The U.S. Department of the Treasury has issued a new license relaxing certain trade restrictions, officially allowing American companies to resume transactions with Venezuela’s state-owned oil corporation, Petróleos de Venezuela S.A. (PdVSA), and its affiliates.

According to the Treasury’s Office of Foreign Assets Control (OFAC), the United States is working alongside the Venezuelan government “to reactivate and restore Venezuela’s energy sector.” However, this new licensing agreement comes with several rigorous requirements:

All operations must remain strictly subject to U.S. law.

Financial payments must be deposited into U.S.-controlled bank accounts, rather than being sent directly to Venezuela.

Companies are required to submit regular reports detailing their activities.

The waiver does not apply universally. The Treasury clarified that any transactions involving individuals or institutions tied to Russia, Iran, North Korea, Cuba, and certain Chinese entities remain strictly prohibited.

This strategic shift in U.S. policy arrives at a critical time when global energy prices are facing severe impacts from the ongoing war involving the U.S., Israel, and Iran.

In a related move to “alleviate disruptions” within the domestic oil market, the U.S. government also announced a 60-day waiver of the Jones Act—a maritime law that normally requires goods transported between U.S. ports to be carried exclusively on American-flagged ships.