Mr. Sanctions

Category: Venezuela

  • March 13, 2026: 3 Venezuela GLs, 2 FAQs updated

    New Venezuela General License (GL) versions: 46B:

    venezuela_gl46bDownload

    48A:

    venezuela_gl48aDownload

    and 49A:

    venezuela_gl49aDownload

    And the two updated Frequently Asked Questions (FAQs) – 1226:

    1226. Does “Venezuelan-origin oil” as referenced in Venezuela General License (GL) 46B, “Authorizing Certain Activities Involving Venezuelan-Origin Oil or Petrochemical Products,” include petroleum products? 

    Answer

    Yes. Consistent with the term “Venezuelan oil” as defined in section 5(a) of Executive Order 14245, “Imposing Tariffs on Countries Importing Venezuelan Oil,” the term “Venezuelan-origin oil” means crude oil or petroleum products extracted, refined, or exported from Venezuela, regardless of the nationality of the entity involved in the production or sale of such crude oil or petroleum products.

    As defined by the U.S. Energy Information Administration (EIA), petroleum products include unfinished oils, liquefied petroleum gases, pentanes plus, aviation gasoline, motor gasoline, naphtha-type jet fuel, kerosene-type jet fuel, kerosene, distillate fuel oil, residual fuel oil, petrochemical feedstocks, special naphthas, lubricants, waxes, petroleum coke, asphalt, road oil, still gas, and miscellaneous products obtained from the processing of crude oil (including lease condensate), natural gas, and other hydrocarbon compounds. In keeping with the EIA’s standard definition, petroleum products do not include natural gas, liquefied natural gas, biofuels, methanol, and other non-petroleum fuels.

    Accordingly, crude oil blends such as Merey 16 or bitumen blends, as well as petroleum products or byproducts, including gasoline, asphalt, flexicoke, and petroleum coke, are considered “Venezuelan-origin oil” for the purposes of GL 46B.

    Additionally, on March 13, 2026, OFAC expanded the scope of GL 46B‘s authorizations to include the purchase of Venezuelan-origin petrochemical products, including fertilizer and certain precursor chemicals identified in the Annex of the GL.

    Updated March 13, 2026

    Date Released

    February 6, 2026

    and 1227:

    1227. What activities does Venezuela General License (GL) 46B authorize?

    Answer

    GL 46B authorizes activities that are ordinarily incident and necessary to the lifting (which refers to the physical loading and removal of oil from a terminal, storage facility, or production site for delivery to a buyer), exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil and petrochemical products by an established U.S. entity, which may include:

    • engaging in commercial, legal, and technical discussions necessary to scope purchases of Venezuelan-origin oil, including with third-party legal, commercial, or due diligence consultants;
    • conducting safety, environmental, and other relevant inspections, including site surveys;
    • arranging logistics, security services, delivery points, and shipping preparation, including obtaining marine insurance and engaging with relevant port or maritime authorities of the Government of Venezuela (GOV) or their personnel;
    • conducting certain downstream activities, including the refining and resale of Venezuelan-origin oil;
    • coordinating payment structures, including payments in the form of swaps of oil, diluents, or refined petroleum products, among others;
    • making required repairs and maintenance to pipeline, storage, or port infrastructure necessary to effectuate the loading of vessels; or
    • the financing of related cargos or receivables.

    Notably, GL 46B does not authorize:

    • transactions that are not on commercially reasonable terms;
    • payment in gold or the use of debt swaps;
    • payments denominated in digital currency, digital coin, or digital tokens issued by, for, or on behalf of the Government of Venezuela, including the petro;
    • 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, or any entity that is owned or controlled by or in a joint venture with such persons;
    • transactions involving an entity located in or organized under the laws of Venezuela or the United States that is owned or controlled, directly or indirectly, by or in a joint venture with a person located in or organized under the laws of the People’s Republic of China;
    • the unblocking of any property blocked pursuant to the Venezuela Sanctions Regulations; or
    • any transaction involving a blocked vessel.

    For information on how an entity that is not an “established U.S. entities” (including non-U.S. entities) can be involved in transactions authorized by GL 46B, see FAQ 1230.

