US waives sanctions on deals involving Venezuela’s PDVSA

Wednesday 18 March 2026 - 14:45

The United States government has issued a new general license that waives certain sanctions on transactions involving Venezuela’s state‑owned oil company, Petróleos de Venezuela, S.A. (PDVSA), according to the U.S. Treasury Department. This move marks a significant shift in Washington's policy toward Caracas and its embattled energy sector.

The waiver relaxes elements of the sanctions previously imposed by former President Donald Trump in 2019. Under the new authorization, specific deals and commercial activities involving PDVSA are permitted, though the full effects remain unclear. Oil sales from Venezuela are currently overseen by U.S. authorities, with proceeds placed into accounts under U.S. control before being disbursed to the Venezuelan interim government.

This policy change is part of broader efforts by the current U.S. administration to revive Venezuela’s struggling oil industry, which has suffered from years of neglect, corruption, and sanctions. Washington is also reportedly urging energy companies to consider large‑scale investments aimed at revitalizing the country’s oil infrastructure.

Critics of the waiver argue that easing sanctions could strengthen entities tied to Venezuela’s former leadership, despite ongoing concerns about governance and transparency in the oil sector. Nonetheless, the issuance of this license signals a notable development in U.S.–Venezuela economic and energy relations.