Venezuela is getting limited sanctions relief from the United States, with Washington now allowing a wider range of specified transactions involving Venezuelan oil, gas, gold, mining and telecommunications.
The changes were published by the US Treasury Department’s Office of Foreign Assets Control (OFAC) on Thursday, August 27, 2026, in an official notice titled “Issuance of Amended Venezuela-related General Licenses and Associated Frequently Asked Questions.”
OFAC amended eight Venezuela-related General Licences, covering specific activities that can now be conducted under the US sanctions framework.
The changes include:
Venezuelan oil and petrochemical products: Certain activities involving Venezuelan-origin oil and petrochemical products are now authorised.
US diluents: The sale of certain US-origin diluents to Venezuela is permitted.
Oil and gas operations: Certain transactions connected to oil and gas operations in Venezuela involving specified entities are authorised.
PDVSA: Certain transactions involving Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A., are now permitted.
Gold and other minerals: Certain activities involving Venezuelan-origin minerals, including gold, are authorised.
Mining: Specific goods and services can be supplied for approved mineral operations in Venezuela.
Telecommunications: Certain goods and services related to telecommunications in Venezuela can now be supplied.
Other goods and services: Another licence covers the supply of specified items and services to Venezuela.
OFAC also issued two new frequently asked questions, amended two existing FAQs and archived another as part of the changes.
What does this mean?
The move does not remove US sanctions on Venezuela altogether.
Instead, Washington has expanded the list of transactions that can legally take place under specific licences. Companies are still required to operate within the conditions set out by those licences, meaning this is targeted sanctions relief rather than a full lifting of sanctions.
The move is the latest step in a gradual adjustment of Washington’s Venezuela sanctions policy in 2026. Since January, the US Treasury’s Office of Foreign Assets Control (OFAC) has issued and amended a series of licences covering Venezuela’s oil and gas, minerals and other economic activities, rather than removing the sanctions programme altogether.
In practical terms, this means certain companies can now carry out specified transactions in these sectors under the conditions of the licences; it does not mean Venezuela is free from US sanctions or that all trade with the country has been reopened.
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