OFAC updates general licenses for oil, gas, and electricity transactions in Venezuela
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The Treasury Department’s Office of Foreign Assets Control (OFAC) published General Licenses 48A and 49A on its website. These new rules replace previous versions, General Licenses 48 and 49, which were issued earlier this month.
Why it matters: This action clarifies which energy-related activities are permitted under current sanctions. It provides a legal pathway for U.S. firms to engage in essential maintenance and supply chains for Venezuela’s oil, gas, and power sectors while ensuring financial flows are tracked through Treasury-designated accounts.
Who it affects
- U.S. companies providing goods or services for energy projects in Venezuela
This information comes from the Treasury Department’s Office of Foreign Assets Control via the Federal Register; check the original document at OFAC.gov for full legal text before relying on it.
Agency: Treasury Department, Foreign Assets Control Office
Source: Federal Register — read the official document