OFAC reaffirms and expands Venezuela general licenses amid earthquake relief
U.S. companies with Venezuela exposure must immediately verify whether their activities fall within OFAC’s newly reaffirmed and amended general licenses, because the permissible scope is narrow, conditional, and subject to rapid revocation.
In June 2026, OFAC issued a series of amendments and new general licenses that significantly reshape the U.S. sanctions landscape for Venezuela. The updates authorize U.S. entities established before January 29, 2025, to purchase and refine Venezuelan crude (GL 46A), export diluents (GL 47A), supply oil and gas equipment and services (GL 48A), negotiate contingent investment contracts (GL 49A), and allow six named companies—including Eni, Repsol, and Shell—to conduct oil and gas operations (GL 50B). A new license also permits transactions related to PdVSA’s 2020 8.5% bond effective August 4, 2026. However, each license carries strict conditions: U.S. law governs contracts, payments must flow through U.S.-controlled accounts, cryptocurrency is banned, and transactions involving certain countries are excluded. OFAC can amend or revoke these licenses with little notice, as demonstrated by the swift reversal of Iranian sanctions relief. Companies should conduct transaction-specific reviews, screen all counterparties, and build contractual flexibility to address potential license changes.