Venezuela Oil Deals Unlocked: New General Licenses Issued
Published Date: 5/7/2026
Rule
Summary
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!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
U.S. firms allowed to trade Venezuelan oil
Beginning January 29, 2026 (with updates on February 10 and March 13, 2026), OFAC authorizes certain transactions by an "established U.S. entity" to lift, export, sell, buy, transport, store, market, or refine Venezuelan-origin oil, provided contracts are governed by U.S. law and dispute resolution occurs in the United States, and monetary payments to blocked persons are made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026. An "established U.S. entity" must have been organized under U.S. law on or before January 29, 2025.
Mandatory transaction reporting to OFAC
If you export, reexport, sell, resell, or supply Venezuelan-origin oil to countries other than the United States under these licenses, you must file a detailed report to OFAC at [email protected] and [email protected] identifying parties, quantities, values, destination countries, transaction dates, and any taxes or payments to the Venezuelan government. These reports are due ten days after the first such transaction and then every 90 days while such transactions continue.
Payment and partner restrictions remain
The licenses do not allow non-commercially reasonable payment terms, debt swaps, payments in gold, or payments denominated in digital currency (including the petro), and they bar transactions involving persons organized under the laws of Russia, Iran, DPRK, Cuba, or entities owned/controlled by or in joint ventures with such persons, as well as certain Venezuela/US entities tied to the People's Republic of China. The licenses also do not authorize unblocking property or any transaction involving a blocked vessel.
Import authorization expanded to petrochemicals
Effective March 13, 2026, General License 46B expands authorized activities to include Venezuelan-origin petrochemical products for importation into the United States and lists covered chemicals (including many fertilizer products and related HS codes) in an annex. The same contract and payment conditions (U.S. law governing contracts; payments to Foreign Government Deposit Funds, excluding local taxes/fees) apply.
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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: 2026-09090, Publication of Venezuela Sanctions Regulations Web General Licenses 47, 48, 49, and 50
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.
Next: 2026-09094, Publication of Iranian Transactions and Sanctions Regulations Web General Licenses
The Treasury’s Office of Foreign Assets Control (OFAC) is officially publishing two special permissions called General Licenses S and T, which let certain transactions with blocked Iranian vessels and people happen safely and legally. These licenses were active from December 18, 2025, to January 18, 2026, helping businesses avoid penalties while handling specific cargo and safety tasks. If you’re involved in shipping or trade with Iran, these rules mattered for a short but important time.