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ARTICLE · 09 FEBRUARY 2026

OFAC Issues General License 46 Targeting Venezuelan Oil Sector

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On January 29, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued Venezuela-related General License 46 ("GL 46"), "Authorizing Certain Activities Involving Venezuelan-Origin Oil".

United StatesInternational Law
Jonathan Cross
Jonathan Cross
Christopher Boyd
Christopher Boyd
Yash Dattani
Yash Dattani
MIchael Zhao
MIchael Zhao
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Overview

On January 29, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued Venezuela-related General License 46 ("GL 46"), "Authorizing Certain Activities Involving Venezuelan-Origin Oil". GL 46 establishes a new authorization regime for established U.S. entities engaging in a defined set of activities involving Venezuelan-origin oil that would otherwise be prohibited by the Venezuela Sanctions Regulations, 31 CFR Part 591.

In a significant departure from the more restrictive posture the Trump Administration previously adopted toward Venezuela's oil sector, notably marked by aggressive sanctions enforcement and several high-profile vessel seizures, the United States has now taken a materially different approach post detention of Nicolás Maduro. We previously discussed sanctions actions and recent developments in the Venezuelan oil and gas space on January 6, 2025. Against this backdrop, the issuance of GL 46 represents

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