The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has made important updates. They have published three new general licenses (GLs). These are connected to the Venezuela Sanctions Regulations.

The general licenses are numbered 46, 46A, and 46B. They were first available on the OFAC website.

These licenses allow specific activities involving Venezuelan oil. They also concern petrochemical products. This means that certain business activities that were not allowed before, are now possible under these licenses.

The first license, GL 46, was issued on January 29, 2026. It allows transactions that are necessary and ordinary. These include lifting, selling, and storing Venezuelan oil by U.S. companies formed before January 29, 2025.

GL 46 was replaced by GL 46A on February 10, 2026. GL 46A keeps the same rules but adds a small change. It clarifies how monetary payments to blocked persons can be made.

GL 46A was then replaced by GL 46B on March 13, 2026. It expands the authorization to include not only oil but also petrochemical products. Petrochemical products include chemicals used for fertilizers, like sulfur and ammonia.

All contracts under these licenses must comply with U.S. laws. They must also settle disputes in U.S. courts.

There are limitations under these licenses. Payments cannot be made in gold or digital currencies connected to the Venezuelan government. Also, transactions with people in countries like Russia, Iran, and North Korea are not allowed.

Companies using these licenses must report to OFAC if they export to countries other than the United States. They must list details of these transactions, including who is involved and quantities sold.

Reports are due 10 days after the first transaction and every 90 days after that.

Bradley T. Smith, the director of OFAC, signed these licenses.

These changes help U.S. companies engage in specific trade activities with Venezuela.