Venezuela-related FAQ on Oil Resale
Summary
The Office of Foreign Assets Control (OFAC) has issued a new Frequently Asked Question (FAQ 1238) regarding the resale of Venezuelan origin oil to Cuba. This FAQ provides clarification on existing sanctions regulations.
What changed
OFAC has published a new Frequently Asked Question (FAQ 1238) that clarifies existing regulations concerning the resale of oil originating from Venezuela to Cuba. This FAQ addresses specific scenarios related to sanctions compliance for transactions involving Venezuelan oil.
Regulated entities involved in the trade of oil, particularly those with dealings related to Venezuela or Cuba, should review FAQ 1238 to ensure their operations remain compliant with OFAC sanctions. No immediate new actions are mandated, but understanding this clarification is important for ongoing compliance efforts.
What to do next
- Review FAQ 1238 for clarification on Venezuela oil resale to Cuba.
Source document (simplified)
- Specially Designated Nationals List (SDN List)
- Consolidated Sanctions List (Non-SDN Lists)
- Additional Sanctions Lists
- Search OFAC's Sanctions Lists
- Sanctions Programs and Country Information
- Recent Actions
- OFAC License Application Page
- Additional OFAC Resources
- Frequently Asked Questions
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- OFAC Reporting System
- Selected General Licenses Issued by OFAC
- Contact OFAC
Issuance of Venezuela-related Frequently Asked Question
02/25/2026 The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing one new, Venezuela-related Frequently Asked Question (FAQ 1238), pertaining to the resale of Venezuelan origin oil to Cuba.
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