OFAC opens path for U.S. minerals trade, services and contingent investment in Venezuela

WASHINGTON, March 27, 2026 — The U.S. Treasury’s Office of Foreign Assets Control on Friday issued Venezuela General License 51A and new General Licenses 54 and 55, expanding authorized activity in Venezuela’s minerals sector, including gold. The OFAC notice says the action covers: GL 51A, authorizing certain activities involving Venezuelan-origin minerals; GL 54, authorizing the supply of certain items and services for minerals operations in Venezuela; and GL 55, authorizing negotiations of and entry into contingent contracts for certain investment in Venezuela’s minerals sector.

GL 51A authorizes transactions ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, purchase, delivery or transportation of Venezuelan-origin minerals, including gold, by an established U.S. entity organized on or before Jan. 29, 2025. It also permits related due diligence, shipping, insurance and port services, as well as processing or refining, but bars mining or production activity inside Venezuela and replaces GL 51 in full effective March 27.

GL 54 authorizes the provision from the United States or by a U.S. person of goods, technology, software and services for mineral exploration, development, mining, extraction, processing, refining or production in Venezuela, including maintenance and repair support. It does not authorize new joint ventures in Venezuela, blocked vessel dealings or transactions involving Russia, Iran, North Korea, Cuba or China-linked persons or ventures.

GL 55 separately authorizes negotiations and contingent contracts for new investment in Venezuela’s minerals sector, including agreements in principle, bids, proposals and binding memorandums of understanding, so long as performance remains expressly contingent on separate OFAC authorization. It covers expansion of existing operations and formation of new ventures at the contracting stage, but not execution without further approval.

Across the licenses, contracts with the Government of Venezuela, Minerven or Minerven entities must be governed by U.S. law with dispute resolution in the United States, and monetary payments to blocked persons generally must go to the Foreign Government Deposit Funds or another Treasury-designated account.

Reporting obligations also apply, with GL 51A reports due 10 days after the first transaction and every 30 days thereafter, while GL 54 reports follow the same initial 10-day deadline and then recur every 90 days.