US TREASURY · SANCTIONS REGIME
OFAC
The U.S. Treasury's Office of Foreign Assets Control runs the sanctions regime on Venezuela: general and specific licenses, designations and authorizations that determine which transactions are lawful for actors with U.S. exposure.
VE Pulses
08Venezuela opens the week on three fronts: Brazil at the table, a fight over its debt, and the U.S. in its gold mines
Last week the opening produced signatures; now it measures who governs it: whether the table with Brazil leaves deals, whether the debt is awarded on a process not by hand, and under what architecture —with the U.S. inside— the gold flows.
Shell signs Phase I of the Loran field and the debt restructuring already has a draft price
The new permit regime is already producing contracts in gas, debt and agriculture; what it does not yet produce is what would sustain them: a stable barrel, reserves that hold, and a standing judicial arbiter.
Washington rewrites the rules of Venezuela's oil and gold into a single framework, with an explicit veto on Chinese capital
The opening is no longer a collection of permits but a regime: wider than ever, administered in Washington and revocable with a single signature.
The State prepares to offer its assets through the Caracas Stock Exchange as global investment banks and the IMF move closer to Venezuela
The institutional capital and the mechanism to sell it state assets advance fast; the judicial arbiter that would give those contracts certainty is being recomposed this week with no guarantees of independence.
The top U.S. military officer lands in Caracas to back the transition, a Nasdaq SPAC lines up US$2.25 billion and the PDVSA-Crypto trial stays stuck
Venezuela's transition gains its strongest guarantee —the highest-ranking U.S. soldier in Caracas— and draws capital, but the money answering is still speculative and the institutions that should sustain it still do not work.
Venezuela opens its power sector to private capital, sends Rodríguez to India for petrodollars and hires lawyers for its defaulted debt
Venezuela sells its oil at the fastest pace in years, yet opens to private capital the electricity it cannot sustain, seeks capital in India and adds lawyers to its debt rework: the flow grows, the capital to run it does not appear.
Weekly close: Washington halts prosecutors and delists tankers, the AN installs the Friendship Group with the U.S. and the opposition signs the Panama Manifesto
Washington clears Delcy Rodríguez's legal path, the Chavista parliament institutionalizes the rapprochement and the opposition signs in Panama to negotiate her exit — normalization runs on three lanes that do not coordinate.
Exxon sits with the U.S. Embassy in Caracas, Venezuela goes to Houston for inputs and Darren Woods crosses Canadian heavy oil data with the Faja
Exxon stops being a rumor and turns into bilateral meetings and operational engineering, Saudi Arabia cedes its Indian share and Caracas opens a Drilling School — three movements that fix the upstream timeline.
Analysis
12Venezuela's Mining Opening: OFAC Reopens Gold to Western Trade — With the Cash in the U.S. Treasury
OFAC's June 10 amendment wave rewrote seven Venezuela licenses. The two mining ones —GL 51B and 54A— authorize trading and servicing Venezuelan gold via CVG Minerven, but route payment through the U.S. Treasury, bar new joint ventures and exclude China.
Smart money got there first: why the most sophisticated investors are quietly betting on Venezuela while the rankings call it unviable
Five months from Operation Absolute Resolve, the country has shipped between US$6 and US$9 billion in crude under the OFAC framework, sold US$100 million in gold to the U.S. under the Burgum-Caracas deal, delivered Alex Saab into DEA custody at Opa-Locka, and reopened twice-daily direct flights to Miami. Caracas now hosts an open table with the six Western oil majors on the oil front, with Coinbase and Founders Fund on the financial front, and with the Burgum delegation on the mining front — a quarter and a half in which Washington deployed more instruments on the country than in any comparable window since 1999. Transparency International still ranks Venezuela 178 of 180 on corruption perception. The distance between that score and the table filling up in Caracas is exactly the spread smart money is collecting for arriving first.
Citgo, GL 5V and the 12 days that decide the refiner's fate
On May 5, the authorization deferred by GL 5V takes effect. Amber Energy holds a $5.892B bid approved in Delaware. The effective transfer of Citgo requires a specific OFAC license not yet issued. The May 5-30 window sets the precedent for Venezuela's $192B in external debt.
OFAC publishes Spanish translations of five general licenses: the operational signal Latin America cannot ignore
OFAC had never published simultaneous translations of general licenses for Venezuela. The gesture is operational, not symbolic.
OFAC Clarifies Operating Conditions for Venezuela Energy Sector
Las FAQ publicadas el 1 de abril eliminan ambiguedad sobre pagos y exclusiones geopoliticas bajo GL 46B, 51A y 52.
