OFAC Reaffirms and Expands Venezuela General Licenses After Quake
Treasury's OFAC reaffirms recent Venezuela GLs and adds a new authorization tied to earthquake relief, signaling continued recalibration of oil, gas, mining, and financial-services pathways.
OFAC has reaffirmed a wave of 2026 Venezuela-related general licenses and issued a fresh license in response to recent earthquakes, layering humanitarian relief onto its broader recalibration of the Venezuela sanctions program. The active GLs include GL 46 (U.S.-established entities may purchase, export, and refine Venezuelan-origin crude), GL 47 (export of U.S.-origin diluents), GL 48 (goods, technology, and services for oil, gas, petrochemical, and electricity activity, though not new joint ventures), GL 49 (negotiation of contingent contracts subject to later OFAC approval), and GL 50B (named-company authorization for actual oil and gas operations, including Eni, Repsol, and Shell). GL 5X, effective August 4, 2026, authorizes transactions involving the PdVSA 2020 8.5% Bond previously blocked under EO 13835, with the effective-date split creating a compliance trap for pre-August dealings. Sophisticated counsel should map portfolio exposure to each license's entity, sector, and timing tests, monitor amendment activity, and confirm humanitarian-relief transactions fall within the new authorization's scope.