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Rule2026-11616

Publication of Venezuela Sanctions Regulations Web General Licenses 48A and 49A

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Published

June 10, 2026

Issuing agencies

Treasury DepartmentForeign Assets Control Office

Abstract

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 48A and 49A, which were previously made available on OFAC's website.

Full Text

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<title>Federal Register, Volume 91 Issue 111 (Wednesday, June 10, 2026)</title>
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[Federal Register Volume 91, Number 111 (Wednesday, June 10, 2026)]
[Rules and Regulations]
[Pages 35143-35146]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11616]

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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 591

Publication of Venezuela Sanctions Regulations Web General
Licenses 48A and 49A

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of web general licenses.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing two general licenses (GLs) issued pursuant
to the Venezuela Sanctions Regulations: GLs 48A and 49A, which were
previously made available on OFAC's website.

DATES: GL 49A was issued on March 13, 2026. See SUPPLEMENTARY
INFORMATION for additional relevant dates.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Regulatory Affairs, 202-622-4855; or <a href="https://ofac.treasury.gov/contact-ofac">https://ofac.treasury.gov/contact-ofac</a>.

SUPPLEMENTARY INFORMATION:

Electronic Availability

This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>.

Background

On March 13, 2026, OFAC issued GLs 48A and 49A to authorize certain
transactions otherwise prohibited by the Venezuela Sanctions
Regulations, 31 CFR part 591. GLs 48A and 49A replaced and superseded
GLs 48 and 49, respectively. These GLs were made available on OFAC's
website (<a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>) when they were issued. The text of
these GLs is provided below.

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations

31 CFR Part 591

GENERAL LICENSE NO. 48A

Authorizing the Supply of Certain Items and Services to Venezuela

(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, Petr[oacute]leos 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 provision from the United States or by a
U.S. person of goods, technology, software, or services for the
exploration, development, or production of oil, gas, or petrochemical
products in Venezuela, or for the generation, transmission, storage, or
distribution of electricity in Venezuela, 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, excluding payments
for local taxes, permits, or fees, 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). Transactions authorized by paragraph
(a) include processing of payments, 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 transactions for the maintenance of oil, gas,
petrochemical products, or electricity operations in Venezuela,
including the refurbishment or repair of items used for oil, gas, or
petrochemical products exploration, development, or production
activities, or for electricity generation, transmission, storage, or
distribution.

Note 2 to Paragraph (a). See Venezuela General License No. 30B
for an authorization for transactions ordinarily incident and
necessary to operations or use of ports and airports in Venezuela.

Note 3 to Paragraph (a). For purposes of this general license,
the term ``petrochemical products'' includes fertilizer products and
fertilizer precursor chemicals, including the chemicals listed in
the Annex of this general license.

(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;
(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, the
People's Republic of China, or any entity that is owned or controlled,
directly or indirectly, by or in a joint venture with such persons;
(3) The unblocking of any property blocked pursuant to the VSR;
(4) Any transaction involving a blocked vessel;
(5) The formation of new joint ventures or other entities in
Venezuela to explore or produce oil, gas, or petrochemical products or
to generate, transmit, store, or distribute electricity; or
(6) Any transactions or dealings related to the exportation or
reexportation of diluents, directly or indirectly, to Venezuela.
(c) Any person that exports, reexports, sells, resells, or supplies
goods, technology, software, or services pursuant to this general
license must provide a detailed report to <a href="/cdn-cgi/l/email-protection#7427151a17001d1b1a072b1d1a161b0c3407001500115a131b02"><span class="__cf_email__" data-cfemail="0556646b66716c6a6b765a6c6b676a7d4576716471602b626a73">[email&#160;protected]</span></a> and
<a href="/cdn-cgi/l/email-protection#491f131b2c39263b3d20272e092d262c672e263f"><span class="__cf_email__" data-cfemail="64323e3601140b16100d0a0324000b014a030b12">[email&#160;protected]</span></a> that identifies, for each of these transactions:
(1) The parties involved;

[[Page 35144]]

(2) The goods, technology, software, or services involved,
including quantities and values;
(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.
(e) Effective March 13, 2026, General License No. 48, dated
February 10, 2026, is replaced and superseded in its entirety by this
General License No. 48A.

Note to General License No. 48A. 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,

Director, Office of Foreign Assets Control.

Dated: March 13, 2026.

