Beginning in early 2026, the United States began strategically re-engaging with Venezuela, authorizing US entities and certain allied companies to operate across the oil, gas, petrochemical, and minerals sectors through a series of targeted, highly regulated general licenses (GLs) issued by the Treasury Department’s Office of Foreign Assets Control (OFAC).
Bracewell’s Venezuela Sanctions Resource Center consolidates the relevant GLs and OFAC guidance into a single, searchable reference tool, helping stakeholders evaluate new opportunities at a high level. Because this area remains highly dynamic, companies should consult counsel before undertaking any transaction or investment involving Venezuela.
[1] Instituto Nacional de los Espacios Acuaticos, the Venezuelan maritime authority responsible for regulating, controlling, and administering navigation, aquatic transport, and port infrastructure.
[2] GL 46 defines Established US Entity as “any entity organized under the laws of the United States or any jurisdiction within the United States on or before January 29, 2025.”
[3] Government of Venezuela
[4] Venezuela’s state-owned oil and gas company.
[5] Payment terms that are not commercially reasonable, involve debt swaps or payments in gold, or are denominated in digital currency, digital coin, or digital tokens issued by, for, or on behalf of the Government of Venezuela, including the petro (Venezuelan-issued crypto token that was ended in 2024).
[6] Foreign Government Deposit Funds, specialized US Treasury-designated accounts created to receive these funds.
[7] For a comprehensive list of authorized “financial services,” please visit GL 57, Note 1.
[8] Venezuela Sanctions Regulations
*See Bracewell Consolidated Chart for specific reporting requirements.
