US cracks down on Venezuela-Russia oil ties with sweeping ban

The US Treasury has tightened restrictions on Venezuelan oil, officially banning any transactions with Russia and several other countries.

According to new licenses issued by the Office of Foreign Assets Control (OFAC), operations with Venezuela’s state oil company PDVSA are now explicitly conditioned on avoiding cooperation with sanctioned nations, Caliber.Az reports.

Three licenses partially lift certain restrictions on dealings with the Venezuelan government, PDVSA, and affiliated entities. License 46A permits export, re-export, transport, and processing of Venezuelan oil by authorised US organisations, while License 48 allows the supply of goods, technology, and services for exploration and production in Venezuela. License 30B covers operations necessary for port and airport activities in the country.

All licenses include a strict prohibition on involving Russia, Iran, North Korea, Cuba, and entities under their control. Contracts must comply with US law, and payments to “blocked persons” (except for local taxes) must go to foreign government accounts.

The restrictions will affect Russian investments in Venezuela, including stakes in oil fields. Rosneft established five joint ventures with PDVSA in the mid-2010s—Petromonagas (40%), Petroperija (40%), Boqueron (26.67%), Petromiranda (32%), and Petrovictoria (40%). In 2020, after PDVSA was sanctioned, Rosneft announced its exit from Venezuelan assets, which were transferred to Roszarubezhneft, a state-owned Russian entity.

In November 2025, Venezuela’s National Assembly extended these projects until 2041, with additional investments of $616 million and a planned output of about 91 million barrels over 15 years. Following the arrest of Nicolás Maduro in January, Vice President Delcy Rodríguez assumed presidential functions. US President Donald Trump declared Venezuelan oil “US property,” requiring foreign companies to deal through the US administration rather than directly with Caracas.

Russian Foreign Minister Sergey Lavrov criticised the sidelining of Russian companies in Venezuela, though Roszarubezhneft stated its intention to continue fulfilling existing obligations.

By Jeyhun Aghazada