On April 14, 2026, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued two general licenses in the continuing relaxation of certain sanctions involving Venezuela. These new general licenses authorize certain commercial and banking transactions in the country.
Venezuela General License 56, “Authorizing Commercial-Related Negotiations of Contingent Contracts with the Government of Venezuela.” Authorizes transactions that are ordinarily incident and necessary to engaging in commercial-related negotiations of contingent contracts with the Government of Venezuela, provided that the entry into and performance of any such contract is made expressly contingent upon separate authorization from OFAC. The general license provides definitions of the terms “Government of Venezuela” and “contingent contracts.” It also sets forth other conditions that must be followed for such transactions.
Venezuela General License 57, “Authorizing Financial Services Transactions Involving Certain Venezuelan Banks and Government of Venezuela Individuals.” Authorizes transactions that are ordinarily incident and necessary to the provision, exportation, or reexportation, directly or indirectly, of financial services to, from, or for the benefit of the following persons: (1) Banco Central de Venezuela; (2) Banco de Venezuela, S.A. Banco Universal (Banco de Venezuela); (3) Banco Digital de los Trabajadores Banco Universal C.A.; (4) Banco del Tesoro, C.A. Banco Universal (Banco del Tesoro); and (5) any entity in which one or more of the above entities own, directly or indirectly, individually or in the aggregate, a 50 percent or greater interests. The general license provides a definition of the term “financial services,” and sets forth other conditions that must be followed for such transactions.
Under both licenses, there remain specific transactions and payment terms that are not authorized. Thus, the terms of each general license and continuing restrictions on certain transactions must be carefully reviewed.