Federal Register #2026-09092

OFAC Publication of Venezuela Sanctions Regulations Web General Licenses 46, 46A, and 46B

This notice from the Department of the Treasury's Office of Foreign Assets Control (OFAC) announces the publication of three general licenses (GLs 46, 46A, and 46B) under the Venezuela Sanctions Regulations: - Authorizes certain activities involving Venezuelan-origin oil and petrochemical products by established U.S. entities - Activities must comply with specific conditions, including: - Contracts governed by U.S. law - Payments made into designated accounts - Exclusion of certain countries from authorized transactions - Reporting obligations for entities conducting authorized activities - Notable OEMs and vendors referenced as involved parties: - BP PLC - Chevron Corporation - Eni S.p.A. - Repsol S.A. - Shell PLC - No specific products, part numbers, or purchase quantities are listed (regulatory notice, not a procurement solicitation) - Unique requirements include strict compliance, payment restrictions, and reporting to OFAC

Description

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing three general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 46, 46A, and 46B. These licenses authorize certain transactions involving Venezuelan-origin oil and petrochemical products by established U.S. entities, subject to specific conditions such as contract terms governed by U.S. law and payments made into designated accounts. The licenses were issued on January 29, 2026 (GL 46), February 10, 2026 (GL 46A), and March 13, 2026 (GL 46B), with each subsequent license replacing the previous one. The publication provides legal and regulatory details pertinent to compliance and enforcement under these sanctions.

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