Jeremy Paner Discusses OFAC’s General License Granting Limited Sanctions Relief on Venezuelan Oil

Feb. 2, 2026 – Jeremy Paner commented on a new general license issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) that provides limited sanctions relief for oil‑related transactions with Venezuela and state oil company Petroleos de Venezuela (PDVSA).

Paner told Energy Intelligence that every aspect of the general license is “clear as mud.”

“OFAC should have spelled out that ‘lifting’ means placement of oil onto vessels, not bringing oil to the surface,” he said.

Although the Trump administration has indicated that China will still be permitted to purchase Venezuelan crude oil, such sales must occur under stricter oversight, using non‑sanctioned tankers and without preferential terms, particularly the deep discounts PDVSA previously offered under Maduro.

State oil companies from China and Russia participate with PDVSA in several upstream joint ventures (JVs) in Venezuela, but the license leaves the future of those operations uncertain.

“No transactions involving the Russian or Chinese JVs would be authorized, and there is no work-around here,” Paner said of the general license.

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