Eight New Venezuela Oil Licenses Drop from Treasury
Published Date: 9/30/2026
Rule
Summary
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.
Analyzed Economic Effects
8 provisions identified: 8 benefits, 0 costs, 0 mixed.
U.S. entities may import Venezuelan oil
Effective August 27, 2026, General License 46D authorizes an established U.S. entity (organized under U.S. law on or before January 29, 2025) to carry out transactions ordinarily incident and necessary to import Venezuelan-origin oil or petrochemical products into the United States, provided contracts require dispute resolution in the United States, the United Kingdom, France, or Singapore and monetary payments to blocked persons (excluding local taxes/fees) are made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026. Exclusions include non‑commercial payment terms (debt swaps, gold, or Venezuela-issued digital tokens), transactions with persons in certain listed countries, unblocking property, and any transaction involving a blocked vessel; exports to other countries must be reported to OFAC 10 days after the first transaction and every 90 days thereafter.
Goods/services for oil, gas, electricity allowed
General License 48C (effective August 27, 2026) authorizes U.S. persons to provide goods, technology, software, or services from the United States for exploration, development, or production of oil, gas, or petrochemical products in Venezuela, or for generation, transmission, storage, or distribution of electricity, provided contracts require dispute resolution in the United States, United Kingdom, France, or Singapore and monetary payments to blocked persons (excluding local taxes/fees) are made into the Foreign Government Deposit Funds. The license excludes non‑commercial payment terms, transactions involving specified foreign countries (including the People's Republic of China), unblocking blocked property, transactions with blocked vessels, formation of new joint ventures in Venezuela for these activities, and transactions related to diluent exportation; reporting to OFAC is due 10 days after the first transaction and every 90 days thereafter.
Authorized oil/gas activity for listed firms
General License 50C (effective August 27, 2026) authorizes transactions related to oil or gas sector operations in Venezuela for the entities listed in the Annex (as of August 27, 2026: BP PLC; Chevron Corporation; Eni S.p.A.; Etablissements Maurel & Prom SA; Repsol S.A.; Shell PLC) and their subsidiaries, subject to contract dispute-resolution in the United States, United Kingdom, France, or Singapore and payment routing to the Foreign Government Deposit Funds for monetary payments to blocked persons (excluding local taxes/fees). The license excludes non‑commercial payment terms, transactions with certain foreign countries, unblocking property, and transactions involving blocked vessels; reporting to OFAC is due 10 days after the first transaction and every 90 days while ongoing.
PdVSA transactions allowed for established U.S. firms
General License 52B (effective August 27, 2026) authorizes transactions by an established U.S. entity (organized on or before January 29, 2025) involving Petróleos de Venezuela, S.A. (PdVSA) or PdVSA entities that would otherwise be prohibited by Executive Orders 13884 or 13850, provided contracts require dispute resolution in the United States, United Kingdom, France, or Singapore and monetary payments to blocked persons (excluding local taxes/fees) are made into the Foreign Government Deposit Funds. The license does not authorize transactions otherwise prohibited by the Venezuela Sanctions Regulations (including certain bond/debt transactions and equity transfers), entry into settlement agreements that affect blocked property, transactions involving persons on OFAC's SDN List (other than PdVSA), non‑commercial payment terms, or transactions with persons in certain listed countries; exports to other countries must be reported to OFAC 10 days after the first transaction and every 90 days thereafter.
U.S. sale of diluents to Venezuela allowed
General License 47B (effective August 27, 2026) authorizes transactions ordinarily incident and necessary to export, reexport, sell, resell, supply, store, market, deliver, or transport U.S.-origin diluents to Venezuela, provided contracts require dispute resolution in the United States, United Kingdom, France, or Singapore. The license prohibits non‑commercial payment terms (debt swaps, gold, or Venezuela-issued digital tokens), transactions with persons in certain listed countries, unblocking blocked property, and transactions involving blocked vessels. Report to OFAC within 10 days after the first transaction and every 90 days while ongoing.
U.S. entities may trade Venezuelan minerals (gold)
General License 51C (effective August 27, 2026) authorizes an established U.S. entity (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 conduct due diligence and processing/refining (with exceptions), provided contracts require dispute resolution in the United States, United Kingdom, France, or Singapore and monetary payments to blocked persons (excluding local taxes/fees) are made into the Foreign Government Deposit Funds. The license excludes non‑commercial payment terms, transactions with persons in certain listed countries, processing/refining in specified foreign countries, unblocking property, transactions with blocked vessels, and new mining or joint ventures in Venezuela. Importantly, reporting (including supply chain due diligence documentation, quantities, descriptions, and purchase prices) is due 10 days after the first transaction and every 30 days thereafter while ongoing.
Supply authorized for Venezuela mineral operations
General License 54B (effective August 27, 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 for Minerven or Minerven entities, provided contracts require dispute resolution in the United States, United Kingdom, France, or Singapore and monetary payments to blocked persons (excluding local taxes/fees) are made into the Foreign Government Deposit Funds. The license excludes non‑commercial payment terms, transactions with persons in certain listed countries (including the People's Republic of China), unblocking blocked property, transactions involving blocked vessels, and formation of new joint ventures in Venezuela; reporting to OFAC is due 10 days after the first transaction and every 90 days while ongoing.
Telecommunications equipment and services allowed
General License 61A (effective August 27, 2026) authorizes U.S. persons to provide goods, technology, software, or services for installation, maintenance, refurbishment, repair, upgrade, operation, or support of telecommunications in Venezuela (including CONATEL and CANTV), provided contracts require dispute resolution in the United States, United Kingdom, France, or Singapore. Authorized transactions include interconnection/roaming agreements, capacity leases, submarine cable work, and related software support. The license excludes non‑commercial payment terms, transactions with persons in certain listed countries, unblocking blocked property, transactions involving blocked vessels, and formation of new joint ventures in Venezuela; reporting to OFAC is due 10 days after the first transaction and every 90 days thereafter.
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