PARTIAL SUSPENSION OF ECONOMIC SANCTIONS IN THE VENEZUELAN OIL SECTOR
Within the framework of the still-effective Venezuela Sanctions Regulations, contained in Title 31 of the Code of Federal Regulations, Subtitle B, Chapter V, Part 591 (Venezuela Sanctions Regulations – VSR), as well as the still-effective Executive Order 13850 and the January 28, 2019 Determination, which prohibit operating in Venezuela’s oil sector, since January 29, 2026, the Office of Foreign Assets Control (“OFAC”) has been issuing a series of General Licenses authorizing, under specific conditions, certain transactions related to oil and gas sector operations in Venezuela. Previously, in earlier special bulletins, General Licenses 46 and 47 were summarized as the first licenses issued by OFAC authorizing the commercialization of Venezuelan-origin crude oil already extracted and the exportation of diluents to Venezuela. Likewise, recaps were provided of additional licenses issued (5U, 30B, 46A, 48, 49, and 50), which expanded the partial suspension of sanctions to production activi...