    Updated March 13, 2026

    Date Released

    February 6, 2026

    —

    , , ,

  • March 6, 2026: OFAC issues Venezuela Gold General License

    On Friday, OFAC issued Venezuela-related General License 51 (Authorizing Certain Activities Involving Venezuelan-Origin Gold):

    venezuela_gl51Download

    —

    , ,

  • March 5. 2026: OFAC issues new Russia-related General License, amends Veneuzuala FAQ

    On Thursday, OFAC issued Russia-releated General License 133 (Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India):

    russia_gl133Download

    and amended Venezuela-related Frequently-Asked Question 1238:

    1238. Would OFAC approve the resale of Venezuelan origin oil to Cuba?

    Answer

    In accordance with the United States’ support and solidarity for the Cuban people, OFAC would implement a favorable licensing policy toward specific license applications seeking authorization for the resale of Venezuelan-origin oil for use in Cuba. To qualify for this favorable licensing policy, the requested transactions would need to be consistent with the terms and conditions of Venezuela General License (GL) 46A, though applicants need not necessarily have an established U.S. entity and the limitations in GL 46A with respect to Cuba would not apply. This favorable licensing policy is directed towards transactions that support the Cuban people, including the Cuban private sector (e.g., exports for commercial and humanitarian use in Cuba). Consistent with applicable U.S. law and policy, transactions involving, or for the benefit, of any persons or entities associated with the Cuban military, intelligence services, or other government institutions, including entities listed on the U.S. State Department’s Cuba Restricted List, see 31 C.F.R. 515.209, as well as any Cuban-owned financial institutions, would not be covered by this favorable licensing policy (collectively, the “excluded parties”).

    Parties seeking a license under this policy must implement measures to ensure that no subsequent transactions related to the Venezuelan-origin oil involve or benefit, either directly or indirectly, the excluded parties. These measures should include provisions in sale or resale agreements prohibiting any direct or indirect participation by the excluded parties in any present or future transaction related to the Venezuelan-origin oil, as well as requirements that any present or future financial transactions involving the sale or resale of the Venezuelan-origin oil are routed through a financial institution based in the United States, or otherwise do not involve transactions routed through financial institutions associated with, or controlled by, the excluded parties.

    As a reminder, the U.S. Department of Commerce primarily regulates the export or reexport of U.S.-origin oil to Cuba, as well as all other items subject to the Export Administration Regulations (EAR, 15 C.F.R. parts 730-774). Treasury’s Cuban Assets Control Regulations generally authorize U.S. persons to engage in transactions ordinarily incident to the export of oil from the United States to Cuba, or the reexport of U.S.-origin oil from a third country to Cuba, where that export or reexport has been authorized by the Commerce Department. See 31 C.F.R. 515.533(a). This authorization applies to transactions covered by applicable Commerce Department license exceptions, including License Exception Support for the Cuban People (SCP), 15 CFR § 740.21, which authorizes exports and reexports of gas and other petroleum products to improve living conditions and support independent economic activity. In other words, U.S.-origin oil exports, as well as other gas and petroleum products covered by License Exception SCP, do not require separate OFAC authorizations. Exporters and reexporters are responsible for reviewing current Commerce Department guidance, see here, and ensuring that any transaction undertaken pursuant to License Exception SCP or any other license exception meet all applicable terms and conditions.

    See FAQ 1226 for the definition of “Venezuelan-origin oil,” which includes petroleum products.

    Date Updated: March 05, 2026

    Date Released

    February 25, 2026

    —

    , , , ,

  • March 5, 2026: The Designation Half of Thursday’s OFAC update

    Venezuela-related Designations Removals; Issuance of Amended Russia-related General License

    Delistings:

    The following deletions have been made to OFAC’s SDN List:

    OFAC Program: [VENEZUELA-EO13850] Executive Order 13850

    ARCTIC VOYAGER INCORPORATED (a.k.a. ARCTIC VOYAGER INC), Trust Company Complex, Ajeltake Road, Majuro, Ajeltake Island 96960, Marshall Islands; Organization Established Date 08 Nov 2024; Identification NumberIMO 0109600; Business Registration Number 128742 (Marshall Islands).

    ARCTIC VOYAGER INC (a.k.a. ARCTIC VOYAGER INCORPORATED), Trust Company Complex, Ajeltake Road, Majuro, Ajeltake Island 96960, Marshall Islands; Organization Established Date 08 Nov 2024; Identification NumberIMO 0109600; Business Registration Number 128742 (Marshall Islands).

