Venezuela Approves Counterreform of Hydrocarbons Law - Revolutionary Communists of America

Venezuela Approves Counterreform of Hydrocarbons Law - Revolutionary Communists of America

The sequence of events triggered by the imperialist aggression against Venezuela led to the Venezuelan National Assembly’s approval, on January 29, of a partial reform of the country’s Chávez-era hydrocarbons law. Immediately afterwards, the US Office of Foreign Assets Control (OFAC), which is responsible for sanctions, published General License 46, partially lifting sanctions on Venezuelan oil, albeit with very strict restrictions. It is import…

New OFAC License Authorizes Certain Oil Payments, Activities in Venezuela

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American P&I Cicular no. 03/26

Dorothea Ioannou FEBRUARY 2, 2026CIRCULAR NO. 03/26TO MEMBERS OF THE ASSOCIATIONDear Member: OFAC ISSUES GENERAL LICENSE AUTHORIZING CERTAIN ACTIVITIES INVOLVING VENEZUELAN-ORIGIN OIL On January 29, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License No. 46 (“GL46”) “Authorizing Certain Activities Involving Venezuela-Origin Oil.”Subject to various exclusions and conditions summarized below…