Connect with the right partners. Strengthen your program. Export compliance doesn’t have to be overwhelming, especially when you know where to turn for help. This session features Star USA’s president Michael D. Easton alongside Nate Ward from the SBDC Export…
OFAC: U.S. Expands Sanctions Relief With New Licenses for Venezuela Oil and Gas Investment
OFAC: U.S. Expands Sanctions Relief With New Licenses for Venezuela Oil and Gas Investment
February 24, 2026/
The Office of Foreign Assets Control last week issued General License 49 authorizing parties to negotiate and enter into contingent contracts for new investment in Venezuela’s oil and gas sector, provided that performance of those agreements remains subject to separate authorization from OFAC. The license covers a wide range of preliminary agreements, including executory contracts, offers capable of acceptance, memoranda of understanding, and similar arrangements. It also permits preparatory steps such as commercial, legal, technical, safety, and environmental due diligence, as well as activities tied to expanding existing operations or forming new joint ventures in the country.
In a related move, the United States Department of State published updated guidance describing the licenses issued to date and signaled that additional authorizations may follow. The actions reflect a continued effort by U.S. authorities to adjust sanctions policy toward Venezuela’s energy sector while maintaining controls over the execution of new investments.
Related Posts
OFAC: Launches Online Portal for Voluntary Self Disclosure Submissions
The Office of Foreign Assets Control has introduced a new online Voluntary Self Disclosure Portal designed to streamline the submission of potential violations under sanctions programs it administers. The secure platform replaces prior submission methods with a centralized digital system that allows individuals and organizations to file disclosures more efficiently and track communications throughout the…
CPSC: Agency Releases Preliminary HTSUS List Ahead of Mandatory eFiling Compliance Program
The Consumer Product Safety Commission (CPSC) has published on its website a preliminary list of approximately 600 HTSUS classifications that are likely to cover products requiring electronic submission of certificate of compliance data beginning July 8. The agency emphasized that the list is not exhaustive and that additional HTSUS numbers may also be subject to…
USTR: United States Adjusts Tariff Treatment for Indian Imports Under New Reciprocal Framework
Effective February 7, 2026, the United States will remove the additional 25 percent ad valorem duty on products of India entering the U.S. market. In place of that measure, Indian imports will be subject to a revised reciprocal “Liberation Day” tariff rate of 18 percent. In addition, qualifying Indian goods will now be eligible under…
USCIT: Court Rejects Retroactive Section 301 Exclusion Claims
In a notable trade case, the Court of International Trade addressed an Importer of Record attempt to retroactively claim section 301 exclusions for cryptocurrency mining equipment that appeared to consist of specialized CMP boards designed for mining use. The dispute centered on whether the products fell within the scope of existing section 301 exclusions and…