News 23 Feb, 2026 Amended [02/04]: Venezuelan sanctions - OFAC issues various new General Licenses Tony Paulson Head of Asia & Corporate Director Following the seizure of Nicolas Maduro by the United States in January 2026, the US Treasury’s Office of Foreign Assets Control (OFAC) has issued a series of new General Licenses ("GLs") and accompanying FAQs that are significantly reshaping the Venezuela sanctions landscape.  Download PDF This briefing provides an updated overview of the current sanctions framework, the General Licenses recently issued by OFAC and the practical implications for Members engaged in or considering Venezuelan trade. Members should note that this is a rapidly evolving situation and we will continue to provide updates as circumstances warrant. We have previously issued guidance on Venezuela sanctions, including our Notice on the designation of Venezuela's Maritime Authority, INEA (Instituto Nacional de los Espacios Acuaticos) – see Notice to Members No. 19 2020/2021 . As described further below, the treatment of INEA under the sanctions framework has been updated by the issuance of OFAC’s GL 30B . Background: The US Venezuela Sanctions Programme The US first imposed targeted sanctions on Venezuelan government officials in 2015. The measures were substantially expanded in subsequent years: Executive Order 13850 (November 2018) : Authorised sanctions against persons operating in certain sectors of the Venezuelan economy, including the oil sector. Executive Order 13857 (January 2019) : Extended the scope of EO 13850 by formally designating Petróleos de Venezuela, S.A. ("PdVSA") as a Specially Designated National ("SDN"). This designation applies to PdVSA and any entity in which PdVSA owns, directly or indirectly, a 50% or greater interest ("PdVSA Entities"). US persons are prohibited from transacting with PdVSA absent authorisation from OFAC. Executive Order 13884 (August 2019) : Blocked all property of the "Government of Venezuela" (bro