VE-GL-47

Summary

General License No. 47 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 any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest (PdVSA Entities), that are ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, marketing, delivery, or transportation of U.S.-origin diluents to Venezuela. Authorized transactions include processing of payments, arranging shipping and logistics services (including chartering vessels), obtaining marine insurance and protection and indemnity (P&I) coverage, and arranging port and terminal services. The authorization is limited to U.S.-origin diluents. Effective June 10, 2026, it was replaced and superseded in its entirety by General License No. 47A.

Authorized activities

• Exportation, reexportation, sale, resale, supply, storage, marketing, delivery, or transportation of U.S.-origin diluents to Venezuela
• Processing of payments for such transactions
• 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

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. 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 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) the unblocking of any property blocked pursuant to the VSR, except as provided in paragraph (a); or (4) 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 U.S.-origin diluents to Venezuela 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 and values; and (3) the dates the transactions occurred. Reports are due ten days after the execution of the first such transaction and every 90 days thereafter while such transactions are ongoing.