Summary

Hours after the US military strike that ousted Venezuelan President Nicolas Maduro, President Trump announced that, “very large US oil companies, the biggest anywhere in the world” would “go in, spend billions of dollars, fix the badly broken [oil] infrastructure . and start making money for the country.” Until last week, however, strict sanctions made any involvement by US companies illegal.[1] The Treasury Department has begun laying the legal groundwork for President Trump’s vision. On January 29, 2026, Treasury’s Office of Foreign Assets Control (OFAC) issued General License No.

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