Four New Licenses Ease Venezuela Trade Restrictions Slightly
Published Date: 5/7/2026
Rule
Summary
The U.S. Treasury just made official four special permissions (called General Licenses 47-50) that let certain business deals with Venezuela happen, even though there are sanctions. These changes mainly affect companies dealing with Venezuelan oil and related products, allowing some sales and transactions that were previously blocked. The licenses started in early February 2026 and could impact money flow by opening up specific trade opportunities under clear U.S. rules.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Transactions Approved for Named Oil Firms
General License 50 (issued February 13, 2026) authorizes transactions related to oil or gas sector operations in Venezuela by the entities listed in the Annex (BP PLC; Chevron Corporation; Eni S.p.A.; Repsol S.A.; Shell PLC) and their subsidiaries, provided contracts specify U.S. law and monetary payments to blocked persons (excluding local taxes/fees) are made into the Foreign Government Deposit Funds. Reports are due ten days after the first transaction and every 90 days while ongoing.
Sale of U.S.-Origin Diluents Authorized
General License 47 (issued February 3, 2026) allows transactions ordinarily incident and necessary to export, reexport, sell, supply, transport, or deliver U.S.-origin diluents to Venezuela, provided contracts specify U.S. law and dispute resolution in the United States. The license bars non‑commercial payment terms (including debt swaps, payments in gold, or payments in digital currency) and requires detailed reports to OFAC ten days after the first transaction and every 90 days while transactions continue.
Supply of Oil/Gas Goods and Services Allowed
General License 48 (issued February 10, 2026) authorizes U.S. persons to provide goods, technology, software, or services from the United States for exploration, development, or production of oil or gas in Venezuela, if contracts specify U.S. law and monetary payments to blocked persons (except local taxes/fees) are made into the Foreign Government Deposit Funds as directed by the Treasury. Reports to OFAC are due ten days after the first transaction and every 90 days while ongoing.
Payment Methods and Reporting Conditions
Across GLs 47, 48, and 50 the licenses prohibit non‑commercial payment terms (including debt swaps, payments in gold, or payments in digital currency), bar transactions with persons in certain foreign jurisdictions, require certain payments to be made into the Foreign Government Deposit Funds (Executive Order 14373 of January 9, 2026), and require detailed OFAC reports ten days after the first transaction and every 90 days thereafter while transactions continue.
Contingent Investment Contracts Permitted
General License 49 (issued February 13, 2026) authorizes negotiating and entering into contingent contracts for new oil or gas investment in Venezuela — such as bids, memoranda of understanding, and due diligence — provided actual performance of those contracts remains expressly contingent on separate OFAC authorization.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-16573, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
2026-16153, Notice of OFAC Sanctions Actions
The U.S. Treasury’s OFAC updated its sanctions list by unblocking one company and two aircraft, meaning their U.S. assets are now free to use. Meanwhile, they updated info on a person from Iraq who remains blocked, keeping their assets frozen. These changes took effect on August 5, 2026, impacting who can access money or property under U.S. rules.
2026-15996, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
2026-15849, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons and vessels that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. The vessels placed on the SDN List have been identified as property in which a blocked person has an interest.
2026-15785, Notice of OFAC Sanctions Action
On July 30, 2026, OFAC lifted sanctions on Cagri Duransoy, unblocking his property and allowing normal dealings again. At the same time, OFAC added new people, like Xin Tang from China, to the sanctions list, freezing their U.S.-based assets and banning U.S. folks from doing business with them. These moves shake up who can and can’t access money or property under U.S. rules, effective immediately.
2026-15356, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Previous / Next Documents
Previous: 2026-09088, Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 55E, 115C, 13P, and 131C
The Treasury Department just made official four special permissions (called general licenses) that let certain business activities with Russia continue, even though most are banned. These licenses cover things like shipping Russian oil from the Sakhalin-2 project and other specific transactions, with some expiring as soon as April or June 2026. If you’re involved in these areas, keep an eye on the deadlines to avoid losing access or facing penalties.
Next: 2026-09092, Publication of Venezuela Sanctions Regulations Web General Licenses 46, 46A, and 46B
The Treasury Department just made official three special permissions (General Licenses 46, 46A, and 46B) that let U.S. companies do certain business with Venezuelan oil, even though sanctions are in place. These licenses let folks handle buying, selling, and moving Venezuelan oil under clear U.S. rules, with updates rolling out from January to March 2026. If you’re in the oil biz, this means new chances to work with Venezuela while following U.S. laws—so keep an eye on deadlines and contract details!