OFAC Updates General Licenses for Venezuelan Oil Transactions
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The Treasury Department’s sanctions office published updated general licenses that allow certain U.S. companies to buy, sell, transport, or refine Venezuelan oil without facing penalties. The office issued General License 46 in January, replaced it with 46A in February, and replaced that with 46B in March. This document simply republishes the current text on the Federal Register.
Why it matters: This is mostly an administrative update. The Treasury office already authorized these transactions through its website; the Federal Register entry simply puts the current text into the official code of federal regulations. It matters to energy traders, shipping companies, and insurers who need to know which contracts, payment routes, and reporting deadlines are currently allowed under U.S. sanctions.
Who it affects
- U.S. oil traders, refiners, and logistics companies handling Venezuelan crude
The Office of Foreign Assets Control published this update; you should review the full text on OFAC’s website before adjusting contracts or compliance procedures.
Agency: Treasury Department, Foreign Assets Control Office
Source: Federal Register — read the official document