TITLE: United States Treasury Office Issues Venezuela-Related General Licenses and Removes Designation
BODY:
On April 14, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Venezuela General License 56, "Authorizing Commercial-Related Negotiations of Contingent Contracts with the Government of Venezuela," and Venezuela General License 57, "Authorizing Financial Services Transactions Involving Certain Venezuelan Banks and Government of Venezuela Individuals." These licenses authorize specified commercial and financial activities with Venezuelan entities previously subject to restrictions.
OFAC simultaneously released Venezuela-related Frequently Asked Question 1248 to provide guidance on the application of these new licenses. The office also published its Quarterly Report of Licensing Activities pursuant to Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), covering activities undertaken under Section 906(a)(1) of the TSRA from October through December 2025. Under TSRA procedures, OFAC processes license applications authorising the export of agricultural commodities, medicine, and medical devices to Iran under the specific licensing regime established in Section 906 of the TSRA.
Additionally, OFAC updated the Specially Designated Nationals and Blocked Persons List, removing Reinaldo Enrique Munoz Pedroza from the designations list. Munoz Pedroza, a Venezuelan national born November 28, 1971, in Caracas, was previously designated under Venezuela-related sanctions.
These actions represent a modification to U.S. sanctions policy toward Venezuela, expanding authorised commercial and financial engagement with the Venezuelan government and certain Venezuelan financial institutions. The general licenses and guidance provide a framework for entities seeking to conduct permitted transactions with Venezuela.