Venezuela FAQ
Frequently Asked Questions
The Venezuela Business Information Center FAQ page will help you find quick answers to the most common questions we receive, along with helpful guidance and resources to support you.
If you have further questions, please contact us at tradevenezuela@trade.gov.
Why should U.S. companies consider exporting to Venezuela?
- Venezuela is an emerging market with renewed commercial momentum and expanding opportunities for U.S. companies, particularly in priority sectors such as healthcare, energy, and infrastructure.
- The reestablishment of diplomatic relations between the U.S. and Venezuela and the recent issuance of a series of new general licenses by the Department of the Treasury’s Office of Foreign Assets Control (OFAC) are creating new possibilities for U.S. commercial engagement in the market.
- While the operating environment requires careful navigation of sanctions and export controls, many forms of commercial engagement remain permissible. The United States exported $3 billion in goods to Venezuela in 2025.
- The U.S. Department of Commerce stands ready to support U.S. companies in identifying viable opportunities, navigating regulatory requirements, and successfully entering this increasingly accessible market.
What U.S. Government resources are available to help me do business in Venezuela?
- The U.S. Commercial Service stands ready to help U.S. companies looking to export goods or services to Venezuela. The best place to start is tradevenezuela@trade.gov to connect you to our dedicated team. Additional support is also available through your local U.S. Export Assistance Center with our international trade specialists, who are ready to assist you in identifying market opportunities in Venezuela, ensuring your firm is well-positioned to export to this complex but navigable market, and providing support through the export process.
- The U.S. Commercial Service office in Bogotá, Colombia, works in close coordination with the Venezuela Affairs Unit to support U.S. companies in this market.
- We encourage companies to engage early with Commerce to assess opportunities and develop a compliant, strategic approach to entering the Venezuelan market.
- Other useful resources include:
Given current sanctions, under what circumstances can I do business in Venezuela?
- U.S. sanctions on Venezuela are targeted – not comprehensive – and many commercial activities remain permissible with private-sector entities provided those transactions do not involve sanctioned individuals or entities, including the Government of Venezuela and the state-owned oil company Petróleos de Venezuela, S.A. (PdVSA), or any entity owned 50% or more by them.
- U.S. firms can still pursue business opportunities in Venezuela’s private sector across a range of industries, so long as they conduct due diligence and ensure that counterparties are not blocked persons, or entities owned 50% or more by blocked persons (approximately 190 persons) on the Treasury Department’s Specially Designated Nationals and Blocked Persons List (SDN) List.
- Under current U.S. sanctions, the Government of Venezuela and PdVSA, including entities owned 50% or more by them, as well as major state-owned banks and numerous sanctioned individuals, remain blocked by U.S. sanctions.
- As a result, U.S. companies cannot transact with the Government or government-owned entities unless the transaction is exempt or expressly authorized by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) via a general or specific license.
- If you have any questions about whether certain transactions with the government of Venezuela or other Venezuela-related entities are permitted under current U.S. sanctions, you should contact OFAC’s Compliance Hotline.
How do I obtain a general and/or specific license to do business in Venezuela?
- A license is an authorization from OFAC to engage in a transaction that otherwise would be prohibited by U.S. sanctions. There are two types of licenses: general licenses and specific licenses.
- A general license is a self-executing license that authorizes a particular type of transaction for U.S. persons, or a class of U.S. persons, without the need to apply for a license, as long as the activity meets all the terms and conditions of the general license. General licenses are published in OFAC sanctions regulations and/or on OFAC’s website.
- A specific license is issued by OFAC to a particular individual, authorizing a particular transaction in response to a written license application. Specific licenses are generally treated as business confidential.
- If you would like to apply for a specific license to conduct activities that would otherwise be prohibited by the Venezuela Sanctions Regulations, you should submit an application through OFAC’s Licensing Portal (OFAC Specific Licenses and Interpretive Guidance | Office of Foreign Assets Control).
What general licenses have been issued for Venezuela?
- OFAC maintains a list of general licenses that authorize activities with regard to Venezuela that would otherwise be prohibited by U.S. sanctions on its Venezuela-Related Sanctions webpage.
How do I know if I need to obtain a specific license?
