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US OFAC updates licenses for Venezuela mining and coal sectors
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued updated general licenses (51D, 54C, and 55A) that expand authorized operations within Venezuela’s mining and coal sectors. These new measures replace previous versions issued in late August.
General License 51D allows US entities to engage in the export, sale, transport, and refining of Venezuelan coal and minerals, including gold. To maintain oversight, companies must submit detailed reports to the Departments of State and the Interior every 30 days, following an initial report 10 days after the first contract. Additionally, payments to sanctioned entities must be directed to specific foreign government deposit funds, and legal disputes must be resolved in designated international courts.
General License 54C permits the provision of goods, technology, software, and services—such as maintenance, logistics, and insurance—necessary for mining and coal extraction and processing. Service providers are required to submit reports every 90 days detailing volumes, amounts, and taxes paid.
General License 55A allows for the negotiation of preliminary agreements and memorandums of understanding for future investments or alliances in these sectors, though actual project execution requires additional specific OFAC authorization.
Despite this increased operational flexibility, the US government emphasized that these updates do not constitute a general lifting of sanctions. Strict prohibitions remain regarding transactions involving Russia, Iran, North Korea, Cuba, and certain entities in China.
Entities
Carbozulia · Minerven · Office of Foreign Assets Control · United States Department of State · United States Department of the Treasury · Venezuela
Claims
What the coverage asserts, and how many sources carry each claim.
- [DISPUTED] Companies operating under License 51D must submit detailed reports to the State and Interior Departments 10 days after the first contract and every 30 days thereafter. comunicacioncontinua.com · talcualdigital.com · yaracuyaldia.com
- [● 4 SOURCES] The updated licenses include explicit references to coal and the entity Carbozulia. elinformadorve.com · 2001online.com · nuevodia.com.ve
- [DISPUTED] Service providers under License 54C must submit reports every 90 days detailing involved parties, volumes, amounts, and taxes paid. comunicacioncontinua.com · talcualdigital.com · elinformadorve.com · yaracuyaldia.com
- [● 8 SOURCES] General License 55A allows for the negotiation and signing of preliminary agreements or memorandums of understanding for new investments or alliances, subject to further specific authorization. comunicacioncontinua.com · talcualdigital.com · elinformadorve.com · www.notitarde.com.ve · primeraedicioncol.com · +3 more
- [● 10 SOURCES] General License 51D authorizes transactions for the export, re-export, sale, purchase, transport, or storage of Venezuelan coal and minerals, including gold. comunicacioncontinua.com · talcualdigital.com · elinformadorve.com · noticiasdevzla.com · www.notitarde.com.ve · +5 more
- [● 9 SOURCES] General License 54C permits the provision of goods, technology, software, or services necessary for mining and coal exploration, extraction, and processing in Venezuela. comunicacioncontinua.com · talcualdigital.com · elinformadorve.com · www.notitarde.com.ve · primeraedicioncol.com · +4 more
- [● 5 SOURCES] The updates do not constitute a general lifting of sanctions on Venezuelan mining. comunicacioncontinua.com · noticiasdevzla.com · www.notitarde.com.ve · primeraedicioncol.com · mundour.com
- [● 10 SOURCES] The US Treasury Department's OFAC issued updated general licenses regarding sanctions on Venezuela's mining and coal sectors. comunicacioncontinua.com · talcualdigital.com · elinformadorve.com · noticiasdevzla.com · www.notitarde.com.ve · +5 more