GL 52
GL 52 — Specific Transactions Involving PDVSA
Issued
Mar 18, 2026
Expiration
No expiration
Authorized entity
PDVSA y subsidiarias mayoritarias
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
E.O. 13884, E.O. 13850, E.O. 14373 (9-ene-2026)
Signatory
Bradley T. Smith, Director, OFAC
Signed
Mar 18, 2026
Scope
Authorizes specific transactions with PDVSA and its majority-owned subsidiaries necessary for the execution of the GL 46B/50A regime: settlement of legacy accounts receivable, pre-2019 contract settlement, transfers between authorized accounts.
Authorized parties
Authorized activities
- ·Settlement de cuentas legacy
- ·Pagos de royalties y working interests pre-2019
Prohibited activities
- ·Transferencias de capital fresco sin autorización GL 46B
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, descripción con productos/cantidades/valores/fechas/destino, pagos al Gobierno de Venezuela).
VENE · ECONOMIST Analysis
- Fact
- GL 52 (18 de marzo de 2026) provee la plomería operativa que las GL 46B/50A necesitan: sin GL 52 no hay forma de cerrar contracts ni liquidar receivables atrapados desde 2019.
- Implication
- Hay un universo estimado en $3-5B de cuentas por cobrar de IOCs contra PDVSA del período 2017-2024 que ahora pueden liquidarse. Eso es liquidez que entra al sistema venezolano sin nuevo capex.
- Indicator to monitor
- Disclosures 10-Q de Chevron, Eni, Repsol con write-backs de provisiones VE. Volumen settlements registrados.
Official license textShow
General License No. 52 — Authorizing Certain Transactions Involving Petróleos de Venezuela, S.A.
(a) Except as provided in paragraph (c), all transactions prohibited by E.O. 13884 or E.O. 13850 involving PdVSA, or any entity in which PdVSA owns a 50 percent or greater interest ("PdVSA Entities"), by an established U.S. entity are authorized, provided that: (1) any contract specifies U.S. law governs and dispute resolution occurs in the U.S.; and (2) any payment to a blocked person (excluding local taxes, permits, or fees) is made into the Foreign Government Deposit Funds (E.O. 14373).
Note 1. "Established U.S. entity" means any entity organized under U.S. law on or before January 29, 2025.
(b) Except as provided in paragraph (c), all transactions involving the Government of Venezuela otherwise prohibited by E.O. 13884 that are necessary for the activities in paragraph (a) are authorized, with payments to blocked persons made into the Foreign Government Deposit Funds.
(c) This general license does not authorize: (1) transactions otherwise prohibited by the VSR, such as those prohibited by E.O. 13808 (bonds/debt of the GoV or PdVSA) or E.O. 13835 (sale, transfer, or pledging of equity in PdVSA); (2) settlement agreements or enforcement of liens/judgments/arbitral awards against blocked property; (3) any transaction involving an SDN-listed person (excluding PdVSA) or entities ≥50% owned by such persons (excluding PdVSA Entities); (4) non-commercially-reasonable terms, debt swaps, gold, or crypto/petro; (5) transactions involving Russia, Iran, North Korea, or Cuba persons or a joint venture with such persons; (6) China-controlled Venezuela/U.S. entities; (7) unblocking of VSR-blocked property; or (8) any transaction involving a blocked vessel.
(d) Reporting to Sanctions_inbox@state.gov and VZReporting@doe.gov for exports to countries other than the U.S. (e) Reports due ten days after the first transaction and every 90 days thereafter.
Bradley T. Smith — Director, OFAC. Dated: March 18, 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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