On June 18, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued General License (GL) 59, authorizing the provision of goods, technology, software, or services relating to aircraft of Venezuela’s state-owned airline, Consorcio Venezolano de Industrias Aeronáuticas y Servicios Aéreos, S.A. (Conviasa). Separately, OFAC recently amended seven existing Venezuela-related GLs to ease the governing law and dispute resolution requirements applicable to contracts entered into under those licenses. In addition, on June 25, 2026, OFAC issued GL 60, authorizing transactions related to earthquake relief efforts in Venezuela until October 2026. Together, these actions reflect OFAC’s continued easing of Venezuela sanctions by expanding the scope of permissible aviation-related activities, reducing barriers to participation in authorized transactions, and facilitating humanitarian relief efforts.
Continue Reading OFAC Continues Venezuela Sanctions Relief with Authorizations for Aircraft Safety, Earthquake Relief, and Easing of General License Governing Law RequirementsVenezuela
Venezuela’s Oil Reform Efforts: New Opportunities, Unanswered Questions – U.S. Investor Perspective
Over the last several months, Venezuela’s interim government has moved swiftly to reopen the country’s oil sector to private investment, amending the Organic Hydrocarbons Law and enacting implementing regulations just last week. There is little doubt that the reformed law includes many positive changes to encourage new investment: it ends PDVSA’s decades-long monopoly on primary oil activities, lowers the state’s minimum ownership stake in joint ventures, and formalizes a new contractual framework (CPPs) expected to be the primary vehicle for new investment. The regulations include a more streamlined fiscal regime, including a royalty ceiling of 30%, and a simplified integrated hydrocarbons tax capped at 15%, replacing the prior multi-layered tax structure.
Continue Reading Venezuela’s Oil Reform Efforts: New Opportunities, Unanswered Questions – U.S. Investor PerspectiveOFAC Authorizes Commercial Negotiations With the Government of Venezuela and Certain Financial Services
On April 14, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued two new General Licenses (GL), GLs 56 and 57, authorizing commercial negotiations with the Government of Venezuela (GoV) and the provision of a broad range of ordinary-course financial services involving the Venezuelan central bank and three state-controlled banks or GoV individual employees and affiliates.
Continue Reading OFAC Authorizes Commercial Negotiations With the Government of Venezuela and Certain Financial ServicesOFAC Expands Authorized Activities in Venezuelan Mining Sector
On March 27, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) amended an existing General License (GL) and issued two new GLs authorizing new activity in Venezuela’s mining and minerals sectors. Since January 2026, the U.S. government has issued a series of general licenses authorizing sector- or activity-specific dealings relating to Venezuela under specified conditions. GLs 51A, 54, and 55 extend this framework — previously primarily focused on the oil and gas sector — to Venezuela’s minerals sector, including gold.
Continue Reading OFAC Expands Authorized Activities in Venezuelan Mining SectorOFAC Issues GL 52, Further Loosening Sanctions Against PdVSA
On March 18, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued General License (GL) 52, authorizing certain transactions involving Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest (collectively, PdVSA Entities) by an established U.S. entity.[1] Concurrently with GL 52, OFAC issued two new Venezuela-related Frequently Asked Questions (FAQs) addressing key aspects of GL 52. Since January 2026, the U.S. government has issued a series of general licenses authorizing sector- or activity-specific dealings relating to Venezuela (including PdVSA Entities) under specified conditions. This latest general license represents a further step by the U.S. government to encourage investment in Venezuelan oil production, as part of a broader effort to expand Venezuela’s production and export capacity.[2]
Continue Reading OFAC Issues GL 52, Further Loosening Sanctions Against PdVSAOFAC Expands Venezuela Sanctions Relief to Fertilizers and Petrochemical Products, Investment in Petrochemical and Electricity Sectors
On March 13, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued three amended General Licenses (GLs), extending authorized activities to include the export of petrochemical and fertilizer products from Venezuela, as well as new investment in the Venezuelan petrochemical and electricity sectors.
Continue Reading OFAC Expands Venezuela Sanctions Relief to Fertilizers and Petrochemical Products, Investment in Petrochemical and Electricity SectorsOFAC Eases Sanctions on Venezuelan-Origin Gold
On March 6, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 51, authorizing transactions that are ordinarily incident and necessary to the exportation, sale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin gold for importation into the United States, the refining of such gold in the United States, and the resale or exportation of such gold from the United States, by “an established U.S. entity.”[1]
Continue Reading OFAC Eases Sanctions on Venezuelan-Origin GoldOFAC Issues General Licenses 49 and 50A Authorizing Contingent Investments and Additional Operations in Venezuelan Oil and Gas Sector
On February 13, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 49 and GL 50 (since amended as 50A),[1] continuing the expansion of authorized activities in the Venezuelan oil and gas sectors. These two licenses follow five additional licenses recently issued by OFAC[2] collectively providing distinct pathways for engagement with Venezuelan energy operations while maintaining stringent controls and oversight mechanisms by the U.S. government. GL 49 authorizes negotiation of and entry into contingent contracts for certain new investments in oil or gas sector operations in Venezuela, and GL 50A authorizes transactions by BP, Chevron, Eni, Établissements Maurel & Prom SA, Repsol, and Shell related to oil or gas sector operations in Venezuela.
Continue Reading OFAC Issues General Licenses 49 and 50A Authorizing Contingent Investments and Additional Operations in Venezuelan Oil and Gas SectorOFAC Issues General License 47 Authorizing Sale of U.S.-Origin Diluents to Venezuela
On February 3, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 47 generally authorizing the export, sale, and supply of U.S.-origin diluents to Venezuela. The issuance of GL 47 comes less than a week after OFAC issued GL 46 on January 29, 2026, authorizing certain transactions related to the lifting, refinement, export, and sale of Venezuelan oil.[1] GL 47 addresses a critical operational need in Venezuela’s oil sector, as diluents are essential for the processing and transport of Venezuelan heavy crude, which is viscous and dense.
Continue Reading OFAC Issues General License 47 Authorizing Sale of U.S.-Origin Diluents to VenezuelaOFAC Eases Venezuelan Oil Sanctions Following Maduro Apprehension
Update: On February 10, 2026, OFAC issued GL 46A, which amended GL 46 to clarify that payments for local taxes, permits, or fees are excluded from the requirement to be deposited into Foreign Government Deposit Funds.
On January 29, 2026 the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 46 authorizing certain transactions relating to the lifting, refinement, and trade of Venezuelan-origin oil by established U.S. entities. This marks the first public action by OFAC in revising the general Venezuela sanctions regime since the U.S. apprehension of Nicolás Maduro.[1] GL 46 comes on the heels of the Venezuelan National Assembly’s passage of a new hydrocarbons law aimed at facilitating foreign investment in the Venezuelan hydrocarbon sector.[2] While the issuance of GL 46 is a significant move in easing sanctions under the new Venezuelan administration, its precise scope warrants close review as the new license continues to place strict requirements with respect to operations in the Venezuelan oil sector.
Continue Reading OFAC Eases Venezuelan Oil Sanctions Following Maduro Apprehension