VE-GL-46B

Summary

General License No. 46B authorizes all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), including those involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or PdVSA Entities, that are ordinarily incident and necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil, or of Venezuelan-origin petrochemical products for importation into the United States, by an established U.S. entity (an entity organized under the laws of the United States or any jurisdiction within the United States on or before January 29, 2025). Authorized transactions include arranging shipping and logistics services (including chartering vessels), obtaining marine insurance and P&I coverage, arranging port and terminal services, and commercially reasonable payments in the form of swaps of crude oil, diluents, or refined petroleum products. "Petrochemical products" includes fertilizer products and fertilizer precursor chemicals, including those listed in the license's Annex. It replaced General License No. 46A (February 10, 2026) and, effective June 10, 2026, was itself replaced and superseded in its entirety by General License No. 46C.

Authorized activities

• Lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil, or of Venezuelan-origin petrochemical products for importation into the United States, by an established U.S. entity
• Arranging shipping and logistics services for such transactions, including chartering vessels
• Obtaining marine insurance and protection and indemnity (P&I) coverage for such transactions
• Arranging port and terminal services for such transactions, including with port authorities or terminal operators that are part of the Government of Venezuela
• Commercially reasonable payments in the form of swaps of crude oil, diluents, or refined petroleum products

Conditions

Any contract for such transactions with the Government of Venezuela, PdVSA, or PdVSA Entities must specify that the laws of the United States or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract occur in the United States; and any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, must be made into the Foreign Government Deposit Funds, as specified in Executive Order 14373 of January 9, 2026, or any other account as instructed by the U.S. Department of the Treasury. The license does not authorize: (1) payment terms that are not commercially reasonable, involve debt swaps or payments in gold, or are denominated in digital currency, digital coin, or digital tokens issued by, for, or on behalf of the Government of Venezuela, including the petro; (2) any transaction involving a person located in or organized under the laws of the Russian Federation, Iran, North Korea, or Cuba, or any entity that is owned or controlled, directly or indirectly, by or in a joint venture with such persons; (3) any transaction involving an entity located in or organized under the laws of Venezuela or the United States that is owned or controlled, directly or indirectly, by or in a joint venture with a person located in or organized under the laws of the People's Republic of China; (4) the unblocking of any property blocked pursuant to the VSR; or (5) any transaction involving a blocked vessel. Nothing in the license relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce's Bureau of Industry and Security.

Reporting requirement

Any person that exports, reexports, sells, resells, or supplies Venezuelan-origin oil to countries other than the United States pursuant to this general license must provide a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying, for each transaction: (1) the parties involved; (2) the quantities, values, and countries of ultimate destination; (3) the dates the transactions occurred; and (4) any taxes, fees, or other payments provided to the Government of Venezuela. Reports are due ten days after the execution of the first such transaction and every 90 days thereafter while such transactions are ongoing.