OFAC Publishes General Licenses for U.S. Oil-Related Exports to Venezuela

The Office of Foreign Assets Control published General Licenses 47 through 50. These licenses authorize transactions that are normally banned under Venezuela sanctions, allowing U.S. companies to engage in specific activities with Venezuela’s oil sector without applying for individual approvals.

Why it matters: These licenses create a regulatory pathway for U.S. businesses to sell diluents and oil services to Venezuela under defined rules. This reduces the administrative burden of seeking case-by-case approvals for authorized trades. The practical impact depends on which licenses remain active, as the “superseded” notation suggests the rules may have changed. The restrictions on payment methods and third-country links limit the scope to compliant U.S. entities.

Who it affects

• U.S. chemical manufacturers exporting diluents to Venezuela.

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This action was published by the Office of Foreign Assets Control at the Treasury Department. Verify the current status of the licenses and consult the full text before relying on this summary.

Agency: Treasury Department, Foreign Assets Control Office
Source: Federal Register — read the official document