U.S. Bans Russia From Any Transactions Involving Venezuelan Oil

08:27; 11 February 2026 year

### U.S. Treasury Issues License for Venezuelan Oil Operations, Bars Transactions with Russia, Cuba, Iran, North Korea The U.S. Treasury Department has issued a license permitting operations involving Venezuelan oil, while prohibiting transactions with individuals and entities from Russia, Cuba, Iran, and North Korea. The document was published on the website of the Office of Foreign Assets Control (OFAC). The license blocks transactions with individuals and entities registered in these countries, as well as with structures under their direct or indirect control or joint ventures involving them. Additionally, the restriction applies to U.S. and Venezuelan entities that are directly or indirectly owned or controlled by Chinese entities or are their joint ventures. According to the license, the right to engage in oil and gas activities in Venezuela belongs exclusively to the United States. Only American businesses are authorized to explore, develop, and extract resources in Venezuela, conduct financial transactions, organize logistics (including ship chartering and insurance), and provide port services.

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