Author: La Tabla/Plataforma de Periodismo de Datos 29 JAN 2026
The U.S. Treasury Department has issued General License No. 46, a major modification of the sanctions regime governing Venezuelan oil operations. For the first time since the imposition of these restrictions in 2019, Washington permits all activities in the oil supply chain, from extraction to international marketing, although under a previously unseen legal and financial control scheme. Until now, only minimal operations to prevent damage to infrastructure or industrial safety risks were allowed.
The new license allows established U.S. entities to engage in the production, transport, refining, storage, and sale of Venezuelan crude oil. However, each of these activities is subject to a set of formal requirements that completely reconfigure the commercial relationship with PDVSA. Among these is the obligation that all contracts be governed by U.S. law and that any disputes be resolved exclusively in U.S. courts.
Another structural change involves payment handling. Any amounts directed towards blocked individuals or entities must go through a special fund established by the Executive Order from January 9, 2026, signed by President Donald Trump, ensuring that revenues do not fall under direct control of the Venezuelan government.
While the license expands operational scope, it maintains strict prohibitions: no payments can be made in gold or in cryptocurrencies issued by Venezuela, nor transactions with actors linked to Russia, Iran, Cuba, North Korea, or China. Additionally, a system for periodic reporting to the State Department and the Department of Energy is required, detailing volumes, destinations, values, and any payments to the Venezuelan State.
Among the less visible but crucial elements is the authorization to engage maritime insurances, port services, and crude or diluents swaps, logistical aspects that determine the real viability of operations. License 46 opens the door to a broader oil flow, but within a framework that centralizes control in the hands of Washington and redefines the rules of the game for PDVSA and its counterparts.