OFAC Timeline

GL 49B — Contingent Contracts for New Energy Investment

Authorizes negotiating and entering into contingent contracts for new investment in oil, gas, petrochemical products or electricity in Venezuela —new exploration or production, expansion of existing operations and formation of new joint ventures—, including prior due diligence, provided that performance is made contingent on separate OFAC authorization. As of September 28, 2026, the petrochemical annex lists methanol. Supersedes GL 49A.

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GL 48D — Supply of Goods and Services to Venezuela

Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production —including maintenance and repair of equipment—, and for electricity generation, transmission, storage and distribution in Venezuela. As of September 28, 2026, the petrochemical annex lists methanol. The formation of new joint ventures remains outside the license. Supersedes GL 48C.

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GL 46E — Trade in Venezuelan-Origin Oil and Petrochemical Products

Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA. As of September 28, 2026, the petrochemical annex lists methanol; until then it listed only fertilizers and their inputs. Contracts must route disputes to the U.S., U.K., France, or Singapore, and payments to blocked persons go to the Treasury account. Supersedes GL 46D.

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GL 5Z — PdVSA 2020 8.5% Bond (on or after November 5, 2026)

Authorizes, on or after November 5, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5Y in its entirety effective September 16, 2026, moving the effective date from September 17 to November 5, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.

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GL 52C — Transactions Involving Petróleos de Venezuela, S.A.

Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850. As of September 14, 2026, it allows PdVSA officials on the SDN List to execute and sign those contracts in their official capacity, and expressly excludes any transaction altering the governance of PDV Holding, CITGO Holding, or CITGO Petroleum. The forum requirement (U.S., U.K., France, or Singapore) and Treasury payment routing remain. Supersedes GL 52B.

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GL 54C — Supply of Items and Services for Coal or Minerals Operations in Venezuela

Authorizes the provision from the United States or by a U.S. person of goods, technology, software, or services for the exploration, development, mining, extraction, processing, refining, or production of coal or minerals —including gold— in Venezuela, in transactions involving the Government of Venezuela, Carbozulia and CVG Minerven. As of September 2, 2026, coal enters the same perimeter that already covered gold. It authorizes supplying and maintaining the operation, not forming joint ventures to exploit it. Supersedes GL 54B.

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GL 55A — Contingent Contracts for Investment in Venezuela’s Coal or Minerals Sectors

Authorizes negotiating and entering into contingent contracts for new investment in Venezuela’s coal or minerals sectors —including gold— provided that performance is expressly contingent upon separate authorization from OFAC. As of September 2, 2026, coal enters the same perimeter that already covered gold. It is the first amendment to GL 55 since March 2026. Supersedes GL 55.

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GL 51D — Trade in Venezuelan-Origin Coal or Minerals, Including Gold

Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin coal or minerals —including gold— in transactions involving the Government of Venezuela, Carbones del Zulia S.A. (Carbozulia) and CVG Minerven, including processing and refining. As of September 2, 2026, coal enters the same perimeter that already covered gold. Conditions are unchanged: disputes in the U.S., U.K., France, or Singapore, and payments routed through Treasury. Supersedes GL 51C.

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GL 50C — Oil or Gas Sector Operations of Listed Entities

Authorizes transactions related to oil or gas sector operations in Venezuela of the entities listed in the Annex and their subsidiaries —BP, Chevron, Eni, Maurel & Prom, Repsol and Shell, the same six as in June—, with Treasury routing of payments, taxes and royalties. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Supersedes GL 50B.

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GL 54B — Goods and Services for Minerals Operations in Venezuela

Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for exploration, development, mining, extraction, processing, refining and production of minerals —including gold— in Venezuela, via CVG Minerven. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Does NOT authorize forming new mining joint ventures. Supersedes GL 54A.

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GL 47B — Sale of U.S.-Origin Diluents to Venezuela

Authorizes the export, sale, supply and transport of U.S.-origin diluents to Venezuela in transactions involving the Government of Venezuela and PdVSA. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore; it no longer needs to be governed by U.S. law. Supersedes GL 47A.

