Treasury Green-Lights More Venezuela Oil Deals Under New Licenses
Published Date: 6/10/2026
Rule
Summary
The U.S. Treasury just made official two updated licenses (48A and 49A) that let certain U.S. businesses provide goods and services related to Venezuela’s oil, gas, and electricity sectors, even though sanctions are in place. These changes help companies work with Venezuela’s government and its oil giant PdVSA under clear rules, starting from March 13, 2026. If you’re involved in these industries, this means new opportunities with some important contract and payment rules to follow.
Analyzed Economic Effects
9 provisions identified: 2 benefits, 7 costs, 0 mixed.
U.S. persons may supply energy sector items
Starting March 13, 2026, U.S. persons are authorized under General License 48A to provide goods, technology, software, or services ordinarily incident and necessary for oil, gas, petrochemical, or electricity exploration, development, production, generation, transmission, storage, or distribution in Venezuela, including transactions involving the Government of Venezuela and PdVSA or entities 50%+ owned by PdVSA. This authorization replaces General License 48.
Payments to blocked persons must go to deposit fund
GL 48A requires that any monetary payment to a blocked person (other than local taxes, permits, or fees) be made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026, or to an account as instructed by the U.S. Department of the Treasury. This is a mandatory payment routing rule for authorized transactions.
Prohibited payment terms and media
GL 48A forbids payment terms that are not commercially reasonable, involve debt swaps, or are denominated in gold, digital currency, digital coin, or digital tokens issued by or on behalf of the Government of Venezuela (including the petro). These payment forms are not authorized by the license.
Transactions with certain foreign persons are barred
Both GLs 48A and 49A prohibit transactions involving persons located in or organized under the laws of the Russian Federation, Iran, North Korea, Cuba, or the People’s Republic of China, and any entity owned, controlled by, or in a joint venture with such persons. Those counterparties cannot be part of authorized activities.
Diluents export/reexport to Venezuela still prohibited
GL 48A explicitly does not authorize any transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela. Exporters of diluents remain barred from such transactions under the VSR.
GL 48A forbids forming new joint ventures
GL 48A does not authorize the formation of new joint ventures or other entities in Venezuela to explore or produce oil, gas, petrochemical products, or to generate, transmit, store, or distribute electricity. New entity formation remains blocked under this license.
GL 49A allows contingent contract negotiations
Effective March 13, 2026, GL 49A authorizes negotiating and entering into contingent contracts (e.g., bids, proposals, memoranda of understanding, offers) for new investment in oil, gas, petrochemical, or electricity operations in Venezuela, including forming new joint ventures, provided actual performance of those contracts is expressly contingent on separate OFAC authorization.
Must use U.S. law and U.S. dispute venue
To use GL 48A, any contract with the Government of Venezuela, PdVSA, or PdVSA entities must state that U.S. law governs the contract and that any dispute resolution will occur in the United States. This is a required condition for the authorization in GL 48A.
Reporting: transaction details due quickly and often
Companies using GL 48A must send a detailed report to OFAC at [email protected] and [email protected] identifying parties, goods/ services (with quantities and values), transaction dates, and taxes/fees. Reports are due 10 days after the first such transaction and then every 90 days while transactions continue.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-11592 — Publication of Cyber-Related Sanctions Regulations Web General License 2
The Treasury’s Office of Foreign Assets Control (OFAC) officially published General License 2, which lets certain water treatment and distribution transactions with Anco Water Supply Co. Ltd. happen, even though sanctions usually block them. This change helps companies involved in drinking water services keep things flowing smoothly without breaking the rules. The license took effect on April 23, 2026, so affected businesses should act now to stay compliant and avoid penalties.
2026-11601 — Publication of International Criminal Court-Related Sanctions Regulations Web General License 11
The Treasury’s Office of Foreign Assets Control (OFAC) published General License 11, which lets certain people wrap up business with specific blocked individuals linked to the International Criminal Court sanctions. This special permission was active from December 18, 2025, until January 17, 2026, and required payments to be held in blocked U.S. accounts. If you dealt with Gocha Lordkipanidze, Erdenebalsuren Damdin, or their companies, this was your green light to finish up safely and legally.
2026-11614 — Publication of Iran-Related Web General Licenses U and V
The Treasury’s Office of Foreign Assets Control (OFAC) published two special Iran-related licenses called GL U and GL V. These licenses let certain transactions happen that are usually banned under U.S. sanctions, but both had set expiration dates in 2026. If you’re involved in business or finance connected to Iran, these licenses gave you a temporary green light to operate within specific rules.
2026-11615 — Publication of Venezuela Sanctions Regulations Web General Licenses 5U and 5V
The Treasury Department just made official two important updates to Venezuela sanctions rules, called General Licenses 5U and 5V. These licenses let certain financial transactions involving Venezuela’s 2020 bonds happen legally starting March 20, 2026, replacing older rules. If you deal with Venezuelan bonds, these changes could impact your money moves and timing, so keep an eye on the new dates and permissions!
2026-11417 — Notice of OFAC Sanctions Action
The U.S. Treasury’s OFAC just added Amir Hossein Rad from Iran to its sanctions blacklist, blocking all his U.S.-related property and banning Americans from doing business with him. At the same time, some folks got their names removed from the list, meaning their assets are now unblocked. These changes took effect on June 2, 2026, so watch out for new rules and restrictions that could impact money and deals fast!
2026-11042 — Notice of OFAC Sanctions Action
The U.S. Treasury’s OFAC just added new people from Iran to its sanctions blacklist, meaning their U.S.-based assets are frozen and Americans can’t do business with them. This move, effective May 29, 2026, targets individuals linked to terrorism and blocks their property under strict rules. If you’re a U.S. person, watch out—these changes could affect your transactions and financial dealings immediately.
Previous / Next Documents
Previous: 2026-11615 — Publication of Venezuela Sanctions Regulations Web General Licenses 5U and 5V
The Treasury Department just made official two important updates to Venezuela sanctions rules, called General Licenses 5U and 5V. These licenses let certain financial transactions involving Venezuela’s 2020 bonds happen legally starting March 20, 2026, replacing older rules. If you deal with Venezuelan bonds, these changes could impact your money moves and timing, so keep an eye on the new dates and permissions!
Next: 2026-11632 — Safety Zones; Annual Events in the Captain of the Port Detroit Zone
The Coast Guard is setting up safety zones on the water during big annual events in the Detroit area to keep everyone safe. Boats can’t enter these zones without permission during the fireworks and festivals happening in June and July 2026. If the weather is bad, the safety zones will shift to the next day, so plan ahead to avoid fines or delays!