The Department of the Treasury’s Office of Foreign Assets Control (OFAC) just issued Venezuela-related General License 46, “Authorizing Certain Activities Involving Venezuelan-Origin Oil.”
The new general license authorizes certain established U.S. entities — meaning companies organized under U.S. or state law on or before January 29, 2025 — to engage in a wide range of activities involving Venezuelan-origin oil, including lifting, exporting, refining, transporting, marketing, and related commercial and logistical services, even where the Government of Venezuela or PdVSA is involved. The authorization is subject to significant conditions, including requirements that contracts be governed by U.S. law with dispute resolution in the United States, and that payments to blocked parties be made into U.S.-designated accounts or as otherwise directed by the U.S. Treasury, among other restrictions and compliance obligations.
OFAC issues Venezuela-related General License 46, “Authorizing Certain Activities Involving Venezuelan-Origin Oil»
