The New Cold War: Risk, Sanctions, Compliance Episode 22: "Focus on Iran: Protests, Sanctions and Oil"
Our International Trade team comments on additional restrictions on trade with Cuba
The Trump Administration, through the Office of Foreign Assets Control (OFAC), has issued a series of new Venezuela General Licenses (GLs) building off of the initial trading and diluent authorizations it recently published...more
The United States has imposed an evolving regime of economic sanctions regulations on Venezuela since 2015, including both targeted and sectoral sanctions administered by the Department of the Treasury’s Office of Foreign...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. ...more
In early January 2026, U.S. forces captured Nicolás Maduro and brought him into U.S. custody on drug charges. In subsequent public statements, the Trump administration announced an intent to encourage private-sector...more
As Venezuela’s political environment continues to shift, the Trump Administration has authorized US persons to undertake a variety of activities involving Venezuelan-origin oil that had previously been prohibited. On...more
On January 29, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) No. 46, authorizing “established U.S. entit[ies]” to lift, purchase, sell, and engage in...more
Last week Bracewell discussed the Trump administration’s initial easing of restrictions on Venezuelan oil with General License (GL) 46, which opened the door for US companies to revive the long-inaccessible industry. However,...more
In the span of a few days, Venezuela has moved to open its oil sector to private capital while U.S. regulators have set out a sanctions pathway for trading in Venezuelan‑origin crude. Venezuela’s amendment to its hydrocarbons...more
Following the removal of Venezuelan President Nicolás Maduro on January 3, 2026, the Trump administration has taken actions to expand Venezuela-related oil trade and investment opportunities, primarily for U.S. companies....more
In this weekly update, we summarise the most notable updates in the UK sanctions world. RUSSIA SANCTIONS...more
Subject to certain conditions and exceptions, General License (GL) 47 authorizes—without any time limitation—all transactions that are ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply,...more
On January 29, the Office of Foreign Assets Control (OFAC) took its first steps to loosen the sanctions against Venezuela following the capture and removal of Nicolás Maduro at the beginning of January....more
Key Takeaways: U.S. entities can now trade in Venezuelan oil without violating the Venezuela Sanctions Regulations. The Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has issued a general license...more
The Trump Administration has issued two new General Licenses (GLs) authorizing limited engagement in Venezuela’s oil trading sector. More licenses are anticipated in the coming days or weeks, affecting upstream and downstream...more
In the first relaxation of sanctions broadly prohibiting dealings with the Government of Venezuela, the Office of Foreign Assets Control (OFAC) issued General License 46 (the GL) on January 29, 2026, authorizing petroleum...more
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued two general licenses to provide limited sanctions relief for Venezuela's oil sector after the Venezuelan National Assembly passed...more
On January 29, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Venezuela‑related General License 46 (“GL 46”), marking the most significant easing of U.S. restrictions on the...more
Hours after the US military strike that ousted Venezuelan President Nicolas Maduro, President Trump announced that, “very large US oil companies, the biggest anywhere in the world” would “go in, spend billions of dollars, fix...more
On January 29, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new Venezuela-related General License (No. 46), authorizing established US companies to engage in a broad range of...more
On Thursday, January 29, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new general license, General License NO. 46 (the License), “Authorizing Certain Activities Involving...more
In the month since the U.S. took custody of Venezuelan President, Nicolas Maduro, the U.S. oil industry has been buzzing with rumors and speculation on what new opportunities may lie just south of the Caribbean. Venezuela is...more
After weeks of anticipation, the Office of Foreign Assets Control is authorizing certain transactions involving Venezuelan-origin oil by “established US entities.” Likely not the broad sanctions relief the Venezuelan...more
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License 46, “Authorizing Certain Activities Involving Venezuelan-Origin Oil” (General License), on January 29, 2026, permitting U.S....more
I. US SANCTIONS - Ukraine-Russia Peace Talks End without Agreement: According to Reuters, on January 24, Ukraine and Russia talks, brokered by the U.S., ended without a deal but with more talks expected the following...more
Trump administration authorizes transactions involving Venezuelan oil sector, but subject to detailed conditions to align with U.S. policy objectives. Companies seeking to do business with Venezuela should confirm that their...more