Treasury Eases Up on Venezuela Oil Sanctions with New Licenses
Published Date: 9/30/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) just made official seven updated general licenses that let certain U.S. businesses do specific transactions with Venezuelan oil and petrochemical products, which were previously restricted. These updates replace older versions and have been effective since June 10, 2026, helping companies navigate sanctions while keeping trade moving. If you’re involved in Venezuelan energy or related sectors, these changes could impact your operations and finances.
Analyzed Economic Effects
7 provisions identified: 7 benefits, 0 costs, 0 mixed.
U.S. firms may import Venezuelan oil/petrochemicals
Effective June 10, 2026, an "established U.S. entity" (organized on or before January 29, 2025) is authorized to engage in transactions ordinarily incident and necessary to the lifting, exportation, sale, supply, storage, marketing, purchase, delivery, transportation, or refining of Venezuelan-origin oil or Venezuelan-origin petrochemical products for importation into the United States. Contracts must be governed by U.S. law and disputes resolved in the United States, the United Kingdom, France, or Singapore; payments to blocked persons (other than local taxes/fees) must be deposited into the Foreign Government Deposit Funds under Executive Order 14373. Prohibited: non‑commercial payment terms (including debt swaps, payments in gold, or Venezuelan digital tokens), transactions involving listed foreign jurisdictions or blocked vessels, and certain dealings with entities tied to the People's Republic of China; reports to OFAC are due 10 days after the first transaction and every 90 days thereafter with parties, quantities, values, dates, and taxes/fees.
Named major oil firms authorized to operate in Venezuela
General License 50B, effective June 10, 2026, authorizes transactions related to oil or gas sector operations in Venezuela for the entities listed in its Annex (as of June 10, 2026: BP PLC; Chevron Corporation; Eni S.p.A.; Établissements Maurel & Prom SA; Repsol S.A.; Shell PLC) and their subsidiaries, subject to contracts governed by U.S. law and permitted dispute venues and with monetary payments to blocked persons routed to the Foreign Government Deposit Funds when required. Prohibited: non‑commercial payment terms (including debt swaps, gold, Venezuelan digital tokens), transactions involving persons in the Russian Federation, Iran, DPRK, Cuba, or entities owned/controlled by PRC persons, unblocking property, and transactions involving blocked vessels; recipients must report transaction details to OFAC 10 days after the first transaction and every 90 days thereafter.
U.S. entities may trade Venezuelan minerals including gold
General License 51B, effective June 10, 2026, authorizes established U.S. entities (organized on or before January 29, 2025) to export, reexport, sell, resell, supply, store, purchase, deliver, or transport Venezuelan-origin minerals, including gold, and to process or refine such minerals, subject to contract law and payment routing into the Foreign Government Deposit Funds for payments to blocked persons (excluding local taxes/fees). Parties must provide supply-chain due diligence documentation and report quantities, descriptions, purchase prices, dates, taxes/fees, and other details to OFAC 10 days after the first transaction and every 30 days thereafter. Prohibited: non‑commercial payment terms, transactions involving listed foreign jurisdictions or PRC-linked ownership in certain cases, processing/refining in specified foreign countries, exploration/mining/formation of new joint ventures in Venezuela, unblocking property, and dealings with blocked vessels.
PdVSA transactions authorized for established U.S. entities
General License 52A, effective June 10, 2026, authorizes transactions otherwise prohibited by certain Executive Orders involving Petróleos de Venezuela, S.A. (PdVSA) or PdVSA Entities by an "established U.S. entity" (organized on or before January 29, 2025), provided contracts are governed by U.S. law, permitted dispute venues are used, and monetary payments to blocked persons (other than local taxes/fees) are made into the Foreign Government Deposit Funds. The license does not authorize transactions prohibited by other VSR provisions (including dealing with certain bonds/debt, sale/transfer/pledging of PdVSA equity, or dealings with SDNs other than PdVSA), non‑commercial payment terms (debt swaps, gold, Venezuelan digital tokens), transactions involving certain foreign jurisdictions or PRC-linked entities, unblocking property, or dealings with blocked vessels. Exports or sales of Venezuelan-origin oil or petrochemical products to countries other than the United States under this license must be reported to OFAC 10 days after the first transaction and every 90 days thereafter with detailed transaction descriptions.
U.S.-origin diluents may be sold to Venezuela
General License 47A, effective June 10, 2026, authorizes the exportation, sale, supply, storage, marketing, delivery, and transportation of U.S.-origin diluents to Venezuela, provided contracts are governed by U.S. law and disputes occur in the United States, the United Kingdom, France, or Singapore. Prohibited: payment terms that are not commercially reasonable (including debt swaps, payments in gold, or Venezuelan digital tokens), transactions involving persons in Iran, DPRK, or Cuba or their controlled entities, and transactions involving blocked vessels; exporters must report to OFAC with parties, quantities, values, and dates 10 days after the first transaction and every 90 days thereafter.
