GL 55
GL 55 — Contingent Contracts for Investment in Venezuela’s Minerals Sector
Issued
Mar 27, 2026
Expiration
No expiration
Authorized entity
Servicers del sector minero
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
—
Signatory
Bradley T. Smith, Director, OFAC
Signed
Mar 27, 2026
Scope
Complements GL 54 authorizing technical services, heavy equipment, and environmental consulting to the Venezuelan mining sector.
Authorized parties
Authorized activities
- ·Suministro de equipos mineros
- ·Consultoría geológica y ambiental
- ·Logística minera
Conditions
- ·La ejecución de cualquier contrato queda expresamente condicionada a una autorización separada de OFAC («contratos contingentes»)
Excluded jurisdictions
VENE · ECONOMIST Analysis
- Fact
- GL 55 (27 de marzo de 2026) cierra el círculo de servicers mineros (Caterpillar, SRK, Komatsu) similar a lo que GL 47 hizo en energía.
- Implication
- La cadena de suministro minera VE puede modernizarse después de 7 años de operación con equipo amortizado. Productividad ascendente esperada en 12-24 meses.
- Indicator to monitor
- Anuncios de contratos servicers mineros en VE. Imports de maquinaria pesada por puerto de Puerto Ordaz.
Official license textShow
General License No. 55 — Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela's Minerals Sector
(a) Except as provided in paragraph (b), all transactions prohibited by the VSR — including those involving the Government of Venezuela, Minerven, or any entity in which Minerven owns a 50 percent or greater interest — that are related to the negotiation of and entry into contingent contracts for new investment in the minerals sector of Venezuela, including the gold sector, 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 for new exploration, development, mining, extraction, processing, refining, or production in Venezuela's minerals sector, to expand existing operations, and to form new joint ventures; including prefatory steps such as commercial, legal, technical, safety, and environmental due diligence.
(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.
Bradley T. Smith — Director, OFAC. Dated: March 27, 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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