    KIARA M (3E2278) Crude Oil Tanker Panama flag; Vessel Year of Build 2004; Vessel Registration Identification IMO 9285823; MMSI 352002348 (vessel) (Linked To: ARCTIC VOYAGER INCORPORATED).

    Amendments:

    Unrelated Administrative List Updates:

    OFAC Program: [DPRK2] Executive Order 13687

    KIM, Yong Bok

    • AKA: * Korean: 김영복
      • “KIM, Yongbok”
    • Korea, North
    • DOB 27 Jul 1957
    • nationality Korea, North
    • Gender Male
    • Secondary sanctions risk: North Korea Sanctions Regulations, sections 510.201 and 510.210
    • Transactions Prohibited For Persons Owned or Controlled By U.S. Financial Institutions: North Korea Sanctions Regulations section 510.214
    • Passport 654420047 (Korea, North)
    • Deputy Chief of the Korean People’s Army General Staff
    • Party Type: individual

    Supplemental Information: None available.

    List of Changes:

    • Field Name: alt. nationality
      • Deleted: Korea, North
    • Field Name: Title
      • Changed: President of Pyongyang University of Automation to: Deputy Chief of the Korean People’s Army General Staff

    OFAC Program: [RUSSIA-EO14024] Executive Order 14024

    SIBREGIONGAZ, AO

    • AKA: * SIBREGIONGAZ ZAO (Cyrillic: ЗАО СИБРЕГИОНГАЗ)
      • ZAKRYTOE AKTSIONERNOE OBSHCHESTVO SIBREGIONGAZ (Cyrillic: ЗАКРЫТОЕ АКЦИОНЕРНОЕ ОБЩЕСТВО СИБРЕГИОНГАЗ)
    • d. 82 ofis 104/ 4, Prospekt Krasny, Novosibirsk, Novosibirsk Region 630091, Russia
    • Secondary sanctions risk: See Section 11 of Executive Order 14024.
    • Organization Established Date 24 Jul 2003
    • Tax ID No. 5406258514 (Russia)
    • Registration Number 1035402498999 (Russia)
    • Party Type: entity

    Supplemental Information: None available.

    List of Changes:

    • Field Name: AKA
      • Changed: ZAKRYTOE AKTSIONERNOE OBSHCHESTVO (Cyrillic: ЗАКРЫТОЕ АКЦИОНЕРНОЕ ОБЩЕСТВО СИБРЕГИОНГАЗ) to: ZAKRYTOE AKTSIONERNOE OBSHCHESTVO SIBREGIONGAZ (Cyrillic: ЗАКРЫТОЕ АКЦИОНЕРНОЕ ОБЩЕСТВО СИБРЕГИОНГАЗ)

    —

    , ,

  • March 4, 2026: OFAC issues 6 new Venezuela FAQs

    FAQs 1239-1244:

    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.

    Released on Mar 04, 2026

    Venezuela Sanctions

    1243. What authorizations exist to develop oil or gas projects in Venezuela for companies that are not listed in Venezuela General License (GL) 50A (Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities)? 

    Entities not identified in the Annex to GL 50A can rely on other authorizations to support the development of oil or gas projects in Venezuela. For example, such companies can enter into contingent contracts for new investments in the Venezuela oil or gas sectors pursuant to GL 49 and submit a specific license application to OFAC to request additional authorization to perform any contingent contracts executed.

    Additionally, GL 48 authorizes, subject to certain restrictions, the provision of goods, technology, software, or services from the United States or by a U.S. person for the exploration, development, or production of oil or gas in Venezuela. Transactions authorized under GL 48 include activities in support of: (1) existing oil or gas operations in Venezuela, or (2) exploration or due diligence activities necessary to inform future joint ventures or other oil or gas developments, such as the importation of software to assist in conducting site surveys, data processing or modeling, or seismic or geologic studies, for example. For more information on what transactions are authorized and excluded by GL 48, see FAQ 1241.

    Taken together, GLs 48 and 49 authorize all transactions otherwise prohibited by the Venezuela Sanctions Regulations (VSR) by interested parties to conduct all necessary due diligence activities—including the importation of goods, services, or technologies consistent with U.S. export control law—to inform the negotiation of and entry into contingent contracts for new investment in the oil or gas sector of Venezuela.