- Any transaction involving a sanctioned party (entity or individual) not exempt or explicitly authorized under the terms of a general license will require a specific license.
- OFAC administers a number of different sanctions programs. The sanctions can be either comprehensive, sectoral, or list-based, using the blocking of assets, investment prohibitions, trade restrictions, and services prohibitions to accomplish foreign policy and national security goals. See a list of OFAC sanctions programs.
- OFAC’s Sanctions List Service (SLS) website provides sanctions list files and data to the public.
- To determine if your transaction involves a sanctioned party, you can screen your transaction using the Consolidated Screening List Search Engine and the Specially Designated Nationals List.
- The Consolidated Screening List (CSL) is a list of parties for which the United States Government maintains restrictions on certain exports, reexports, or transfers of items. It consolidates eleven export screening lists of the Departments of Commerce, State, and the Treasury into a single data feed as an aid to industry in conducting electronic screens of potential parties to regulated transactions. It also consolidates a number of smaller lists of restricted parties maintained by several U.S. Government agencies, including the Department of Commerce.
- The Specially Designated Nationals and Blocked Persons List (SDN List) is a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers, designated under programs that are not country-specific.
- Please note that not all blocked parties may appear on the SDN List, as some sanctions programs impose blocking sanctions on entities that are 50 percent or more owned by blocked person(s) and even entire governments.
Where can I learn more about Venezuela-related sanctions?
- OFAC’s Venezuela-Related Sanctions webpage also includes additional FAQs related to Venezuela sanctions.
What export restrictions should I consider when exporting to Venezuela?
- The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) administers U.S. laws, regulations and policies governing the export and reexport of commodities, software, and technology falling under the jurisdiction of the Export Administration Regulations (EAR), which are items with dual uses.
- Firms must classify their good or service under EAR and obtain an Export Control Classification Number (ECCN), checking the Commerce Country Chart and Country Groups for license requirements, and screen for military end-use and end-user “red flag” restrictions.
- Other U.S. Government agencies regulate more specialized exports. For example, the U.S. Department of State’s Directorate of Defense Trade Controls has authority over defense articles and services. A list of other agencies involved in export control can be found in Supplement No. 3 to Part 730 of the EAR.
What Venezuelan import requirements should I consider when exporting to Venezuela?
- Imported goods should generally be declared to the National Integrated Tax Administration Service (SENIAT), Venezuela’s customs authority.
- Importers of certain products, such as food, cosmetics, or medicines, may need to register their products with relevant Ministries such as the Ministry of Health.
- The following documents are typically required: customs declaration, commercial invoice, bill of lading, or airway bill. Other documents that may be required, depending on the specifics of the product or shipment, include: packing list, certificate of origin, and special certificates or permits (e.g., phytosanitary certificates or import licenses).
- Exporters should consult with the Venezuelan importer, customs agent, and/or freight forwarder regarding what documentation is required. Venezuela also imposes tariffs, customs duties, and value-added tax (VAT) on most imported goods.
What key risks should I consider if I am pursuing a business opportunity in Venezuela?
- Doing business in Venezuela requires careful planning, and U.S. companies can successfully enter the market by leveraging available licensing pathways and complying with U.S. sanctions and export controls. Companies must prioritize due diligence and consider the various risks and challenges present in the market.
- Foremost among them are finance, banking, and payment risks. U.S. sanctions apply to payments and transactions with certain Venezuelan financial institutions. Even when a company has obtained the appropriate license, financial institutions may make a risk-based decision to refuse to process the payment due to a Venezuela nexus. There is currently a lack of U.S. dollars in the Venezuelan banking system, and U.S. government credit guarantee programs are currently unavailable for Venezuela.
- Venezuela’s corruption and money-laundering risk remain systemically high.
- Other risks include operational risks related to shipping and customs delays, legal risks resulting from the weak rule of law and poor contract enforcement, political volatility, and expropriation risk.
How do I get paid for my goods or services in Venezuela?
- Most firms exporting to Venezuela currently require cash payment in U.S. dollars in advance.
- In some cases, payment is made by taking receipt of oil.
- If payment terms are something other than oil or U.S. dollars, consult the U.S. Department of the Treasury website to make sure payment terms comply with all restrictions.