GL 49A
GL 49A — Negotiation of Contingent Investment Contracts
Version history
- Mar 13, 2026Efectiva el 13-mar-2026, la GL 49A reemplaza y deja sin efecto en su totalidad a la GL 49 (13-feb-2026).
- Jul 24, 2026OFAC actualizó la FAQ 1239: antes de depositar en la cuenta de custodia del Tesoro (Foreign Government Deposit Funds, E.O. 14373) el depositante debe escribir a DepositorInquiries@state.gov y aportar el detalle de la operación —partes contratantes y filiales, descripción del contrato, fecha de venta, facturas y números de contrato, monto y moneda, y la licencia que la autoriza—. Los depósitos hechos sin ese paso previo pueden ser rechazados; una vez aceptado, el depositante recibe un correo de confirmación utilizable como constancia ante las demás partes del contrato.
Issued
Mar 13, 2026
Expiration
No expiration
Authorized entity
Inversores extranjeros y compañías estadounidenses
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
—
Signatory
Bradley T. Smith, Director, OFAC
Signed
Mar 13, 2026
Scope
Authorizes negotiation of contingent contracts in non-energy sectors with the express condition that performance requires separate OFAC authorization.
Authorized parties
Authorized activities
- ·Term sheets, MOUs, cartas de intención
- ·Due diligence pre-contractual
Prohibited activities
- ·Ejecución material del contrato sin licencia adicional
- ·Transferencia de fondos al gobierno VE
Conditions
- ·La ejecución de cualquier contrato queda expresamente condicionada a una autorización separada de OFAC («contratos contingentes»)
Excluded jurisdictions
VENE · ECONOMIST Analysis
- Fact
- GL 49A (13 de marzo de 2026) extiende el régimen de "negociar pero no ejecutar" a sectores adicionales más allá de energía (telco, minería, infraestructura, agro).
- Implication
- Habilita el corredor de M&A pre-sancionado: corporates internacionales pueden firmar term sheets condicionados con contrapartes VE. Cuando OFAC libere la ejecución, los firmantes tempranos tienen ventaja informativa de 12-18 meses.
- Indicator to monitor
- Anuncios de MOUs (sin closing) en sectores telco, minería, agroindustria. Volumen de roadshows VE en NY/Houston.
Official license textShow
General License No. 49A — Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela
(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 — that are related to the negotiation of and entry into contingent contracts for new investment in oil, gas, petrochemical products, or electricity sector operations in Venezuela are authorized, provided that performance of any such contract is made expressly contingent upon separate authorization from OFAC ("contingent contracts").
Note 1. "Contingent contracts" includes executory contracts, executory pro forma invoices, agreements in principle, executory offers (such as bids in response to public tenders), binding memoranda of understanding, or any similar agreement.
Note 2. Paragraph (a) authorizes negotiating/entering contingent contracts to engage in new exploration, development, or production, to expand existing operations, and to form new joint ventures; including prefatory steps such as commercial, legal, technical, safety, and environmental due diligence.
Note 3. "Petrochemical products" includes fertilizers and precursor chemicals listed in the Annex.
(b) This general license does not authorize: (1) any transaction involving Russia, Iran, North Korea, Cuba, China persons or a joint venture with such persons; (2) the unblocking of property blocked pursuant to the VSR; or (3) any transaction involving a blocked vessel.
(c) Effective March 13, 2026, General License No. 49 (February 13, 2026) is replaced and superseded in its entirety by this General License No. 49A.
Annex. Petrochemical/fertilizer chemicals with their HS codes (see official PDF).
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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