U.S. supply of oil/gas/electricity goods and services allowed
General License 48B, effective June 10, 2026, authorizes U.S. persons to provide goods, technology, software, or services from the United States for exploration, development, or production of oil, gas, petrochemical products, or for electricity generation, transmission, storage, or distribution in Venezuela, including maintenance and repair. Contracts must use U.S. law and permitted dispute locations; payments to blocked persons (except local taxes/fees) must go into the Foreign Government Deposit Funds. The license forbids non‑commercial payment terms (debt swaps, gold, Venezuelan digital tokens), dealings with persons in Russia, Iran, DPRK, Cuba, or entities owned/controlled by PRC persons, formation of new joint ventures in Venezuela for these activities, and transactions involving diluents; reporting to OFAC is due 10 days after the first transaction and every 90 days thereafter with transaction details.
U.S. supply for Venezuelan minerals operations allowed
General License 54A, effective June 10, 2026, authorizes U.S. persons to provide goods, technology, software, or services for exploration, development, mining, extraction, processing, refining, or production of minerals (including gold) in Venezuela, and to perform maintenance and repair for mineral operations, provided contracts use U.S. law and permitted dispute venues and payments to blocked persons (excluding local taxes/fees) are deposited into the Foreign Government Deposit Funds. The license forbids non‑commercial payment terms, transactions involving persons in Russia, Iran, DPRK, Cuba, or entities owned/controlled by PRC persons, the formation of new joint ventures in Venezuela to engage in mineral activities, unblocking property, and transactions involving blocked vessels; reporting to OFAC is due 10 days after the first transaction and every 90 days thereafter with transaction details.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-20014, Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 131E, 131F, and 131G
The Treasury’s Office of Foreign Assets Control (OFAC) published three updated licenses (131E, 131F, and 131G) that let certain businesses negotiate and enter contracts related to Lukoil International GmbH despite existing sanctions. These licenses replace each other in sequence from April to June 2026, allowing specific transactions that were previously blocked. If you’re involved with Lukoil or its affiliates, these changes could impact your deals and deadlines through May 2026 and beyond.
2026-20010, Publication of Iran-Related Web General Licenses X and X1
The Treasury’s Office of Foreign Assets Control (OFAC) published two special Iran-related licenses called GL X and GL X1. GL X started on June 21, 2026, but was replaced by GL X1 on July 7, which then expired on July 17, 2026. These licenses allowed certain transactions that are usually banned, affecting businesses and individuals dealing with Iran, but the short time frame means the money impact was limited.
2026-20011, Publication of Transnational Criminal Organizations Sanctions Regulations Web General License 2
The Treasury’s Office of Foreign Assets Control (OFAC) published General License 2, letting people wind down business with CCU Commercial Bank Plc. until July 23, 2026. This means certain transactions that were blocked before are now allowed temporarily, as long as payments to blocked accounts follow the rules. If you’re dealing with CCU Bank or its big owners, this gives you a clear deadline to wrap things up without breaking the law.
2026-20012, Publication of Venezuela Sanctions Regulations Web General License 5W
Starting June 19, 2026, certain financial transactions involving Venezuela’s 2020 8.5% bond are now allowed, thanks to a new license called GL 5W. This update replaces the old GL 5V and opens the door for more legal dealings with this bond, but other sanctions still apply. If you’re involved in these bonds, keep an eye on the dates and rules to stay in the clear!
2026-20032, Notice of OFAC Sanctions Action
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has added new people to its blacklist, meaning their money and property in the U.S. are frozen. Americans can’t do business with these folks anymore, starting from August 7, 2026. This move helps keep bad actors from using the U.S. financial system and sends a clear message about following the rules.
2026-20007, Removing Duplicative Penalties Information and Reorganizing Certain Parts
The Treasury’s Office of Foreign Assets Control (OFAC) is cleaning up its rules by removing repeated penalty info and pointing everyone to one clear place for penalty details. They’re also reorganizing key info like authority and recordkeeping at the start of each section to make things easier to find. This change affects anyone dealing with OFAC sanctions and takes effect on September 30, 2026, with no new costs involved.
Previous / Next Documents
Previous: 2026-19978, Iranian Transactions and Sanctions Regulations
The U.S. Treasury just updated rules that affect anyone doing business with Iran, tightening sanctions to block Iran’s funding for nuclear weapons and terrorism. These changes include new definitions and exemptions based on a 2020 executive order, and they kick in starting September 30, 2026. If you’re involved in trade or finance linked to Iran, watch out—these rules could impact your deals and money flow.
Next: 2026-20007, Removing Duplicative Penalties Information and Reorganizing Certain Parts
The Treasury’s Office of Foreign Assets Control (OFAC) is cleaning up its rules by removing repeated penalty info and pointing everyone to one clear place for penalty details. They’re also reorganizing key info like authority and recordkeeping at the start of each section to make things easier to find. This change affects anyone dealing with OFAC sanctions and takes effect on September 30, 2026, with no new costs involved.