    Alternatively, U.S. persons could also enter into contracts with entities identified in the Annex of GL 50A to support authorized activities in the Venezuelan oil or gas sectors. For more information on what transactions GL 50A authorizes, see FAQ 1242. 

    Released on Mar 04, 2026

    Venezuela Sanctions

    1242. What does Venezuela General License (GL) 50A authorize? 

    GL 50A authorizes, subject to its conditions and exclusions, transactions prohibited by the Venezuela Sanctions Regulations (VSR) that are related to oil or gas sector operations in Venezuela of the entities listed in the Annex to GL 50A and their subsidiaries. Transactions authorized by Venezuela GL 50A include:

    • the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of oil or gas from Venezuela, as well as the refining of such oil or gas;
    • the provision or receipt of goods, services, software, or technology related to oil or gas sector operations in Venezuela;
    • new investment in oil or gas sector operations in Venezuela, including expanding existing operations in Venezuela, engaging in new oil or gas exploration, production, or development activities in Venezuela, and forming new joint ventures or other entities in Venezuela related to the foregoing activities;
    • engaging in prefatory steps for any of the foregoing activities, such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments; and
    • the processing of payments related to any of the aforementioned activities.

    Additionally, U.S. persons may enter into contracts with entities identified in the Annex of GL 50A that are ordinarily incident and necessary to transactions authorized by GL 50A.

    Released on Mar 04, 2026

    Venezuela Sanctions

    1241. What does Venezuela General License (GL) 48 (Authorizing the Supply of Certain Items and Services to Venezuela) authorize? 

    GL 48 authorizes the provision of goods, technology, software, or services from the United States or by a U.S. person for the exploration, development, or production of oil or gas in Venezuela.

    Examples of authorized transactions under GL 48 include the provision of:

    • insurance services for oil and gas operations;
    • maintenance, refurbishment, or repair of items used for oil or gas exploration, development, or production activities;
    • spare or replacement parts required to maintain oil or gas production activities;
    • exploration and subsurface interpretation software;
    • well stimulation products such as fracturing fluids; or
    • the processing of payments from the Government of Venezuela (GOV) or other authorized blocked persons for the underlying transactions. However, any monetary payment to the GOV or Petróleos de Venezuela, S.A. (PdVSA) or its majority-owned subsidiaries (other than payments for local taxes, permits, or fees) must be deposited into the Foreign Government Deposit Funds established pursuant to Executive Order (E.O.) 14373, or another Treasury-instructed account. See FAQ 1237 for information on the payment of local taxes, permits, and fees to the GOV.

    GL 48 does not authorize the formation of new joint ventures or other corporate entities in Venezuela to explore or produce oil or gas, nor does it authorize any transaction related to a joint venture involving the Russian Federation or the People’s Republic of China, among other conditions. Please note that certain export activities authorized by GL 48 may require additional authorization from the Commerce Department’s Bureau of Industry and Security.

    Released on Mar 04, 2026

    Venezuela Sanctions

    1240. For purposes of Venezuela General License (GL) 47 (Authorizing the Sale of U.S.-Origin Diluents to Venezuela), how does OFAC define diluent? 

    For the purposes of GL 47, diluent means a light hydrocarbon liquid, such as natural gas condensate, naphtha, or light crude oil, that is added to heavy crude oil or bitumen to reduce its viscosity and density in order to transport, export, store, or process more easily.

    Released on Mar 04, 2026

    Venezuela Sanctions

    1239. Where can I find the account information to make authorized payments to the Foreign Government Deposit Funds, as specified in Executive Order 14373? 

    To obtain payment account information for payments to the Foreign Government Deposit Funds, as specified in Executive Order (E.O.) 14373, “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” and referenced in certain Venezuela General Licenses, please contact DepositorInquiries@state.gov. Please be prepared to provide all relevant transaction details, including the following, as appropriate:

    • Full legal names and addresses of corporate depositor and all contract parties (provide subsidiary information, as applicable);
    • Detailed description of the underlying contract or obligation, including the purpose and nature of the payment (include information on the type of product and amount purchased and/or sold);
    • Date of sale and copies of the corresponding invoice(s), contract number(s), and any relevant reference identifiers;
    • Total payment amount, currency, and proposed payment date;
    • Identification of the license authorizing the transaction;
    • Copies of any other transaction record(s) to validate the deposit; and
    • Primary point of contact for any follow-up questions, including name, title, telephone number, and email address.

