TITLE: United States Treasury Department Issues Venezuela-Related General License Authorizing Specific Transactions
BODY:
On March 18, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 52, titled "Authorizing Certain Transactions Involving Petróleos de Venezuela, S.A." (PDVSA).
General License 52 authorizes specified transactions with PDVSA, the state-owned Venezuelan oil company, which had previously been subject to comprehensive sanctions restrictions. This license represents a targeted modification to existing Venezuela sanctions policy, permitting certain economic activities that would otherwise be prohibited under OFAC's Venezuela sanctions programme.
Alongside the general license issuance, OFAC published two new Venezuela-related Frequently Asked Questions (FAQ 1245 and FAQ 1246) to provide clarification and guidance to regulated entities, financial institutions, and other stakeholders on the scope and application of General License 52. These FAQs address common compliance questions regarding permissible transactions and reporting obligations.
The issuance of this general license affects U.S. persons, foreign entities conducting transactions with U.S. persons or the U.S. financial system, and any parties engaging in trade or financial activities involving PDVSA. Compliance with the specific terms and conditions outlined in General License 52 is mandatory for all regulated parties.
Entities seeking to conduct transactions under this license should review the full text of General License 52 and the accompanying FAQs to ensure compliance with all applicable conditions and restrictions. OFAC's Sanctions Programs and Country Information section provides access to all relevant guidance and regulatory materials.
REFERENCES:
Office of Foreign Assets Control, "Issuance of Venezuela-related General License and Frequently Asked Questions," March 18, 2026. Available at: https://ofac.treasury.gov/