US officially banned Venezuela from having oil dealings with Russia
The US Treasury Department has introduced stricter conditions for working with the Venezuelan oil company PDVSA: now all its operations must take place without the participation of Russia, Iran, North Korea, Cuba, and their controlled entities, writes The Moscow Times.
Collage: neftegaz.ru
Three new licenses issued by the US Office of Foreign Assets Control (OFAC) partially lift certain restrictions on interaction with the Venezuelan government and PDVSA.
One of these licenses permits the export, transportation, and processing of Venezuelan oil by American organizations; another allows for the supply of equipment and services for oil exploration and production; and a third covers operations in ports and airports. All contracts must be governed by US law, and payments to "blocked persons" (excluding local taxes) must be transferred to foreign government accounts.
This restriction will severely impact Russian investments in Venezuela, which amount to approximately $17 billion and include stakes in oil enterprises created with PDVSA. "Rosneft" established five joint ventures with Venezuela in the mid-2010s, but after the 2020 sanctions, the assets were transferred to "Roszarubezhneft," which is owned by the Russian state.
In November 2025, the Venezuelan National Assembly extended these projects until 2041 with additional investments of $616 million and a plan to extract about 91 million barrels of oil over 15 years. After Maduro's arrest in January 2026, Vice President Delcy Rodriguez assumed the functions of president, and US President Donald Trump stated that Venezuelan oil now "belongs to the US" and that foreign companies must work through the US administration, not directly with Caracas.
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