Frequently Asked Questions

On October 22, 2025, OFAC designated Public Joint-Stock Company Oil Company Lukoil (Lukoil) to increase pressure on Russia's energy sector and degrade Russia's ability to raise revenue for its war machine. OFAC is aware of potential efforts by Lukoil to divest its assets outside of Russia to non-… Read more

Yes. Consistent with other authorizations issued by OFAC pursuant to the Venezuela Sanctions Regulations (VSR), GLs 46A and 48 authorize routine payments of local taxes, permits, and fees to the Government of Venezuela (GOV) or its instrumentalities. However, other payments, including royalties,… Read more

OFAC has issued two General Licenses (GLs) relating specifically to Lukoil International GmbH (LIG) and its majority-owned subsidiaries ("LIG Entities"): GL 128B and GL 131C . The GLs are similar but have different expiration dates and terms as each serves a different purpose. To mitigate the… Read more

GL 50A authorizes, subject to its conditions and exclusions, transactions prohibited by the Venezuela Sanctions Regulations (VSR) that are related to oil or gas sector operations in Venezuela of the entities listed in the Annex to GL 50A and their subsidiaries. Transactions authorized by Venezuela… Read more

For the purposes of GL 47, diluent means a light hydrocarbon liquid, such as natural gas condensate, naphtha, or light crude oil, that is added to heavy crude oil or bitumen to reduce its viscosity and density in order to transport, export, store, or process more …

To obtain payment account information for payments to the Foreign Government Deposit Funds, as specified in Executive Order (E.O.) 14373 , "Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People," and referenced in certain Venezuela General Licenses, please contact… Read more

Specific license applications to perform any contingent contracts executed pursuant to GL 49 will be assessed on a case-by-case basis consistent with U.S. foreign policy and national security priorities. Recent Venezuela-related general licenses issued by OFAC have included various limitations in… Read more

Entities not identified in the Annex to GL 50A can rely on other authorizations to support the development of oil or gas projects in Venezuela. For example, such companies can enter into contingent contracts for new investments in the Venezuela oil or gas sectors pursuant to GL 49 and submit a… Read more

GL 48 authorizes the provision of goods, technology, software, or services from the United States or by a U.S. person for the exploration, development, or production of oil or gas in Venezuela. Examples of authorized transactions under GL 48 include the provision of: insurance services for oil and… Read more

In accordance with the United States' support and solidarity for the Cuban people, OFAC would implement a favorable licensing policy toward specific license applications seeking authorization for the resale of Venezuelan-origin oil for use in Cuba. To qualify for this favorable licensing policy,… Read more