OFAC updates Venezuela minerals licenses and blocked-property filing

WASHINGTON, September 2, 2026 — The Treasury Department’s Office of Foreign Assets Control issued amended Venezuela sanctions licenses covering trade in Venezuelan-origin coal and minerals, support for mining operations and negotiations over potential new investment.

General License 51D authorizes established US entities to conduct transactions ordinarily necessary to export, sell, store, purchase, deliver or transport Venezuelan-origin coal or minerals, including gold. The authorization covers dealings involving the Venezuelan government, Carbozulia, Minerven and entities at least 50% owned by Minerven.

For this license, an established US entity is one organized under US law by Jan. 29, 2025. Contracts with specified Venezuelan government parties must place dispute proceedings in the US, UK., France or Singapore. Most payments to blocked persons must go into designated government deposit funds or another Treasury-instructed account.

General License 54C separately authorizes the supply from the US, or by US persons, of goods, technology, software and services for coal and minerals operations in Venezuela. Covered activities include exploration, mining, processing, refining, maintenance, shipping, insurance and port services.

General License 55A permits negotiations and contingent contracts for new investment in Venezuela’s coal and minerals sectors, including gold. It also covers preliminary due diligence and proposed expansion, production and joint ventures, but performing a contract requires separate OFAC authorization.

The authorizations have significant boundaries. None unblocks property or permits transactions involving blocked vessels. Depending on the license, exclusions also apply to parties connected to Russia, Iran, North Korea, Cuba and China. License 51D requires transaction reports within 10 days of the first covered transaction and every 30 days afterward; License 54C requires subsequent reports every 90 days.

OFAC also reminded US persons holding property blocked under its authorities as of June 30 to file the 2026 Annual Report of Blocked Property through the OFAC Reporting System by Sept. 30. Filers must use the current TD-F 90-22.50 spreadsheet, and late filing may lead to an enforcement referral.

The agency also amended Venezuela-related FAQ 1247.