US Eases Sanctions, Allows Oil Operations in Venezuela
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Washington, The U.S. Treasury on Jan. 29 this week issued a general license allowing established U.S. entities to engage in specific transactions involving Venezuelan-origin oil, including lifting, exportation, refining and transportation. The authorization does not cover upstream crude production inside Venezuela and excludes dealings with entities linked to Russia, Iran, North Korea, Cuba and certain China-connected firms. The license requires contracts to be governed by U.S. law and bars debt swaps and cryptocurrency payments. Officials said the move aims to expand U.S. investment and increase oil flows while preserving core production sanctions. Based on 6 articles reviewed and supporting research.
Prepared by Christopher Adams and reviewed by editorial team.
Timeline of Events
- 2019: OFAC designates Venezuela's energy sector under U.S. sanctions following contested elections.
- Jan. 29, 2026: U.S. Treasury publishes a general license authorizing specified Venezuelan-origin oil transactions by U.S. entities.
- Jan. 29–30, 2026: Media reports clarify the license excludes upstream production and dealings with entities linked to Russia, Iran, DPRK, Cuba and some China-linked firms.
- Jan. 30, 2026: Outlets report contractual requirements—U.S. law governance and U.S. dispute resolution—and prohibitions on debt swaps and cryptocurrency payments.
- Ongoing: U.S. companies and PDVSA consider legal frameworks and potential commercial engagement under the new license.
- Articles Published:
- 6
- Right Leaning:
- 0
- Left Leaning:
- 1
- Neutral:
- 5
- Distribution:
- Left 17%, Center 83%, Right 0%
Established U.S. energy companies and Venezuela's state oil company PDVSA may gain increased commercial activity, contractual revenue streams, and U.S. investment opportunities under the Treasury's general license.
Companies and governments linked to Russia, Iran, North Korea, Cuba and certain China-connected entities remain excluded and lose immediate access; Venezuelan upstream producers also remain constrained by continued production sanctions.
Coverage of Story:
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US Eases Sanctions, Allows Oil Operations in Venezuela
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