Issuance of Amended Venezuela-related General License | Office of Foreign Assets Control

https://ofac.treasury.gov/recent-actions/20260218_33
Success
Service US Money Transmission 25% Cross-Border Payments 20%
Specialism Sanctions 92% Supervision 78%
2026-02-19 14:22:54 · pdonofrio@vixio.com
ID
2885906
GUID
e2ab49cc769ed12313d0c488455b575b

Classification

Service
US Money Transmission (25%)

This update concerns US sanctions policy and OFAC licensing for Venezuela oil/gas operations, which falls outside the payments compliance taxonomy scope.

Cross-Border Payments (20%)

While financial institutions may facilitate transactions under this license, the update is fundamentally about sanctions compliance and energy sector operations rather than payment services regulation.

Specialism
Sanctions (92%)

The update explicitly concerns OFAC's amended Venezuela-related General License 50A, which authorizes and restricts transactions involving Venezuelan entities, directly addressing sanctions compliance and asset control requirements.

Supervision (78%)

The amendment affects financial institutions facilitating transactions and requires entities to review compliance procedures, representing an ongoing supervisory consideration for payment firms operating under sanctions frameworks.

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TITLE: United States Treasury Department Issues Amended Venezuela-Related General License BODY: On February 18, 2026, the Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury, issued an amended Venezuela-related General License 50A, titled "Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities." General License 50A permits authorised transactions involving oil and gas sector operations in Venezuela for specified entities. The amendment updates the existing licence framework to reflect current sanctions policy and operational requirements. This licence operates within OFAC's broader Venezuela sanctions programme, which has been in place to address concerns related to Venezuelan governance and economic conditions. The amended licence applies to entities engaged in oil and gas operations in Venezuela that meet the criteria specified in the General License 50A framework. The update may affect companies with operations or commercial interests in Venezuela's energy sector, as well as financial institutions facilitating transactions related to these activities. Entities seeking to conduct transactions authorised under the amended General License 50A should review the full licence terms and conditions to ensure compliance with OFAC sanctions requirements. Organisations currently operating under the previous version of General License 50A should assess whether the amendments affect their existing authorisations or require modifications to their compliance procedures. OFAC provides guidance and resources on its website to assist with sanctions compliance, including access to the Specially Designated Nationals List (SDN List) and other relevant sanctions lists. REFERENCES: Office of Foreign Assets Control. Issuance of Amended Venezuela-related General License. Available at: https://ofac.treasury.gov/recent-actions/20260218
  • ✓ Scraped:2026-02-19 14:22:54
  • ✓ Created:2026-02-19 14:22:54
  • ✓ By:pdonofrio@vixio.com (38)