The United States announced a conditional easing of sanctions related to gold trading with Venezuela! The acting president of Venezuela stated that they will accelerate the process of the U.S. acquiring Venezuelan minerals, including gold and rare earths, at a "Trump-like speed."
The U.S. Department of the Treasury issued a general license, conditionally easing sanctions on gold transactions with Venezuela, allowing eligible U.S. entities to engage in gold-related transactions with the Venezuelan government and its mining companies. Transactions must comply with U.S. law, and funds must be deposited into designated accounts. The acting president of Venezuela has promised to expedite the process for the U.S. to access Venezuelan mineral resources and plans to submit a new mining bill that allows foreign companies to mine gold, diamonds, and rare earths
On the 6th, the U.S. Department of the Treasury's Office of Foreign Assets Control issued a general license that conditionally relaxes sanctions on gold-related transactions with Venezuela.
United States: Relevant transaction contracts must be governed by U.S. law
According to the license, eligible U.S. entities can engage in transactions related to Venezuelan gold with the Venezuelan government, the Venezuelan Mining Corporation, or entities controlled by it. Permissible transactions include the export, sale, supply, storage, procurement, delivery, or transportation of gold to the United States, refining in the United States, and resale or export from the United States.
Under the regulations, relevant transaction contracts must be governed by U.S. law, and funds paid to sanctioned entities must be deposited into a foreign government deposit fund established by the U.S. or other accounts designated by the U.S. Department of the Treasury.
The license prohibits transactions involving debt swap payments, digital currencies issued by the Venezuelan government, and dealings with personnel from specific countries or sanctioned vessels.
In March 2019, the U.S. Department of the Treasury announced sanctions against the Venezuelan Mining Corporation and its president. According to the statement, assets of sanctioned entities within the United States will be frozen, and U.S. citizens are prohibited from engaging in transactions with them.
Venezuelan Acting President Promises: Will Accelerate U.S. Access to Venezuelan Mineral Resources at "Trump-like Speed"
According to CCTV News, on the 5th, the U.S. State Department issued a statement saying that the U.S. and the Venezuelan government have agreed to restore diplomatic and consular relations.
Just a day earlier, U.S. Secretary of the Interior Doug Burgum visited Caracas, the capital of Venezuela, urging Venezuelan authorities to open up key mineral and gold mining rights to the U.S. According to The New York Times, Burgum visited Venezuela from March 4 to 5, accompanied by more than twenty representatives from U.S. mining industry companies. During the visit, Burgum dined with Venezuelan Acting President Delcy Rodríguez and her brother, Jorge Rodríguez, the President of the National Assembly.
Rodríguez promised the U.S. side that she would accelerate the process of U.S. access to Venezuelan mineral resources at "Trump-like speed." She committed to submitting a new mining bill to the Venezuelan National Assembly in the coming days, allowing foreign companies to mine Venezuela's gold, diamonds, and rare earths.
On the 5th local time, U.S. President Trump mentioned during a meeting with the Miami International team, where Argentine football star Messi plays, that the situation in Venezuela has "stabilized," praising the current acting president of Venezuela, Delcy Rodríguez. He also stated that after military action against Iran, resolving the Cuba issue is just a matter of "time."
Due to ongoing U.S. interference in Venezuela's internal affairs, Venezuela severed diplomatic relations with the U.S. in January 2019, and all U.S. diplomatic personnel withdrew from the embassy in March of that year.
On January 3 of this year, the U.S. military launched a large-scale military strike against Venezuela, forcibly controlling President Maduro and his wife and bringing them to the U.S. On January 31, the U.S. diplomatic mission arrived in Caracas, Venezuela, and both sides resumed diplomatic contact Risk Warning and Disclaimer
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