Publication of Venezuela Sanctions Regulations Web General Licenses 50A and 51A
What happened
The Department of the Treasury's Office of Foreign Assets Control (OFAC) published General Licenses 50A and 51A, which were signed by Donald Trump and previously made available on OFAC's website. GL 50A, issued on February 18, 2026, authorizes certain transactions related to oil or gas sector operations in Venezuela for specific entities like BP PLC and Chevron Corporation, under conditions including U.S. governing law for contracts and payments into Foreign Government Deposit Funds. GL 51A, issued on March 27, 2026, authorizes transactions for established U.S. entities involving Venezuelan-origin minerals, including gold, also with U.S. governing law for contracts and specific payment instructions.
Why it matters
These general licenses allow specified U.S. and international entities to conduct certain business operations in Venezuela's oil, gas, and mineral sectors, which were previously prohibited. This provides a legal framework for engagement while still imposing conditions, such as reporting requirements and restrictions on payment types like digital currency or debt swaps. It aims to create regulated channels for economic activity within the existing sanctions regime.
Who it affects
- ›BP PLC
- ›Chevron Corporation
- ›Eni S.p.A.
- ›Repsol S.A.
- ›Shell PLC
- ›Established U.S. entities in mineral trade
The receipts are official. The summary is ours.
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