GL 46B
GL 46B — Expanded Venezuelan Oil and Petrochemical Trade
Version history
- Mar 13, 2026Efectiva el 13-mar-2026, la GL 46B reemplaza y deja sin efecto en su totalidad a la GL 46A (10-feb-2026).
Issued
Mar 13, 2026
Expiration
No expiration
Authorized entity
Compañías estadounidenses + filiales internacionales en sector energía VE
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
E.O. 14373 (9-ene-2026)
Signatory
Bradley T. Smith, Director, OFAC
Signed
Mar 13, 2026
Scope
Expanded version of GL 46 extending authorizations to activities involving Venezuelan-origin oil, petrochemical products, and supply of goods and services to the sector. Captures Repsol/Eni/M&P relationships without requiring specific licenses.
Authorized parties
Authorized activities
- ·Comercio de crudo venezolano
- ·Comercio de petroquímicos
- ·Suministro de bienes y servicios al upstream venezolano
Prohibited activities
- ·Pagos directos a personas SDN individuales no exceptuadas
Conditions
- ·El contrato debe regirse por la ley de EE.UU. y las disputas resolverse en EE.UU.
- ·Pagos a personas bloqueadas (salvo impuestos, permisos o tasas locales) al Foreign Government Deposit Funds (E.O. 14373)
Excluded jurisdictions
Reporting obligation
Reporte detallado a Sanctions_inbox@state.gov y VZReporting@doe.gov: dentro de 10 días tras la primera transacción y cada 90 días mientras continúen (partes, cantidades/valores/país de destino final, fechas y pagos al Gobierno de Venezuela).
VENE · ECONOMIST Analysis
- Fact
- GL 46B (13 de marzo de 2026) consolida el marco para todos los IOC presentes en Venezuela y resuelve la ambigüedad de las primeras semanas del régimen 2026.
- Implication
- Reduce el costo de compliance de operadores europeos y asiáticos que operaban bajo licencias específicas. Habilita un mercado secundario de cargamentos VE más fluido.
- Indicator to monitor
- Volumen mensual de exportaciones petroleras VE (target 1.0-1.2M bpd Q3 2026 vs ~700K bpd Q4 2025).
Official license textShow
General License No. 46B — Authorizing Certain Activities Involving Venezuelan-Origin Oil or Petrochemical Products
(a) Except as provided in paragraph (b), all transactions prohibited by the VSR — including those involving the Government of Venezuela, PdVSA, or any entity in which PdVSA owns a 50 percent or greater interest ("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 refining) or of Venezuelan-origin petrochemical products for importation into the United States, by an established U.S. entity, are authorized, provided that:
- Any contract specifies that U.S. law governs and that dispute resolution occurs in the United States; and
- Any monetary payment to a blocked person (excluding local taxes, permits, or fees) is made into the Foreign Government Deposit Funds (E.O. 14373 of January 9, 2026), or any other account as instructed by the U.S. Treasury.
Note 1. "Established U.S. entity" means any entity organized under U.S. law on or before January 29, 2025.
Note 2. Authorized transactions include arranging shipping and logistics (chartering vessels, marine insurance and P&I coverage, port and terminal services, including with Government of Venezuela port authorities). Paragraph (a) also authorizes commercially reasonable payments in the form of swaps of crude oil, diluents, or refined petroleum products.
Note 3. "Petrochemical products" includes fertilizer products and fertilizer precursor chemicals listed in the Annex.
(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/tokens including the petro; (2) any transaction involving Russia, Iran, North Korea, or Cuba persons or entities in a joint venture with such persons; (3) any transaction involving a Venezuela- or U.S.-organized entity owned/controlled by or in a joint venture with a person 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) Reporting to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying parties; quantities, values, and countries of ultimate destination; dates; and any payments to the Government of Venezuela. (d) Reports are due ten days after the first transaction and every 90 days thereafter.
(e) Effective March 13, 2026, General License No. 46A (February 10, 2026) is replaced and superseded in its entirety by this General License No. 46B.
Annex. Petrochemical/fertilizer chemicals with their HS codes (see official PDF for the full table).
Bradley T. Smith — Director, OFAC. Dated: March 13, 2026.
Official source
This summary does not constitute legal advice. The final determination of scope and applicability of any OFAC license requires consultation with qualified legal counsel and review of the official text published by the Office of Foreign Assets Control. VENE · ECONOMIST maintains this page as editorial reference for institutional investors.
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