to the Comisión Nacional de Telecomunicaciones (CONATEL) and the Compania Anonima Nacional Telefonos de Venezuela (CANTV), that are related to the negotiation of and entry into contingent contracts for new investment in the telecommunications sector of Venezuela are authorized, provided that the performance of any such contract is made expressly contingent upon separate authorization from the Office of Foreign Assets Control ("contingent contracts")." }

Authorized activities

• Negotiation of and entry into contingent contracts for new investment in the telecommunications sector of Venezuela
• Establishing new telecommunication service providers in Venezuela
• Expanding existing telecommunications operations in Venezuela
• Forming new joint ventures or other entities in Venezuela related to the foregoing activities
• Prefatory steps such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments
• Transactions involving the Government of Venezuela, including CONATEL and CANTV, related to the above

Conditions

Contract performance must be made expressly contingent upon separate OFAC authorization. The license does not authorize any transaction involving a person located in Russia, Iran, North Korea, Cuba, or China, or any entity owned, controlled by, or in a joint venture with such persons. The license also does not authorize the unblocking of any property blocked under the VSR. Compliance with other federal agency requirements (FCC, Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Services Sector, and Commerce/BIS) is still required.