The Daily Journal — The United States has restructured its sanctions regime on Venezuela by issuing four new general licenses that expand operating opportunities for U.S. and allied companies in the country’s oil, petrochemical, natural gas, and electricity sectors under a framework of financial oversight and geopolitical restrictions.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) put the new licenses into effect on June 10. The measures replace previous authorizations and establish an updated regulatory framework for activities involving Petróleos de Venezuela, S.A. (PDVSA), the commercialization of Venezuelan crude oil, the supply of diluents, and the maintenance of energy infrastructure.
General License 46C authorizes operations involving Venezuelan oil and petrochemical products by U.S. companies. According to the text, companies may engage in transactions “ordinarily incident and necessary to the extraction, export, re-export, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin petroleum,” including the refining and importation of those products into the United States.
The regulation also permits “commercially reasonable payments in the form of crude oil, diluent, or refined petroleum product swaps,” a provision that expands operational flexibility for authorized companies.
Meanwhile, General License 47A authorizes the export of U.S.-origin diluents to Venezuela. These products play an essential role in processing the extra-heavy crude produced in the Orinoco Belt. The authorization covers activities related to the sale, transportation, storage, and supply of diluents, as well as maritime services, insurance coverage, and port operations.
OFAC also issued General License 48B, which allows the supply of goods, technology, software, and services from the United States for oil and gas exploration and production, as well as for electricity generation, transmission, and distribution in Venezuela.
The license expressly authorizes the refurbishment and repair of equipment used in the energy industry and Venezuela’s electrical system. However, it continues to prohibit diluent exports outside the framework specifically established under General License 47A.
Another key measure is General License 52A, which expands the scope of authorized transactions involving PDVSA and its controlled subsidiaries. The document states that companies may conduct “all transactions otherwise prohibited” under previous executive orders when those transactions involve the Venezuelan state-owned company or entities in which it holds a 50 percent or greater ownership interest.
However, Washington continues to restrict changes to the company’s ownership structure. The license expressly prohibits transactions involving “the sale, transfer, assignment, or pledge as collateral” of the Venezuelan government’s interests in PDVSA. It also prohibits the enforcement of judgments or arbitration awards that would result in the transfer of blocked assets.
The new licenses also establish common conditions for all authorized operations. Contracts must operate under U.S. law, and parties must resolve disputes in the United States, the United Kingdom, France, or Singapore.
In addition, OFAC requires companies to deposit payments made to sanctioned entities into accounts specifically designated by the U.S. Treasury Department. The agency also prohibits settlement mechanisms involving gold, debt swaps, or digital assets.
The new framework explicitly excludes the participation of individuals or companies linked to Russia, Iran, North Korea, and Cuba. The restrictions also apply to companies controlled by Chinese interests, even when they hold registration in Venezuela or the United States.
Companies operating under these licenses must submit periodic reports detailing the parties involved, traded volumes, transaction values, and payments made to the Venezuelan state.
The update represents the most significant modification to Venezuela’s sector-specific licensing regime since Washington began partially easing sanctions. It also opens new avenues for U.S. companies to participate in strategic areas of Venezuela’s energy industry.