Annex to General License 48A

Chemicals that fall within the scope of the term ``petrochemical
products'' include the following:

------------------------------------------------------------------------
Chemical name HS code
------------------------------------------------------------------------
Sulfur.................................................. 2503000010
Sulfur.................................................. 2503000090
Phosphate Rock.......................................... 2510100000
Phosphate Rock.......................................... 2510200000
Sulfuric Acid........................................... 2807000000
Phosphoric Acid, fertilizer-grade, containing less than 2809200010
65 percent available...................................
Phosphoric Acid, other.................................. 2809200020
Anhydrous Ammonia....................................... 2814100000
Aqua Ammonia............................................ 2814200000
Potassium Nitrate....................................... 2834210000
Calcium Nitrate......................................... 2834291000
Potassium Phosphate..................................... 2835240000
Dicalcium Phosphates.................................... 2835250000
Other Phosphates of Calcium............................. 2835260000
Urea (Solid)............................................ 3102100000
Urea (Solid)............................................ 3102100010
Diesel Exhaust Fluid.................................... 3102100030
Other Urea.............................................. 3102100050
Ammonium Sulfate........................................ 3102210000
Other Nitrogen Fert..................................... 3102290000
Ammonium Nitrate........................................ 3102300000
Ammonia Nitrate......................................... 3102400000
Sodium Nitrate.......................................... 3102500000
Other Nitrogen Fert..................................... 3102600000
Mixtures of urea and ammonium nitrate in aqueous or 3102800000
ammoniacal solution....................................
Other Nitrogen Fert..................................... 3102900100
Concentrated Super...................................... 3103110000
Normal Super............................................ 3103190000
Other Phosphate Fert.................................... 3103900100
Potassium Muriate....................................... 3104200000
Potassium Muriate <=62% Oxide........................... 3104200010
Potassium Muriate >62% Oxide............................ 3104200050
Potassium Sulfate....................................... 3104300000
Other Potassium Fert.................................... 3104900100
Chemical Mixtures....................................... 3105100000
Chemical Mixtures....................................... 3105200000
Diammonium Phosphate.................................... 3105300000
Monoammonium Phosphate & Other.......................... 3105400000
Monoammonium Phosphate & Other.......................... 3105400010
Monoammonium Phosphate & Other.......................... 3105400050
Chemical Mixtures....................................... 3105510000
Chemical Mixtures....................................... 3105590000
Chemical Mixtures....................................... 3105600000
Potassium Sodium Nitrate................................ 3105900010
Other Mixtures.......................................... 3105900050
------------------------------------------------------------------------

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations

31 CFR Part 591

GENERAL LICENSE NO. 49A

Authorizing Negotiations of and Entry Into Contingent Contracts for
Certain Investment in Venezuela

Note 1 to Paragraph (a). For purposes of this general license,
the term ``contingent contracts'' includes executory contracts,
executory pro forma invoices, agreements in principle, executory
offers capable of

[[Page 35145]]

acceptance such as bids or proposals in response to public tenders,
binding memoranda of understanding, or any other similar agreement.

Note 2 to Paragraph (a). Paragraph (a) authorizes negotiating
and entering into contingent contracts to engage in new oil, gas, or
petrochemical products exploration, development, or production
activities in Venezuela, or new electricity generation,
transmission, storage, or distribution activities in Venezuela; to
expand existing operations in Venezuela; and to form new joint
ventures or other entities in Venezuela related to the foregoing
activities. Transactions authorized by paragraph (a) also include
prefatory steps for such activities, such as conducting commercial,
legal, technical, safety, and environmental due diligence and
assessments.

(b) This general license does not authorize:
(1) Any transaction involving a person located in the Russian
Federation, the Islamic Republic of Iran, the Democratic People's
Republic of Korea, the Republic of Cuba, the People's Republic of
China, or any entity that is owned or controlled by or in a joint
venture with such persons;
(2) The unblocking of any property blocked pursuant to the VSR; or
(3) Any transaction involving a blocked vessel.
(c) Effective March 13, 2026, General License No. 49, dated
February 13, 2026, is replaced and superseded in its entirety by this
General License No. 49A.

Note to General License No. 49A. 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,

Director, Office of Foreign Assets Control.

Dated: March 13, 2026.

Annex to General License 49A

Chemicals that fall within the scope of the term ``petrochemical
products'' include the following:

[[Page 35146]]

Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2026-11616 Filed 6-9-26; 8:45 am]
BILLING CODE 4810-AL-P

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