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GL 61A — Supply of Certain Items and Services to Venezuela Related to Telecommunications

Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — that are ordinarily incident and necessary to the provision from the United States or by a U.S. person of goods, technology, software, or services for the installation, maintenance, refurbishment, repair, upgrade, operation, or support of telecommunications in Venezuela. Telecommunications is defined broadly: data, telephone, internet connectivity, radio, television, news wire feeds, and similar services, regardless of the medium of transmission, including satellite and submarine cables. As of August 27, 2026, the contract with the Government must only route disputes to the United States, the United Kingdom, France, or Singapore; it no longer needs to be governed by U.S. law. Reporting to the Department of State ten days after the first transaction and every 90 days thereafter remains. No expiration date. Supersedes GL 61.

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GL 52B — Transactions Involving Petróleos de Venezuela, S.A.

Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore; Treasury payment routing remains. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52A.

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GL 46D — Trade in Venezuelan-Origin Oil and Petrochemical Products

Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA. The contract no longer needs to be governed by U.S. law: it must only route disputes to the U.S., U.K., France, or Singapore. Treasury payment routing remains. Supersedes GL 46C.

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GL 51C — Trade in Venezuelan-Origin Minerals, Including Gold

Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin minerals —including gold— in transactions involving the Government of Venezuela and CVG Minerven, including processing and refining. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Treasury payment routing remains. Supersedes GL 51B.

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GL 48C — Supply of Goods and Services to Venezuela

Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production, and for electricity generation, transmission, storage and distribution in Venezuela. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Supersedes GL 48B.

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GL 61 — Supply of Certain Items and Services to Venezuela Related to Telecommunications

Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — that are ordinarily incident and necessary to the provision from the United States or by a U.S. person of goods, technology, software, or services for the installation, maintenance, refurbishment, repair, upgrade, operation, or support of telecommunications in Venezuela. Telecommunications is defined broadly: data, telephone, internet connectivity, radio, television, news wire feeds, and similar services, regardless of the medium of transmission, including satellite and submarine cables. Any contract with the Government must be construed under the laws of a U.S. state or jurisdiction and route dispute resolution to the United States, the United Kingdom, France, or Singapore. Suppliers must report to the Department of State 10 days after the first transaction and every 90 days thereafter. No expiration date.

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GL 62 — Negotiations of and Entry Into Contingent Contracts for Investment in the Telecommunications Sector of Venezuela

Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — related to the negotiation of and entry into contingent contracts for new investment in the telecommunications sector of Venezuela, provided that performance of any such contract is made expressly contingent upon separate authorization from OFAC. Covers establishing new telecommunication service providers, expanding existing operations, and forming new joint ventures or other entities, along with prefatory steps such as commercial, legal, technical, safety, and environmental due diligence and assessments. No periodic reporting and no expiration date.

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GL 5Y — PdVSA 2020 8.5% Bond (on or after September 17, 2026)

Authorizes, on or after September 17, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5X in its entirety effective August 3, 2026, moving the effective date from August 4 to September 17, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.

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GL 60 — Earthquake Relief Efforts (through October 23, 2026)

Authorizes, through 12:01 a.m. eastern time on October 23, 2026, transactions ordinarily incident and necessary to earthquake-relief efforts following the June 24, 2026 earthquake in Venezuela that would otherwise be prohibited by the Venezuela Sanctions Regulations (31 CFR part 591), including those involving the Government of Venezuela and SDNs sanctioned under the executive orders incorporated into the VSR. Note 1 covers the processing and transfer of funds on behalf of third-country persons in support of relief and lets U.S. financial institutions and money transmitters rely on the originator to establish compliance. Does not unblock blocked property and does not cover ordinary activity (routine remittances, general commerce).

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GL 24A — Telecommunications and Mail

Authorizes transactions ordinarily incident to the receipt and transmission of telecommunications, and the sending of mail and packages to, from, and within Venezuela, involving the Government of Venezuela. Updates and replaces GL 24 (Aug 5, 2019). Does not lift the remaining sanctions.

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GL 59 — Supply of Goods and Services Involving Conviasa

Authorizes the supply of certain items and services involving Consorcio Venezolano de Industrias Aeronáuticas y Servicios Aéreos, S.A. (Conviasa), the state airline: payment processing through the U.S. financial system, sales and purchases, transport, maintenance and repair, and transactions ordinarily incident to airline operations. Broadens the prior GL 45B (repatriation, 2024) framework. Does not lift the remaining sanctions on the Government of Venezuela.