GL 51 + Ley de Minas: la apertura minera venezolana se acelera y frena en la misma semana
Verdict: UNDER OBSERVATION · Favorable outlook. OFAC authorized Venezuelan gold exports to the U.S. on March 6. Burgum visited Caracas with 26 mining companies. The National Assembly approved the Mining Law in first reading on March 9. But the second reading stalled after 12 of 130 articles. What looked like a sprint became an obstacle course — with gold, diamonds, and rare earths as the prize.
$391 por trabajador: el colapso de la productividad venezolana y lo que significa para quien quiere producir en el país
Verdict: UNDER OBSERVATION · Favorable outlook. Real output per worker in Venezuela fell from $1,014 in 2008 to $391 in 2025. To match the output of one American worker, you need 286 Venezuelans. The most devastating number in the country isn't inflation or debt — it's productivity. And no OFAC license fixes it.
Las majors petroleras dicen lo que Washington no quiere escuchar: la reforma venezolana es «lamentablemente inadecuada»
Verdict: FAVORABLE · Favorable outlook. At CERAWeek Houston, the CEOs of ConocoPhillips and Chevron — the two most important companies for Venezuela's oil future — publicly stated that OFAC licenses are not enough. They need fiscal reform, legal certainty, and a debt repayment plan. Licenses open the door; the local framework determines if anyone walks through it.
Licencia General 52: OFAC desbloquea PDVSA para empresas estadounidenses y redefine las reglas del petróleo venezolano
Verdict: FAVORABLE · Favorable outlook. GL 52 is the broadest authorization Washington has issued on Venezuela since sanctions were imposed. It allows established U.S. companies to operate directly with PDVSA without a specific license. Contracts under U.S. law, payments to Treasury, and exclusion of Russia, Iran, China, and Cuba. Venezuelan oil wasn't set free — it changed wardens.
Rodríguez reemplaza al Ministro de Defensa más longevo del chavismo: la purga silenciosa que reorganiza el poder militar venezolano
General Vladimir Padrino, 11 years at the helm of the Ministry of Defense and pillar of Maduro's power apparatus, is replaced by Gustavo González López — head of the presidential guard and Rodriguez's military counterintelligence. This is not a transition: it is consolidation.
GL 49A: The license that allows negotiation without execution — and why it matters most for investors who haven't entered yet
GL 49A authorizes something previously impossible: negotiating and signing contingent investment contracts in oil, gas, petrochemicals, and electricity without prior OFAC approval.
GL 50A: The named license — 6 majors authorized for unrestricted operations in Venezuela's oil sector
OFAC named six companies in an annex: Chevron, BP, Eni, Repsol, Shell, and Maurel & Prom. For these companies and their subsidiaries, GL 50A authorizes all transactions related to oil and gas operations in Venezuela.
Sector Briefs
06Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
Production crosses 1 million bpd and majors sign: upstream closes Q1 with complete framework and binding power ceiling
VE-ENERGY-UPSTREAM April 2026 brief. Hydrocarbons reform passed (Jan 29), OFAC GL 52 (Mar 18), formal returns from Eni, Repsol and Chevron in April. Production 1.095M bpd, exports >1M for the first time in 6 months. India overtakes China as top buyer at 343K bpd. Revenues channeled to U.S. Treasury custody via EO 14373. The binding ceiling remains electrical (covered in VE-ENERGY-DOMESTICO).
Mining Law, GL 55, and the real Arco Minero: the legal framework arrived before territorial control
Mining Brief April 2026. Organic Mining Law passed April 9, GL 55 since March 27, Burgum-Trafigura $100M gold shipment. The pilot architecture works; institutional scale requires the regulation, the Superintendency and a first formal announcement from a Western major.
Venezuelan power sector: $15–40B to light up a country Siemens and GE already inspected
VE-ENERGY April brief. GL 48A active, Wright in February, Siemens/GE inspections in March, Delcy announcement in April. The legal-enablement layer is closed; payment mechanism and power reform are not. The power constraint ceilings oil production at 1.2M bpd.
The oil opening in numbers: regulatory framework, production, OFAC licenses
The oil opening in numbers. Regulatory framework, production, OFAC licenses, and the players positioning themselves.
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and exchange rate
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and FX.
OFAC Licenses
26GL 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
GL 49A — Negotiation of Contingent Investment Contracts
Authorizes negotiation of contingent contracts in non-energy sectors with the express condition that performance requires separate OFAC authorization.
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.
GL 5T — PDVSA 2020 Bonds Authorization
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.
GL 47 — Sale of U.S.-Origin Diluents to Venezuela
Authorizes provision of technical services, engineering, and supply of ancillary goods necessary for operations authorized under GL 46/46B.
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.
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.
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.
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.
Related entities
Official sources
This page aggregates Vene Economist editorial coverage of this entity as reference for institutional investors. It does not constitute investment or legal advice.