OFAC Timeline

GL 58 — Services to the Government of Venezuela for Potential Debt Restructuring

Authorizes provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PDVSA, in connection with potential debt restructuring. Does not authorize the restructuring itself, transfer, settlement, or direct negotiations between the Government of Venezuela and its creditors.

View detail

GL 5W — PDVSA 2020 8.5% Bond

Authorizes certain transactions related to the PDVSA 2020 8.5% bond on or after June 19, 2026. Supersedes GL 5V and extends the regime initiated with GL 5 (2019) protecting CITGO Holding from bondholder execution on collateral. The shortest extension in the series (45 days) signals Treasury coordination with the CITGO sale process in the Delaware court.

View detail

GL 57 — Financial Services with BCV and Named State Banks

Authorizes provision of U.S. financial services (accounts, payments, correspondent banking, cards, digital payments) with the Banco Central de Venezuela and four named state banks, subject to full AML/FinCEN compliance obligations.

View detail

GL 56 — Commercial Negotiations Across All Sectors

Authorizes negotiating contingent contracts with the Government of Venezuela across all economic sectors, expressly conditioning performance on a separate OFAC authorization. Structural milestone of the 2026 regime.

View detail

GL 55 — Services to the Venezuelan Mining Sector

Complements GL 54 authorizing technical services, heavy equipment, and environmental consulting to the Venezuelan mining sector.

View detail

GL 51A — Venezuelan-Origin Gold Transactions

Amended version of GL 51 authorizing transactions with Venezuelan-origin gold under certified chain of custody and quarterly OFAC reporting.

View detail

GL 54 — Mining Sector (Gold and Non-Precious Minerals)

Authorizes operations in the Venezuelan mining sector including coltan, iron, bauxite, and gold outside the Orinoco Mining Arc.

View detail

GL 53 — Official Missions of the Government of Venezuela to the United States

Authorizes provision of goods and services in the U.S. to official Government of Venezuela missions (embassy and consulates) and to permanent missions to international organizations headquartered in the U.S. Allows U.S. financial institutions to operate accounts, process funds transfers, and extend credit to mission employees.

View detail

GL 52 — Specific Transactions Involving PDVSA

Authorizes specific transactions with PDVSA and its majority-owned subsidiaries necessary for the execution of the GL 46B/50A regime: settlement of legacy accounts receivable, pre-2019 contract settlement, transfers between authorized accounts.

View detail

GL 49A — Negotiation of Contingent Investment Contracts

Authorizes negotiation of contingent contracts in non-energy sectors with the express condition that performance requires separate OFAC authorization.

View detail

GL 48A — Humanitarian Transactions and Technical Assistance

Amended version of GL 48 expanding authorized activities for international humanitarian organizations, UN agencies, IFRC, and implementing NGOs.

View detail

GL 50A — Oil and Gas Sector Operations

Authorizes specific operations in the Venezuelan oil and gas sector including field development, infrastructure, transportation, and commercialization by foreign operators (Repsol, Eni, BP, Shell, Maurel & Prom).

View detail

GL 46B — Expanded Venezuelan Oil and Petrochemical Trade

Expanded version of GL 46 extending authorizations to activities involving Venezuelan-origin oil, petrochemical products, and supply of goods and services to the sector. Captures Repsol/Eni/M&P relationships without requiring specific licenses.

View detail

GL 5T — PDVSA 2020 Bonds Authorization

Authorizes specific transactions involving the PDVSA 2020 bonds (collateralized by Citgo Holding shares) that would otherwise be prohibited by Section 1(a)(iii) of Executive Order 13835.

View detail

GL 47 — Ancillary Services and Goods to Venezuelan Energy Sector

Authorizes provision of technical services, engineering, and supply of ancillary goods necessary for operations authorized under GL 46/46B.

View detail

GL 30B — Port and Airport Operations in Venezuela

Authorizes transactions "ordinarily incident and necessary" to the operation or use of ports and airports in Venezuela. Replaces GL 30A (February 2021) and removes the prior prohibition on the exportation or re-exportation of diluents to Venezuela.

View detail

GL 46 — Venezuelan Oil Trade by Established US Companies

Authorizes U.S. companies with established presence in Venezuela to engage in extraction, processing, transportation and export of Venezuelan crude and refined products. Marks the January 2026 structural shift toward a permissive regime. Superseded by GL 46B in March 2026.

View detail

GL 8N — Servicing Authorizations for Designated Entities

Authorizes certain activities necessary for the safe and orderly maintenance of operations (safety, environmental, local payroll) in PDVSA and designated subsidiaries, without permitting new investment or operational expansion.

View detail

GL 41 — Authorizing Certain Transactions for Chevron in Venezuela

Original November 2022 license that allowed Chevron to resume operations in joint ventures with PDVSA (Petroboscán, Petropiar, Petroindependencia, Petroindependiente) and export the resulting crude to the U.S. Under the 2026 regime it has been superseded by GL 46/49/50 with broader scope covering multiple majors.

View detail