US Grants License for Reselling Venezuelan Oil to Cuba: Key Requirements for Companies

New US Treasury Department Policy

According to Главком: The US Department of the Treasury will now permit companies to apply for licenses to resell Venezuelan oil to Cuba. This policy shift is designed to support the Cuban people, particularly the private sector. However, any transactions that involve or benefit Cuban military or other state institutions are explicitly excluded from this authorization.

Requirements for Applicants

Under the new terms, applicants are not required to have a company registered in the United States. Furthermore, the restrictions outlined in the January general license for Venezuelan oil exports will not apply to shipments destined for Cuba. This decision creates new opportunities for US firms interested in facilitating the restoration of Venezuelan oil supplies to the island nation.

For over 25 years, Venezuela was Cuba's primary supplier of crude oil and fuel. However, these shipments ceased after Washington took control of Venezuela's oil exports. Additionally, Mexico is set to halt its oil shipments to Cuba starting in January 2026. In a related move, the US Bureau of Industry and Security has already issued a clarification allowing the export and re-export of US petroleum products to Cuba's private sector. The Treasury Department has also issued a general license permitting US companies to extract, purchase, sell, export, and process Venezuelan oil.

This new policy could significantly impact Cuba's economic landscape, where the private sector faces numerous challenges. The resumption of Venezuelan oil supplies could enhance the country's energy security and reduce its reliance on other sources, potentially fostering greater socio-economic stability. This development occurs within a complex geopolitical context, where US policy toward both Venezuela and Cuba remains a subject of ongoing debate and adjustment.