Treasury Releases Updated Licenses for Venezuela Oil and Gas Sanctions
Published Date: 9/11/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) officially published two updated general licenses, 50A and 51A, that let certain companies do business related to Venezuela’s oil and gas sector despite sanctions. These licenses, effective since early 2026, replace older versions and allow specific transactions with Venezuelan entities under clear U.S. legal rules. If you’re involved in these sectors, these changes could impact your contracts and payments starting now.
Analyzed Economic Effects
7 provisions identified: 2 benefits, 5 costs, 0 mixed.
GL51A authorizes minerals (including gold) by U.S. entities
Effective March 27, 2026, General License 51A authorizes transactions ordinarily incident to the export, sale, transport, or processing of Venezuelan-origin minerals (including gold) by an "established U.S. entity," defined as any entity organized under U.S. law on or before January 29, 2025, provided contracts are governed by U.S. law and payments follow the Foreign Government Deposit Funds rule.
GL51A broader prohibitions on locations and partners
GL 51A (effective March 27, 2026) forbids payment terms that are not commercially reasonable, debt swaps, or payments in digital currency (including the petro); it bars transactions with persons in or organized under the laws of the Russian Federation, Iran, DPRK, or Cuba; prohibits transactions involving entities owned/controlled by or in joint venture with persons in the People's Republic of China in or organized under the laws of Venezuela or the U.S.; and forbids processing/refining in the listed foreign countries and exploration/mining or forming joint ventures in Venezuela.
GL50A authorizes oil/gas operations
Effective February 18, 2026, OFAC's General License 50A 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., Établissements Maurel & Prom SA, Repsol S.A., and Shell PLC) and their subsidiaries, provided contracts are governed by U.S. law and dispute resolution occurs in the United States.
Required payment routing into deposit funds
Both GL 50A (effective February 18, 2026) and GL 51A (effective March 27, 2026) require that any monetary payment to a blocked person (excluding payments for local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026, or into another account as instructed by the U.S. Department of the Treasury.
GL50A prohibited payment terms and counterparties
General License 50A (effective February 18, 2026) does not allow payment terms that are not commercially reasonable, debt swaps, payments in gold, or payments in digital currency (including the petro), and it bars any transaction involving persons located in the Russian Federation, Iran, DPRK, Cuba, or the People's Republic of China, as well as transactions that unblock property or involve blocked vessels.
GL51A reporting and supply-chain due diligence
Under GL 51A, persons exporting, selling, purchasing, or supplying Venezuelan-origin minerals must report to OFAC at [email protected] and [email protected] with parties involved, supply-chain due diligence documentation, quantities, prices, dates, and any taxes or fees; reports are due ten days after the first transaction and every 30 days thereafter while transactions continue.
GL50A transaction reporting deadlines
Under GL 50A, any person engaging in authorized transactions must report to OFAC at [email protected] and [email protected], identifying parties, descriptions (quantities, values, dates), and any taxes or fees to the Government of Venezuela; reports are due ten days after the first such transaction and every 90 days thereafter while transactions continue.
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Key Dates
Department and Agencies
Related Federal Register Documents
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Previous / Next Documents
Previous: 2026-18569, Publication of Venezuela Sanctions Regulations Web General Licenses 30B and 51.
The Treasury’s Office of Foreign Assets Control (OFAC) officially published two important licenses, GL 30B and GL 51, that let certain port and airport activities in Venezuela happen without breaking sanctions. These licenses, first shared online earlier this year, help businesses and operators navigate tricky rules while keeping trade flowing. If you work with Venezuelan ports or airports, these updates are your green light for some key transactions starting February and March 2026.
Next: 2026-18576, Publication of Iran-Related Web General Licenses CC and DD.
The Treasury’s Office of Foreign Assets Control (OFAC) published two Iran-related licenses, GL CC and GL DD, letting certain blocked transactions be wrapped up safely by mid-September 2026. These licenses affect businesses and individuals dealing with specific Iranian entities, giving them a clear deadline to finish their transactions without penalties. It’s a smooth exit plan with no surprise costs, just a firm timeline to follow.