News 01 Sep, 2026

Venezuela sanctions – amended OFAC General Licences issued

Tony Paulson

Head of Asia & Corporate Director

Further to our comprehensive guide issued on 6 January 2026 and updated on 23 February 2026 reflecting important changes in US sanctions against Venezuela in light of the seizure of Nicolas Maduro by the United States, OFAC have issued further amended General licences and associated FAQs.

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Whilst these have not altered the broad re-opening of Venezuelan trade - and especially the oil trades subject to certain conditions - it is important that Members contemplating any fixture to or from Venezuela, and particularly involving the lifting of Venezuelan crude or petroleum products (including petcoke*), fully understand the licensing regime now in place in order to avoid any risk of US secondary sanctions exposure.

Full details are available on our dedicated Venezuela webpage. This is a complex area and Members with any questions regarding trade to Venezuela are strongly advised to contact the Managers.

_{*For a list of what constitutes “petroleum products” under the US Venezuelan sanctions programme please see OFAC FAQ 1226 here.}