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This Week at the Department of the Treasury — week of June 8, 2026

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This week, Treasury’s Office of Foreign Assets Control (OFAC) issued a series of general licenses and lists that clarify what’s allowed under existing sanctions. Most of the changes are administrative updates for businesses and banks, and the biggest effects touch energy transactions involving Venezuela.

Energy and bond payments involving Venezuela

  • OFAC replaced two existing general licenses (48 and 49) with updated versions, 48A and 49A, covering oil, gas, and electricity transactions in Venezuela. U.S. firms now have a clear legal path to perform essential maintenance and supply work in these sectors, with financial flows tracked through Treasury-designated accounts.
  • OFAC published two new general licenses, 5U and 5V, related to a 2020 bond issued by Petroleos de Venezuela, S.A. The licenses give banks and financial institutions explicit permission to process bond-related payments without running afoul of sanctions, and adjust the timing of when those payments can be made.
  • OFAC published General Licenses U and V, which authorize specific, otherwise-prohibited transactions involving Iranian oil and a sanctioned Chinese refinery. These were meant to let certain shipments finish or existing contracts close out without sanctions violations, but they expired in late spring 2026, so they’re no longer active.

Humanitarian and administrative clarifications

  • OFAC issued General License 11 to extend the wind-down period for transactions involving two sanctioned individuals under the International Criminal Court-Related Sanctions Regulations. It replaces a license that expired January 17, 2026, and gives people and businesses a clear deadline for closing financial ties with the named individuals.
  • OFAC published General License No. 2, originally issued April 23, 2026, allowing certain transactions with Anco Water Supply Co. Ltd. under cyber-related sanctions. This lets banks and businesses process payments and goods for basic water services in sanctioned areas without violating broader national security rules.
  • OFAC published the official list of medical devices that require specific authorization to export or reexport to North Korea. This fulfills a requirement from a February 2024 rule and doesn’t ban the devices; it simply tells medical suppliers which items need individual approval rather than falling under general allowances.

This weekly agency digest is generated from federal records (the Federal Register and Congress.gov) and summarized in plain English. It may simplify or omit detail — follow the linked official sources before relying on any item. Part of The Boring Parts.

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