US issues limited licence for Venezuelan gold following high-level visit | US-Venezuela Tensions News
U.S. Authorizes Limited License for Venezuelan Gold Exports
March 6, 2026
The United States government has issued a limited license allowing the export of Venezuelan gold, a move stemming from a recent push to enhance mining operations in the country. The announcement was made on Friday via the U.S. Department of the Treasury’s website.
The license permits Venezuela’s state-owned mining company, Minerven, and its subsidiaries to export, transport, and sell gold to the United States, adhering to specific guidelines set out under U.S. law. However, the export of gold to Cuba, North Korea, Iran, and Russia remains prohibited.
Additionally, the license mandates that payments to sanctioned individuals must pass through Treasury accounts identified as Foreign Government Deposit Funds, a mechanism previously used to manage proceeds from Venezuelan oil sales.
Minerven and other state-run industries have been subject to U.S. sanctions for years, imposed in response to former President Hugo Chavez’s efforts to nationalize Venezuela’s resources. The U.S. government has expressed a renewed interest in the country’s oil and mining sectors since a military operation on January 3 aimed at the capture of Nicolás Maduro, the former president. Critics of this operation have labeled it a violation of international law, asserting that U.S. President Donald Trump has sought to capitalize on Venezuela’s natural resources.
Trump and his supporters contend that Venezuela’s oil resources were unlawfully appropriated from U.S. businesses following the expropriation of assets in 2007. Yet, international law asserts that nations maintain sovereignty over their natural resources, shielding them from foreign exploitation without consent.
Amidst these tensions, interim Venezuelan President Delcy Rodriguez has complied with U.S. requests to increase oil supplies to the U.S. and open the country’s resources to foreign investment. Following a two-day visit from U.S. Interior Secretary Doug Burgum, Rodriguez recently committed to sending a mining reform proposal to Venezuela’s National Assembly. In late January, she enacted a reform aimed at promoting private investment in the oil sector by reducing tax burdens.
Venezuela has grappled with a struggling economy exacerbated by stringent U.S. sanctions and domestic mismanagement, leading to an exodus of millions over the past decade. Advocates of the reforms argue that foreign investment could stimulate economic recovery and modernize the country’s outdated mining infrastructure.
On Friday, Venezuela’s central bank released inflation data indicating a staggering rate of 475 percent in 2025, coinciding with a U.S. embargo on Venezuelan oil exports. The government reported that gold production reached approximately 9.5 tonnes that year, as Venezuela holds some of the world’s largest oil reserves.