    Released on Mar 04, 2026

    —

    , ,

  • February 26, 2025: OFAC publishes a new Venezuela FAQ

    The new magic number? 1238:

    VENEZUELA SANCTIONS

    1238. Would OFAC approve the resale of Venezuelan origin oil to Cuba?

    In accordance with the United States’ support and solidarity for the Cuban people, OFAC would implement a favorable licensing policy toward specific license applications seeking authorization for the resale of Venezuelan origin oil for use in Cuba. To qualify for this favorable licensing policy, the requested transactions would need to be consistent with the terms and conditions of Venezuela General License (GL) 46A, though applicants need not necessarily have an established U.S. entity and the limitations in GL 46A with respect to Cuba would not apply. This favorable licensing policy is directed towards transactions that support the Cuban people, including the Cuban private sector (e.g., exports for commercial and humanitarian use in Cuba). Consistent with applicable U.S. law and policy, transactions involving, or for the benefit, of any persons or entities associated with the Cuban military, intelligence services, or other government institutions, including entities listed on the U.S. State Department’s Cuba Restricted List, see 31 C.F.R. § 515.209, would not be covered by this favorable licensing policy.

    As a reminder, the U.S. Department of Commerce primarily regulates the export or reexport of U.S.-origin oil to Cuba, as well as all other items subject to the Export Administration Regulations (EAR, 15 C.F.R. parts 730-774). Treasury’s Cuban Assets Control Regulations generally authorize U.S. persons to engage in transactions ordinarily incident to the export of oil from the United States to Cuba, or the reexport of U.S.-origin oil from a third country to Cuba, where that export or reexport has been authorized by the Commerce Department. See 31 C.F.R. § 515.533(a). This authorization applies to transactions covered by applicable Commerce Department license exceptions, including License Exception Support for the Cuban People (SCP), 15 C.F.R. § 740.21, which authorizes exports and reexports of gas and other petroleum products to improve living conditions and support independent economic activity. In other words, U.S.-origin oil exports, as well as other gas and petroleum products covered by License Exception SCP, do not require separate OFAC authorizations. Exporters and reexporters are responsible for reviewing current Commerce Department guidance, see here, and ensuring that any transaction undertaken pursuant to License Exception SCP or any other license exception meet all applicable terms and conditions.

    See FAQ 1226 for the definition of “Venezuelan-origin oil,” which includes petroleum products.

    Date Released

    February 25, 2026

    —

    , ,

  • February 18, 2026: New Version of Venezuela-related General License 50

    On Wednesday, OFAC issued Venezuela-related General License 50A “Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities”:

    venezuela_gl50aDownload

    —

    , ,

  • February 18, 2026: Two new Venezuela-related FAQs

    Yesterday, OFAC published Venezuela-related Frequently Asked Question (FAQ) 1236:

    1236. How does Venezuela General License (GL) 30B differ from Venezuela GL 30A?

    On February 10, 2026 OFAC issued Venezuela GL 30B, “Authorizing Certain Transactions Necessary to Port and Airport Operations,” which removes the prohibition in GL 30A regarding transactions or activities related to the exportation or reexportation of diluents to Venezuela.  Transactions authorized by GL 30B continue to include payments that are ordinarily incident and necessary to operations or use of ports and airports in Venezuela, including transactions involving the Instituto Nacional de los Espacios Acuaticos (INEA) or its majority-owned subsidiaries.  GL 30B authorizes the payment of port fees and customs duties—including for activities authorized under Venezuela GLs 46A, 47, and 48.

    Date Released

    February 18, 2026

    and 1237:

    1237. Do Venezuela General Licenses (GLs) 46Aand 48 allow for the payments of certain local taxes, permits, and fees in support of authorized transactions involving Venezuela’s oil or gas sectors?

    Yes.  Consistent with other authorizations issued by OFAC pursuant to the Venezuela Sanctions Regulations (VSR), GLs 46A and 48authorize routine payments of local taxes, permits, and fees to the Government of Venezuela (GOV) or its instrumentalities.

