The Office of Foreign Assets Control published 10 new FAQs last week about Venezuela-related General License 46, the recently issued license that authorizes certain oil-related activities and transactions in Venezuela as the Trump administration looks to allow American oil companies to reenter the country (see 2601280059). The FAQs add information about the types of activities authorized by the license, how banks can verify a transaction is compliant with the terms of the license, what OFAC considers to be "commercially reasonable terms" for Venezuela-related contracts, what types of non-U.S. entities can be involved in those transactions, and more.
The Office of Foreign Assets Control issued a new general license last week to authorize certain oil-related activities and transactions in Venezuela as the Trump administration looks to incentivize American oil companies to reenter the country (see 2601280059).
Lukoil, the major Russian energy company sanctioned by the U.S. last year (see 2510220050), said it has agreed to sell its international business to Carlyle, a Washington, D.C.-based private equity firm. The deal is subject to approval by the Office of Foreign Assets Control, Lukoil said. The company said the agreement doesn't include its assets in Kazakhstan, and it's continuing negotiations with other potential buyers.
The U.S. is preparing to issue sanctions licenses for companies to seek business opportunities in Venezuela, including in the country's oil sector, Secretary of State Marco Rubio told lawmakers this week.
The Office of Foreign Assets Control last week sanctioned nine Iranian shadow fleet vessels and their owners or management firms after it said they collectively transported hundreds of millions of dollars’ worth of Iranian oil and petroleum products to foreign markets. OFAC also issued a general license to authorize certain safety- and environmental-related transactions with the ships.
Companies should expect the Trump administration to continue to rely heavily on sanctions and sanctions enforcement as a foreign policy tool in 2026, including through new designations to pressure countries in the Western Hemisphere and penalties on gatekeepers that enable evasion, law firms said this month. They also said it's still unclear how the U.S. will approach its sanctions regime against Venezuela, although the administration would likely be able to easily roll back many of those restrictions.
The Office of Foreign Assets Control this week sanctioned 29 ships and their management companies, which it said are operating as part of Iran's shadow fleet and helping the country transport petroleum and petroleum products through "deceptive shipping practices." They have helped Iran move hundreds of millions of dollars worth of Iranian petroleum, OFAC said.
The Office of Foreign Assets Control this week renewed two Russia-related general licenses that authorize certain transactions related to crude oil originating from the Sakhalin-2 project and certain transactions with Russian entities related to civil nuclear energy.
The Office of Foreign Assets Control this week renewed and revised the language in a general license that authorizes certain transactions involving Lukoil retail service stations located outside Russia.
The Office of Foreign Assets Control this week issued a maximum $4.67 million fine against a real estate investor for mortgaging, renovating, and selling a real estate property owned by a sanctioned Russian oligarch’s family member.