OFAC Unveils Sweeping Framework for Venezuela Oil, Gas and Mineral Exports

The U.S. Treasury Department on Tuesday unveiled a broad new sanctions framework aimed at reopening significant portions of Venezuela’s energy and mining sectors to U.S. and allied companies, while explicitly authorizing shipping, insurance, and logistics activities needed to support exports.

The Office of Foreign Assets Control (OFAC) issued updated versions of seven Venezuela-related general licenses covering oil exports, U.S. diluent sales, energy services, mining activities, transactions involving state oil company Petróleos de Venezuela S.A. (PDVSA), and operations by major international energy companies.

The measures replace licenses first issued earlier this year and establish what appears to be a comprehensive legal