U.S. Department of Treasury Announces Updates to Venezuela Sanctions Regulations

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published new general licenses connected to the Venezuela Sanctions Regulations. These licenses are numbered 48A and 49A. They were first issued on March 13, 2026, and were made available on OFAC’s website.

General License No. 48A

This license allows certain dealings that were blocked by the Venezuela Sanctions Regulations. These transactions involve specific items and services provided to Venezuela. The activities include providing goods, technology, software, or services for oil, gas, or petrochemical exploration and production. It also includes the generation and distribution of electricity in Venezuela.

Companies must ensure that any contracts with the Government of Venezuela or Petróleos de Venezuela, S.A. (PdVSA) have U.S. laws governing them. Disputes need to be resolved in the United States. Payments for these transactions, except for local taxes, must go into a specified account according to Executive Order 14373.

General License No. 49A

This license allows the negotiation and creation of new contracts for investment in Venezuela. These are specifically for oil, gas, petrochemical, or electricity sectors. However, these contracts must be contingent. This means that actual work cannot start unless OFAC gives further approval.

Restrictions

Both licenses have specific conditions and restrictions. They do not allow payment in digital currency issued by the Venezuelan government. They also do not permit transactions with any individuals or entities associated with countries like Russia, Iran, or North Korea. Additionally, any new joint business formations in Venezuela need separate permissions.

Reporting Requirements

Companies involved must report to OFAC within ten days after a transaction. They will need to provide details about the parties and the nature of transactions. This includes the items involved and any payments to the Venezuelan Government.

Bradley T. Smith, Director of the Office of Foreign Assets Control, issued these regulations on March 13, 2026.

For more information, licenses and updates are available on the Department of Treasury’s website under OFAC sections.

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