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GL 5X — PdVSA 2020 8.5% Bond (on or after August 4, 2026)

Authorizes, on or after August 4, 2026, transactions related to, the provision of financing for, and other dealings in the PdVSA 2020 8.5% Bond that would otherwise be prohibited by section 1(a)(iii) of E.O. 13835. Supersedes GL 5W, moving the effective date from June 19 to August 4, 2026; until then, execution against the CITGO Holding share collateral remains prohibited absent a specific license. OFAC reiterates a favorable licensing policy toward a bond restructuring agreement.

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GL 51B — Trade in Venezuelan-Origin Minerals, Including Gold

Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin minerals —including gold— in transactions involving the Government of Venezuela and CVG Minerven, including processing and refining. Subject to U.S./allied law and forum and Treasury payment routing. Supersedes GL 51A.

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GL 50B — Oil or Gas Sector Operations of Listed Entities

Authorizes transactions related to oil or gas sector operations in Venezuela of the entities listed in the Annex and their subsidiaries, subject to U.S./allied law and forum and Treasury routing of payments —including royalties and taxes. Supersedes GL 50A.

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GL 48B — Supply of Goods and Services to Venezuela

Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production, and for electricity generation, transmission, storage and distribution in Venezuela. Supersedes GL 48A.

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GL 47A — Sale of U.S.-Origin Diluents to Venezuela

Authorizes the export, sale, supply and transport of U.S.-origin diluents to Venezuela in transactions involving the Government of Venezuela and PdVSA, subject to U.S./allied law and forum. Supersedes GL 47.

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GL 54A — Goods and Services for Minerals Operations in Venezuela

Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for exploration, development, mining, extraction, processing, refining and production of minerals —including gold— in Venezuela, via CVG Minerven. Does NOT authorize forming new mining joint ventures. Supersedes GL 54.

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GL 52A — Transactions Involving Petróleos de Venezuela, S.A.

Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850, subject to U.S./allied law and forum and Treasury payment routing. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52.

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GL 46C — Trade in Venezuelan-Origin Oil and Petrochemical Products

Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA, subject to U.S./allied law and forum and Treasury payment routing. Supersedes GL 46B.

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GL 58 — Services to the Government of Venezuela for Potential Debt Restructuring

Authorizes provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PDVSA, in connection with potential debt restructuring. Does not authorize the restructuring itself, transfer, settlement, or direct negotiations between the Government of Venezuela and its creditors.

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GL 5W — PDVSA 2020 8.5% Bond

Authorizes certain transactions related to the PDVSA 2020 8.5% bond on or after June 19, 2026. Supersedes GL 5V and extends the regime initiated with GL 5 (2019) protecting CITGO Holding from bondholder execution on collateral. The shortest extension in the series (45 days) signals Treasury coordination with the CITGO sale process in the Delaware court.

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GL 56 — Commercial Negotiations Across All Sectors

Authorizes negotiating contingent contracts with the Government of Venezuela across all economic sectors, expressly conditioning performance on a separate OFAC authorization. Structural milestone of the 2026 regime.

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GL 57 — Financial Services with BCV and Named State Banks

Authorizes provision of U.S. financial services (accounts, payments, correspondent banking, cards, digital payments) with the Banco Central de Venezuela and four named state banks, subject to full AML/FinCEN compliance obligations.

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GL 54 — Mining Sector (Gold and Non-Precious Minerals)

Authorizes operations in the Venezuelan mining sector including coltan, iron, bauxite, and gold outside the Orinoco Mining Arc.

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GL 55 — Contingent Contracts for Investment in Venezuela’s Minerals Sector

Complements GL 54 authorizing technical services, heavy equipment, and environmental consulting to the Venezuelan mining sector.

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GL 51A — Venezuelan-Origin Gold Transactions

Amended version of GL 51 authorizing transactions with Venezuelan-origin gold under certified chain of custody and quarterly OFAC reporting.

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GL 53 — Official Missions of the Government of Venezuela to the United States

Authorizes provision of goods and services in the U.S. to official Government of Venezuela missions (embassy and consulates) and to permanent missions to international organizations headquartered in the U.S. Allows U.S. financial institutions to operate accounts, process funds transfers, and extend credit to mission employees.

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GL 5V — PdVSA 2020 8.5% Bond (on or after May 5, 2026)

Authorized, on or after May 5, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5U (February 2, 2026) effective March 19, 2026, moving the effective date from March 20 to May 5, 2026. Superseded by GL 5W on May 4, 2026.

