The US Department of the Treasury's Office of Foreign Assets Control (OFAC) enables the imperial blockades against Venezuela and several other nations. File photo.
Caracas (OrinocoTribune.com)—On Friday, the US Treasury’s Office of Foreign Assets Control (OFAC) issued General Licenses 49 and 50, easing sanctions against Venezuela in a move that many analysts see as evidence of the failure of Washington’s regime change attempt. This shift comes as Chavismo remains in full control of the country despite the recent high-intensity imperialist aggression.
License 50 authorizes transactions related to oil and gas sector operations. This imperial measure specifies that international oil corporations Repsol, Shell, Eni, Chevron, and BP PLC can resume operations in Venezuela. This license substantially eases the illegal US sanctions enforced since 2019, during Donald Trump’s first term. Under the new guidelines, these companies may enter into contracts and make monetary payments into the “Foreign Government Deposit Funds,” as specified in Order 14373 of January 9, 2026, or other accounts as directed by the US Department of the Treasury.
Meanwhile, License 49 authorizes the negotiation and signing of contingent contracts for certain investments. However, the licenses stipulate that any transaction involving persons or entities from Russia, Iran, North Korea, Cuba, or China—including joint ventures with such parties—is excluded.
Analysts warn that the specific language of OFAC licenses should not be confused with Venezuela’s sovereign actions to remain independent. They state that the references to excluded nations should be viewed with caution, noting the disparity between what the US writes in its licenses and the reality on the ground as Venezuela pursues multiple international partners in the oil business.
This easing of illegal sanctions occurs amid a context of extreme political complexity following the January 3 US military attack. During the attack, US forces bombed Venezuela, killing 120 people, including 32 Cuban soldiers, before kidnapping President Nicolás Maduro and First Lady Cilia Flores.
India’s Reliance
Also on Friday, Bloomberg reported that OFAC issued a private license to India’s Reliance Industries. This authorization allows the conglomerate to purchase Venezuelan oil directly despite the sanctions that remain in effect. The move is expected to accelerate Venezuela’s oil exports and reduce crude costs for Reliance, which operates the world’s largest refining complex.
The private license authorizes the purchase, export, sale, and refining of extracted Venezuelan oil. Earlier this month, Reliance purchased 2 million barrels of Venezuelan crude from the trader Vitol, which, along with Trafigura, was previously granted US licenses to trade part of Venezuela’s oil output.
US Imperialism Forced to Negotiate With Chavismo as US Energy Secretary Visits Orinoco Oil Belt
The shift follows a recent decision by the US president to remove a punitive 25% tariff on India, contingent on New Delhi increasing oil purchases from the US and potentially Venezuela to offset Russian imports. Reliance, a long-time buyer of Venezuelan crude, had suspended purchases in early 2025 due to the tightening of illegal US sanctions. The company operates two refineries in India with a combined capacity of approximately 1.4 million barrels per day.
The report, cited by a “person familiar with the matter” who requested anonymity, was not officially confirmed by Reliance as the company did not respond to Bloomberg’s message seeking comment.
Special for Orinoco Tribune by staff
OT/JRE/SF
