OFAC Publishes Revised Venezuela Sanctions General Licenses 50A and 51A

The Office of Foreign Assets Control has issued two web-published general licenses, GL 50A and GL 51A, that replace and supersede GL 50 (dated Feb 13 2026) and GL 51 (dated Mar 6 2026). GL 50A was issued on Feb 18 2026 and GL 51A on Mar 27 2026.

GL 50A authorizes transactions otherwise prohibited by the Venezuela Sanctions Regulations that relate to oil or gas sector operations in Venezuela of the entities listed in its annex - BP PLC, Chevron Corporation, Eni S.p.A., Établissements Maurel & Prom SA, Repsol S.A., and Shell PLC - and their subsidiaries. Contracts must be governed by U.S. law and disputes resolved in the United States; monetary payments to blocked persons, other than local taxes, permits, or fees, must be deposited in the Foreign Government Deposit Funds or an account instructed by the Treasury. The license excludes payment terms that are not commercially reasonable, debt swaps, or payments in digital currency, digital coin, digital tokens, or the petro, and bars transactions involving persons in the Russian Federation, Iran, North Korea, Cuba, China, or any entity owned or controlled by them, as well as the unblocking of blocked property or vessels. Licensees must submit a detailed report ten days after the first transaction and every 90 days thereafter.

GL 51A authorizes transactions otherwise prohibited that are "ordinarily incident and necessary" to the export, reexport, sale, resale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin minerals, including gold, by an "established U.S. entity" (any entity organized under U.S. law on or before Jan 29 2025). The same contract-governance and payment-deposit requirements apply. Authorized activities include commercial, legal, technical, safety, and environmental due diligence, shipping, chartering vessels, security services, marine insurance, and port services, as well as processing or refining of the minerals, except where prohibited. The license prohibits commercially unreasonable payment terms, digital-currency payments, transactions involving persons in the Russian Federation, Iran, North Korea, Cuba, or entities owned or controlled by them, any entity linked to the People's Republic of China, processing or refining in those jurisdictions, the unblocking of blocked property, blocked vessels, and any mining or production activity in Venezuela. Licensees must file a detailed report ten days after the first transaction and every 30 days thereafter.

Both licenses note that compliance with other federal agencies, including the Department of Commerce's Bureau of Industry and Security, remains required.