The Daily Journal — U.S. corporations may now supply goods, technology, software, and services to Venezuela’s mining industry under General License No. 54A issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The measure took effect on June 10, 2026, under the signature of Director Bradley T. Smith. It amends the Venezuela Sanctions Regulations and fully replaces General License 54, which OFAC issued in March.
The federal ruling expressly authorizes commercial and technical support for mineral exploration, development, mining, extraction, processing, refining, and production activities in Venezuela, including gold-related operations. The authorization covers transactions ordinarily incident to dealings with the Government of Venezuela, CVG Compañía General de Minería de Venezuela C.A. (Minerven), or any subsidiary in which the corporation holds a 50% or greater ownership interest.
Authorized maintenance and logistical support
The regulatory easing places a strong emphasis on maintaining mining infrastructure and operational continuity. In Note 1, the federal order authorizes operators to conduct transactions to sustain mineral operations in Venezuela, including the refurbishment and repair of equipment used for exploration, development, extraction, refining, and production.
In addition, U.S. firms may provide services related to payment processing, maritime insurance, Protection and Indemnity (P&I) coverage, vessel chartering, and the coordination of port and terminal services, including services involving authorities or port operators that form part of the Venezuelan government.
Legal jurisdiction and capital controls
For contracts executed under this license, OFAC established mandatory requirements regarding applicable law. Commercial agreements signed with the Venezuelan government, Minerven, or their subsidiaries must explicitly require that “the terms of the contract be interpreted and enforced in accordance with the laws of a state or other jurisdiction within the United States.”
Regarding arbitration, any dispute-resolution proceeding connected to these agreements must take place exclusively in the United States, the United Kingdom, France, or Singapore. However, the regulation allows contractual clauses recognizing that on-the-ground implementation remains subject to Venezuelan sovereignty. As a result, contracts may acknowledge that certain aspects of the underlying activity are subject to local labor, environmental, health, concession, permitting, and licensing regulations.
The order also imposes strict controls on the destination of funds to prevent unrestricted capital flows. Any monetary payment directed to a blocked party—except local taxes, permits, or duties—may not go directly to the recipient. Instead, companies must deposit those funds into the Foreign Government Deposit Funds specified under Executive Order 14373 of January 9, 2026, or into any other account designated by the U.S. Department of the Treasury.
OFAC also clarified that the provision does not authorize the release of blocked property or the creation of new joint ventures in Venezuela. The license limits its benefits to the supply of goods and services and the maintenance of existing mining activities.
