1244. How will OFAC assess specific license applications to perform any contingent contracts that are executed pursuant to Venezuela General License (GL) 49?

Specific license applications to perform any contingent contracts executed pursuant to GL 49 will be assessed on a case-by-case basis consistent with U.S. foreign policy and national security priorities. Recent Venezuela-related general licenses issued by OFAC have included various limitations in line with these U.S. priorities, which we encourage parties to consider during contract negotiations. Such restrictions have included prohibitions on transactions involving persons 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 owned or controlled by or in a joint venture with such persons; required that transactions are conducted on commercially reasonable terms; required that contracts specify U.S. jurisdiction for dispute resolution; and required that payment of royalties or other funds owed to blocked persons—excluding local taxes, permits, and fees—are made into the Foreign Government Deposit Funds or other accounts designated by Treasury.