OFAC FAQ (Current) # 1238 - Venezuela Sanctions

Date issued: Mar. 05 2026

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TURBOFAC Commentary (271 words)

Notes:

1) FAQ amended on 3-5-26 to added the second paragraph to the answer “Parties seeking a license” and to note that “as well as any Cuban-owned financial institutions, would not be covered by [the] favorable licensing policy”

2) In the midst of what is referred to as an “effective blockade” of Cuba—albeit not one reflected in changes to sanctions laws—OFAC issued this statement of licensing policy (SLP) concerning “authorization for the resale of Venezuelan-origin oil for use in Cuba”. OFAC states that “the requested transactions would need to be consistent with the terms and conditions of” Venezuela General License 46A, which authorizes the exportation of oil from Venezuela, subject to a number of conditions.

3) The SLP covers resale of Venezuelan origin to Cuba that is subject to U.S. jurisdiction. Suppose...