    However, other payments, including royalties, fixed per-barrel production levies, or federal taxes to blocked persons, such as the GOV or Petróleos de Venezuela, S.A. (PdVSA), must be made into the Foreign Government Deposit Funds, as specified in Executive Order (E.O.) 14373, or any other account as instructed by the U.S. Department of the Treasury.

    Date Released

    February 18, 2026

    —

    , ,

  • February 13, 2026: Two more Venezuela General Licenses… and a Press Release from the State Department

    From the Recent Actions page:

    Issuance of Venezuela-related General Licenses

    The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 49, “Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela;” and Venezuela-related General License 50, “Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities.”

    GL 49:

    venezuela_gl49Download

    GL 50:

    venezuela_gl50Download

    And, in a related note, the State Department recapped all the recent relaxations in the sanctions program:

    Actions to Implement President Trump’s Vision for Venezuelan Oil

    MEDIA NOTE

    OFFICE OF THE SPOKESPERSON

    FEBRUARY 13, 2026

    The Trump Administration is rapidly implementing President Trump’s vision to reopen and develop Venezuela’s oil industry for the shared benefit of the American and Venezuelan people. Thanks to President Trump’s leadership, the United States has already issued several general licenses at record speed for oil and gas companies to make unprecedented investments in Venezuela’s energy infrastructure. 

    On January 29, Treasury’s Office of Foreign Asset Control (OFAC) issued Venezuela General License (GL) 46, which authorizes firms incorporated in the United States to market Venezuelan oil to buyers around the world, and largely in the United States. Payment must be made on commercially reasonable terms – in contrast to the heavily discounted prices for which the corrupt Maduro regime sold oil – and must be paid into an account in the United States established and with oversight by the Departments of State and Treasury. We will assure these funds are spent transparently and for the benefit of the Venezuelan people.

    • On February 3, OFAC issued Venezuela GL 47, which authorizes firms to sell U.S.-origin diluent – a product essential for oil production – to Venezuela. This action provides significant benefit both to the Venezuelan people and to the U.S. economy.
    • On February 10, OFAC issued Venezuela GL 48, which authorizes U.S. firms to provide goods, equipment, and services for the Venezuelan oil and gas industry. By utilizing this GL, U.S. firms will play a critical role in repairing and upgrading Venezuela’s oil and gas infrastructure for the benefit of the Venezuelan people.
    • On February 13, OFAC issued Venezuela GL 50, which authorizes certain firms in Venezuela to expand their operations, including pursing additional upstream oil and gas projects. On February 13, OFAC issued Venezuela GL 49, which authorizes oil and gas firms to negotiate and enter into contingent contracts with Venezuela to invest in upstream oil and gas projects. The Trump Administration will subsequently review for approval the proposed contracts to ensure they advance the interests of the American and Venezuelan people. These investments will lay the foundation for the modernization of the Venezuelan oil and gas industry, increase production, and shore up U.S. supply lines in our own hemisphere. 

    Venezuela holds tremendous economic potential, but years of instability, corruption, and economic mismanagement have limited the nation’s growth and prosperity. These general licenses invite American and other aligned companies to play a constructive role in supporting economic recovery and responsible investment. Additional authorizations may also be issued as necessary in furtherance of President Trump’s vision. The United States is committed to restoring Venezuela’s prosperity, safety, and security for the benefit of both the American and Venezuelan people. With renewed cooperation and sound economic stewardship, Venezuela can reemerge as a stable, prosperous partner whose citizens benefit from its vast natural wealth and strengthened ties with the United States.

    —

    , , , ,

  • February 10, 2026: OFAC amends 2 Venezuela-related General License, issues a new one

    Issuance of New and Amended Venezuela-related General Licenses

    The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela General License 48, “Authorizing the Supply of Certain Items and Services to Venezuela;” Venezuela General License 30B, “Authorizing Certain Transactions Necessary to Port and Airport Operations;” and Venezuela General License 46A, “Authorizing Certain Activities Involving Venezuelan-Origin Oil.”

    GL 30B:

    venezuela_gl30bDownload

    GL 46A:

    venezuela_gl46aDownload

    GL 48:

    venezuela_gl48Download

    —

    , ,