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GL 52 — Specific Transactions Involving PDVSA

Authorizes specific transactions with PDVSA and its majority-owned subsidiaries necessary for the execution of the GL 46B/50A regime: settlement of legacy accounts receivable, pre-2019 contract settlement, transfers between authorized accounts.

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GL 49A — Negotiation of Contingent Investment Contracts

Authorizes negotiating and entering into contingent contracts for new investment in oil, gas, petrochemical products or electricity in Venezuela —new exploration or production, expansion of existing operations and formation of new joint ventures—, including prior due diligence, provided that performance is made contingent on separate OFAC authorization. Supersedes GL 49.

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GL 46B — Expanded Venezuelan Oil and Petrochemical Trade

Expanded version of GL 46 extending authorizations to activities involving Venezuelan-origin oil, petrochemical products, and supply of goods and services to the sector. Captures Repsol/Eni/M&P relationships without requiring specific licenses.

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GL 48A — Supply of Certain Items and Services to Venezuela

Authorizes the provision from the United States or by a U.S. person of goods, technology, software, or services for the exploration, development, or production of oil, gas, or petrochemical products in Venezuela, or for the generation, transmission, storage, or distribution of electricity, subject to a U.S.-law contract and payments into the Foreign Government Deposit Funds. Supersedes GL 48.

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GL 50A — Oil and Gas Sector Operations

Authorizes specific operations in the Venezuelan oil and gas sector including field development, infrastructure, transportation, and commercialization by foreign operators (Repsol, Eni, BP, Shell, Maurel & Prom).

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GL 30B — Port and Airport Operations in Venezuela

Authorizes transactions "ordinarily incident and necessary" to the operation or use of ports and airports in Venezuela. Replaces GL 30A (February 2021) and removes the prior prohibition on the exportation or re-exportation of diluents to Venezuela.

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GL 47 — Sale of U.S.-Origin Diluents to Venezuela

Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, PdVSA, and any entity in which PdVSA owns a 50 percent or greater interest — that are ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, marketing, delivery, or transportation of U.S.-origin diluents to Venezuela. Any such contract must specify that U.S. law governs and that dispute resolution occurs in the United States. The authorization reaches payment processing, vessel chartering, marine and P&I insurance, and port and terminal services, including with port authorities that are part of the Government of Venezuela.

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GL 5U — PdVSA 2020 8.5% Bond (on or after March 20, 2026)

Authorized, on or after March 20, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5T (December 19, 2025) effective February 2, 2026, moving the effective date from February 3 to March 20, 2026. Superseded by GL 5V on March 19, 2026.

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GL 46 — Venezuelan Oil Trade by Established US Companies

Authorizes U.S. companies with established presence in Venezuela to engage in extraction, processing, transportation and export of Venezuelan crude and refined products. Marks the January 2026 structural shift toward a permissive regime. Superseded by GL 46B in March 2026.

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GL 5T — PdVSA 2020 8.5% Bond (on or after February 3, 2026)

Authorizes specific transactions involving the PDVSA 2020 bonds (collateralized by Citgo Holding shares) that would otherwise be prohibited by Section 1(a)(iii) of Executive Order 13835.

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GL 8N — Servicing Authorizations for Designated Entities

Authorizes certain activities necessary for the safe and orderly maintenance of operations (safety, environmental, local payroll) in PDVSA and designated subsidiaries, without permitting new investment or operational expansion.

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GL 41 — Authorizing Certain Transactions for Chevron in Venezuela

Original November 2022 license that allowed Chevron to resume operations in joint ventures with PDVSA (Petroboscán, Petropiar, Petroindependencia, Petroindependiente) and export the resulting crude to the U.S. Under the 2026 regime it has been superseded by GL 46/49/50 with broader scope covering multiple majors.

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GL 33 — Overflight Payments, Emergency Landings, and Air Ambulance Services

Authorizes, since August 5, 2019 with no expiration date, transactions involving the Government of Venezuela that are necessary to: (i) receive and pay charges for overflight services over Venezuela or emergency landings in Venezuela by aircraft registered in the United States or owned, controlled by, or chartered to persons subject to U.S. jurisdiction; and (ii) provide air ambulance and related medical services, including medical evacuation from Venezuela. Does not unblock blocked property and does not authorize transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591).

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