Overview
- General License 46 permits established U.S. entities to conduct lifting, transport, sale, storage, marketing, delivery, and refining of Venezuelan-origin oil, including dealings with the Government of Venezuela and PdVSA.
- Eligibility is limited to entities organized in the United States on or before January 29, 2025, excluding non‑U.S. firms and newly formed U.S. companies.
- Payments owed to blocked persons must be deposited into the Foreign Government Deposit Funds under Executive Order 14373, with Secretary Marco Rubio confirming about $200 million is moving from Qatar to a U.S. Treasury blocked account.
- Exports to destinations outside the United States require detailed reports within 10 days of the first transaction and every 90 days thereafter, in addition to heightened recordkeeping and diligence obligations.
- The license bars upstream activity and prohibits non‑commercial payment terms, crypto or gold settlements, transactions tied to Russia, Iran, North Korea, Cuba, certain China-linked ownership, and any use of blocked vessels; OFAC may amend or revoke the authorization at any time.