The United States announces conditional easing of sanctions related to Venezuela's gold transactions! Venezuela's acting president: Will accelerate the process of U.S. acquiring Venezuelan minerals, including gold, rare earths, and others, at a "Trump-style speed."

The U.S. Department of the Treasury’s Office of Foreign Assets Control issued a general license on the 6th, conditionally easing sanctions related to transactions involving Venezuelan gold.

U.S.: Relevant transaction contracts must be governed by U.S. law

Under this 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 them. Permissible transactions include exporting, selling, supplying, storing, purchasing, delivering, or transporting gold to the U.S., refining within the U.S., reselling or exporting from the U.S., and other related activities.

According to the regulations, relevant transaction contracts must be governed by U.S. law, and funds paid to sanctioned entities must be deposited into a U.S.-established foreign government deposit fund or other accounts designated by the U.S. Department of the Treasury.

This license prohibits transactions involving debt swap payments, digital currencies issued by the Venezuelan government, dealings with personnel from multiple 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. The statement indicated that assets within the U.S. of the sanctioned entities would be frozen, and U.S. citizens are prohibited from conducting transactions with them.

Venezuelan Acting President Promises: Moving at “Trump-like Speed”

Accelerating U.S. efforts to acquire Venezuela’s mineral resources

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 the day before, U.S. Secretary of the Interior Doug Burgum visited Caracas, the capital of Venezuela, urging the Venezuelan authorities to open access to key mineral and gold mining rights for 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 companies. During the visit, Burgum dined with Venezuelan Acting President Delsi Rodriguez and her brother, National Assembly Speaker Jorge Rodriguez.

Rodriguez promised the U.S. that they would accelerate the process of obtaining Venezuelan mineral resources “at a Trump-like speed.” She also pledged to submit a new mining law to the Venezuelan National Assembly within the coming days, allowing foreign companies to mine Venezuela’s gold, diamonds, and rare earths.

On the 5th, U.S. President Donald Trump, while meeting with Argentine football star Messi’s club Inter Miami, mentioned that the situation in Venezuela has “stabilized,” and praised Venezuelan Acting President Delsi Rodriguez. He also said that after taking action against Iran, resolving the Cuba issue in the U.S. is only 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 were evacuated from the Venezuelan embassy that March.

On January 3rd this year, the U.S. launched a large-scale military strike against Venezuela, forcibly detaining President Maduro and his wife and bringing them to the U.S… On January 31st, the U.S. diplomatic delegation arrived in Caracas, Venezuela, resuming diplomatic contacts.

Source: Daily Economic News

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