US Eases Venezuelan Oil Sanctions After Country Opens Sector to Privatisationby Ship & Bunker News TeamThe US authorisation does not extend to transactions involving entities linked to Russia, China, Iran, Cuba or North Korea, nor to any sanctioned vessels. File Image / PixabayThe US has approved limited transactions involving Venezuelan oil after the country’s government decided to open its oil sector to private investment. Following the move, the US Treasury’s Office of Foreign Assets Control (OFAC) on Thursday issued General License 46, which authorises certain activities involving Venezuelan-origin oil by established US entities. The authorisation applies to transactions involving the Government of Venezuela, Petróleos de Venezuela (PdVSA), or entities majority-owned by PdVSA, provided contracts are governed by US law. The licence does not permit transactions involving entities linked to Russia, China, Iran, Cuba or North Korea, or any dealings involving blocked vessels.