Seven PdVSA Licenses Clarify Venezuela Trade Maze
Published Date: 9/30/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) has officially published seven new general licenses (GLs 52-58) that let certain U.S. businesses do specific transactions with Venezuelan companies, especially those linked to the state oil company PdVSA. These licenses, issued between March and May 2026, clarify what’s allowed under Venezuela sanctions, helping companies avoid penalties while doing business. If you’re involved in trade or finance with Venezuela, these updates are key to keeping your operations smooth and legal.
Analyzed Economic Effects
7 provisions identified: 7 benefits, 0 costs, 0 mixed.
U.S. firms may transact with PdVSA
Starting March 18, 2026, U.S. entities organized on or before January 29, 2025 can carry out transactions otherwise prohibited with Petróleos de Venezuela, S.A. (PdVSA) or PdVSA-owned companies if contracts are governed by U.S. law and monetary payments (other than local taxes, permits, or fees) are made into the Foreign Government Deposit Funds. The license does not allow debt- or bond-related transactions, unblocking of blocked property, dealings with persons on the SDN List (other than PdVSA), payments in gold or certain digital tokens, or transactions involving persons in specified countries.
Supply goods/services to Venezuela mining sector
Issued March 27, 2026, U.S. persons may provide goods, technology, software, and services (including shipping, marine insurance, port services, maintenance, and logistics) for exploration, mining, extraction, processing, refining, or production of minerals (including gold) in Venezuela, provided contracts are governed by U.S. law and non-tax payments go to the Foreign Government Deposit Funds. The license forbids non-commercial payment terms, payments in gold or certain digital tokens, transactions with persons in specified countries, and formation of new joint ventures in Venezuela.
Banks may provide services to listed Venezuelan banks
Effective April 14, 2026, transactions ordinarily incident and necessary to providing financial services to Banco Central de Venezuela, Banco de Venezuela, Banco Digital de los Trabajadores, Banco del Tesoro, their 50%+ owned entities, and certain Government of Venezuela individuals (blocked solely under E.O. 13884) are authorized. Authorized services include accounts, loans, transfers, U.S. dollar banking and correspondent services, card services, ACH and wire transfers, and related cybersecurity and screening services. The license does not authorize unblocking property or other VSR-prohibited transactions.
Advisers may prepare Venezuela debt restructuring work
Issued May 5, 2026, U.S. persons may provide legal, financial advisory, and consulting services to the Government of Venezuela and PdVSA for assessing or preparing potential debt restructuring options and related materials, but this license does not permit actual restructuring, transfer, settlement of debt, or direct negotiations on restructuring. Providers must furnish a signed contract within 10 business days of execution to OFAC emails and must avoid non-commercial payment terms such as gold or certain digital tokens.
Provide goods/services to Venezuelan missions
Effective March 24, 2026, U.S. persons may provide goods or services in the United States to official Venezuelan missions and their employees for official business or personal use (not for resale), and U.S. financial institutions may operate accounts for and process transfers for those missions, so long as transactions do not involve real estate or other legal prohibitions. The authorization is limited to items for mission conduct or personal use and excludes purchases of real property.
Negotiate contingent mining investment deals
Also issued March 27, 2026, U.S. persons may negotiate and enter into contingent contracts (e.g., bids, offers, memoranda of understanding) for new investment, expansion, or new joint ventures in Venezuela's minerals sector, including due diligence and assessments, provided actual performance is expressly contingent on separate OFAC authorization. The license excludes transactions with persons in certain listed countries and does not authorize unblocking property or dealings with blocked vessels.
Negotiate contingent contracts with Venezuelan government
Issued April 14, 2026, U.S. persons may engage in commercial-related negotiations of contingent contracts with the Government of Venezuela, provided entry into and performance of any contract is expressly contingent on separate OFAC authorization. The license excludes transactions involving certain debt/bond dealings, non-commercial payment terms (including gold or designated digital tokens), transactions with specified foreign persons, and dealings with SDNs.
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Previous / Next Documents
Previous: 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.
Next: 2026-20009, Publication of Venezuela Sanctions Regulations Web General Licenses 46D, 47B, 48C, 50C, 51C, 52B, 54B, and 61A
The Treasury’s Office of Foreign Assets Control (OFAC) just published updated general licenses for Venezuela sanctions, replacing older versions to clarify what’s allowed. These changes mainly affect businesses dealing with Venezuelan oil and petrochemical products, letting certain transactions happen legally again. The new licenses took effect on August 27, 2026, helping companies navigate sanctions without risking penalties.