On January 29, 2026, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued new General License No. 46 (“GL 46”) authorizing transactions related to the exportation/reexportation of Venezuelan oil prohibited under the Venezuela Sanctions Regulations, 31 C.F.R. Part 591. Our blog posts about recent developments under US sanctions targeting Venezuela can be found here, here, here, and here. Subject to certain conditions, GL 46 authorizes all transactions involving the Government of Venezuela…
Ongoing developments in Venezuela raise critical business and legal questions for companies that do or are considering doing business in Venezuela. Public attention currently focuses on energy companies because of Venezuela’s vast oil reserves, but the US government has also announced that it will be promoting the rebuilding or modernization of electricity and infrastructure in Venezuela, all of which could result in significant business opportunities for other business sectors, including banking, mining, construction, manufacturing, transportation,…
El 18 de octubre de 2023, la Oficina de Control de Activos Extranjeros (“OFAC”) del Departamento del Tesoro de EE.UU. aplicó un levantamiento limitado de las sanciones bajo el Reglamento de Sanciones contra Venezuela (el “VSR”) al Gobierno de Venezuela (el “GOV”) y ciertos sectores de la economía venezolana en respuesta a la firma de un acuerdo de hoja de ruta electoral entre representantes del GOV y los partidos políticos de la oposición venezolana. La…