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
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Previous / Next Documents
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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.
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