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
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