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Venezuela General License No. 46
Treasury, Office of Foreign Assets Control · 2026-01-29
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DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 46
Authorizing Certain Activities Involving Venezuelan-Origin Oil
(a) Except as provided in paragraph (b) of this general license, 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 (collectively, “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, by an established U.S. entity are authorized,
provided that:
(1) Any contract for such transactions with the Government of Venezuela, PdVSA, or
PdVSA Entities 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
(2) Any monetary payment to a blocked person is 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.
Note 1 to Paragraph (a). For purposes of this general license, the term “established
U.S. entity” means any entity organized under the laws of the United States or any jurisdiction
within the United States on or before January 29, 2025.
Note 2 to Paragraph (a). Transactions authorized by paragraph (a) include arranging
shipping and logistics services, including chartering vessels, obtaining marine insurance and
protection and indemnity (P&I) coverage, and arranging port and terminal services, including
with port authorities or terminal operators that are part of the Government of Venezuela.
Paragraph (a) also authorizes commercially reasonable payments in the form of swaps of crude
oil, diluents, or refined petroleum products.
(b) This general 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;
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(2) Any transaction involving a person located in or organized under the laws of the
Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea,
the Republic of 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.
(c) 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 that identifies, for each of
these transactions:
(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.
(d) Reports described in paragraph (c) are due ten days after the execution of the first of
such transactions and every 90 days thereafter while such transactions are ongoing.
Note to General License No. 46. Nothing in this general license relieves any person
from compliance with the requirements of other Federal agencies, including the Department of
Commerce’s Bureau of Industry and Security.
Bradley T. Smith Date: 2026.01.29 16:35:49 -05'00'
__________________________
Digitally signed by Bradley T. Smith
Bradley T. Smith
Director
Office of Foreign Assets Control
Dated: January 29, 2026
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