OFAC Publishes Seven Updated Venezuela Sanctions General Licenses
U.S. persons and entities dealing with Venezuelan-origin oil, petrochemicals, and related services must comply with the new licenses effective June 10, 2026.
The Office of Foreign Assets Control published seven general licenses - 46C, 47A, 48B, 50B, 51B, 52A, and 54A - in the Federal Register (Vol. 91, No. 188, pages 61775-61782) on September 30, 2026. All seven licenses were issued on June 10, 2026 and replace the prior licenses 46B (dated March 13, 2026), 47, 48A, 50A, 51A, 52, and 54.
General License 46C authorizes transactions involving Venezuelan-origin oil or petrochemical products that would otherwise be prohibited under the Venezuela Sanctions Regulations, 31 CFR part 591. The license applies to "established U.S. entities," defined as any entity organized under U.S. law on or before January 29, 2025. Contracts must be governed by U.S. law and dispute resolution must occur in the United States, the United Kingdom, France, or Singapore. Payments to blocked persons, except for local taxes, permits, or fees, must be made into the Foreign Government Deposit Funds referenced in Executive Order 14373 of January 9, 2026.
The license expressly prohibits payment terms that are not commercially reasonable, involve debt swaps, gold, or digital currencies issued by the Government of Venezuela, as well as transactions involving persons or entities from the Russian Federation, Iran, North Korea, Cuba, or those owned or controlled by the People's Republic of China. It also bars the unblocking of any property blocked under the VSR and any transaction involving a blocked vessel.
Any person exporting, re-exporting, selling, or supplying Venezuelan-origin oil to non-U.S. destinations must submit a detailed report to the two email addresses listed in the license, identifying parties, quantities, values, destination countries, transaction dates, and any taxes or fees paid to the Government of Venezuela. Reports are due ten days after the first transaction and subsequently every 90 days while the transactions continue.
The notice reminds licensees that compliance with other federal agencies, including the Department of Commerce's Bureau of Industry and Security, remains required.
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