OFAC General License 46A substitutes recently awarded license 46: whose texts are identical except for a provision of authorization of payments for local taxes, permits or fees within Venezuela without sending such payments to foreign government deposit funds, as specified on executive order 14,373. This is a major improvement from license 46 which is now becoming license 46A. This is first explicit admission of United States that payment must be received in Venezuela for local taxes, permits and fees. We may remember that Marco Rubio used to say that government of Venezuela was not supposed to receive any compensation for oil exploration, production and distribution activities. License 47 concerning imports of diluent is maintained and license is awarded: authorizing use of ports and airports in Venezuela, including facilities operated by INAC and INEA.
Such ports located on Venezuelan shores will be important to export production: that from now on is allowed by general license OFAC 48. Goods, technology, software services, exploration, development and production of oil and gas in Venezuela are permitted. Similarly as in general of license 46A, payment of local taxes is allowed with no need to incur into foreign government deposit funds as specified on executive order 14,373. License 48 permits processing payments, arranging ships and logistics. It includes chartering vessels. General license OFAC 48 includes marine insurance protection and indemnity and authorizes ports and terminal services within Venezuela. Maintenance of oil and gas fields is also permitted under general license 48. This includes refurbishment or repair of items used for exploration and development of oil and gas fields.
Venezuela’s petroleum industry is now officially back. Necessary permits have been awarded so that domestically PDVSA, national investors and international investors may allocate specific fields, operate them, export proceeds, pay: fees, local taxes and permits to Venezuelan authorities while exports continue operated by United States foreign government deposit funds as specified in Executive Order 14,373 dated on January 9th, 2026.
Russia, Iran, Korea, Cuba, and China are excluded from General License 46A. Russia, Iran, Korea, Cuba, and China are excluded from license 48. While China seems relegated to only purchase oil from Venezuela on United States terms and prices, such as recent Venezuelan export of oil that arrived into Israel. Venezuela’s attitude toward Israel remains problematic. Former deposed president Nicolás Maduro claimed that Israel was evil and genocide: while his son Nicolasito Maduro actually proposes reassuming diplomatic relations with Israel. We have two members of Maduro family who have different opinions on Israel.
Venezuelan oil exports are traded temporarily by Vittol and another major trading company. Such trading companies may sell that oil to Israel, United States refiners, China or any other countries except North Korea, Iran and Cuba. Additional OFAC licenses will be needed for joint operations between neighboring countries: Trinidad and Tobago, Guyana, and Colombia, as Venezuela’s border with all these three countries is set to become a major international oil and gas trade route. While some petroleum fields are adjacent between Venezuela and Trinidad: such as Dragon Gas, or between Venezuela and Colombia, such as Caño Limón and Guafita. Ecopetrol, Shell and British Petroleum are certainly in a rush for obtaining OFAC specific licenses for the binational nature of operation between contiguous countries.
Sanctions relief has been extremely significant: suggesting that domicile prison of Juan Pablo Guanipa is acceptable and encouraged by United States, which prefers to flow oil and gas rather than a fight for democracy that is prohibited by National Security November 2025 report. Juan Pablo Guanipa’s home arrest, as he violated terms and conditions of his previous release, is a hotly debated topic which does not provide an agreement between lawyers. Gloria Pinho of opposition party Conde is strongly in favor of domicile arrest of Juan Pablo Guanipa: because of reincidence in behavior for which he was originally charged, while most extremist lawyers claim otherwise.
President Delcy Rodríguez has been visiting businesses and communities in Prados del Este and Mecedores in Caracas. Her schedule of activities seems to be a mixture between international investors and domestic production communities. Venezuela’s economy understandably should not rely entirely on petroleum, as wild swings in petroleum price have traditionally provided mismanagement and instability to Venezuelan macroeconomics. Main concern is that domestic production, just as oil and gas production, needs: reinvestment, maintenance, repair, refurbishment of very old equipment. Most Venezuelans do not have any capital to engage in such repair. Many communities visited by President Delcy Rodríguez have some connection with her socialist party and many may have received funding directly from government. However, as Jorge Rodríguez, her brother, has welcomed free market economy back into Venezuela, we should expect free flow of foreign and domestic currency through private banking system so that ordinary citizens may be well served in their financial needs.
Attention is increasingly shifting into Cuba. Air Canada and other Canadian airlines have suspended their air service into Canada. Canadian tourists are stranded in Cuban hotels which are closing. Tourists are being removed from hotels and deposited into other hotels. Tourism industry is in an utter nightmare. There is no electrical energy even in hotels. Domestic Cuban population must endure fourteen to twenty hours of darkness and only four hours of light. Refrigerators no longer serve their function. All food is rotten. No new food is being produced. Mass starvation of Cuban population is imminent. Cuban land system of ownership does not work. People are supposed to fish or raise cattle for benefit of state. This is hardcore state communism.
Fortunately Venezuela never experienced such economic repression ever. Venezuela always maintained some window of private enterprise. Cuba must be liberated. Donald Trump must continue either exercising pressure or dialoguing with Díaz canel until he goes or he might have to do an extraction. Russia, China, and Iran as usual will not be able to do anything about it. But Cuba must be free immediately. Venezuela needs to continue our strong relationship with Cuba. And now that Venezuela is a free market economy and Cuba has become a failed state, Venezuela and Cuba can no longer trade. Venezuela and Cuba can no longer have relations beyond diplomatic irrelevant communiqués signed by foreign ministers Bruno Rodríguez Parrilla and Ivan Gil. Venezuela and Cuba must regain trade, commerce, and Cuba should also be an attractive location for Venezuelan companies wishing to expand internationally.
United States and Venezuela alliance is perfectly suited to make Cuba recover. United States has capital and Venezuela has knowhow of current Cuban society. An alliance between United States and Venezuela must transcend: beyond petroleum and gas exploration. Both countries should jointly make Cuba great again. But either Díaz Canel has to go, or an interim president for Cuba must be found. Ideally, this petroleum and food blockade against Cuba should not last long. There is risk of mass starvation, which could easily be equated to an imminent future genocide of starving Cubans if a solution is not sought. However, we are perfectly knowledgeable that Cuban regime is interested in staying in power forever.
Rubén Rivero