OFAC FAQ (Current) # 1228 - Venezuela Sanctions

Date issued: Feb. 06 2026

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TURBOFAC Commentary (161 words)

Notes:

1) See comments to Venezuela GL 46 for consolidated comment on the GL.

2) In contrast to FAQ # 1227, which describes a broad range of activities “ordinarily incident” to exports of and other oil-related transactions, here OFAC specifies that “GL 46 authorizes the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil. It does not authorize other exploration or production activities, such as conducting geological surveys, drilling wells, or extracting oil from fields in Venezuela, nor does it authorize activities related to investment in the Venezuelan oil sector, such as negotiations with Petróleos de Venezuela, S.A. (PdVSA) to enter into a contract to develop or operate oil fields, blocks, or other concessions.” Implicitly, the OFAC is taking the position that “exploration or production activities,...