Sanctions relief in Venezuela may create new opportunities, but it does not lessen the cost of compliance failures.

In this episode of "Global Markets, Policy and Power," Partners Stephanie Connor and Andres Fernandez examine how the Office of Foreign Assets Control's (OFAC) 2026 Venezuela general licenses are operating in practice for companies and financial institutions, with a focus on due diligence, bank risk tolerance and the limits of what the authorizations permit. They underscore that even when transactions are authorized, institutions still need detailed documentation, updated risk assessments and a clear record of reasonable reliance. Sanctions remain in place, Foreign Terrorist Organization (FTO) designations still apply and enforcement exposure can escalate quickly.