According to a document posted on the Treasury Department’s website, transactions with Compania General de Mineria de Venezuela (Minerven) or its subsidiaries are once again permitted.
This new authorization, however, includes a traceability process to ensure that the gold comes from Venezuela and prohibits transactions to Iran, North Korea, Russia, China, and Cuba, a condition also integrated for oil sales.
For now, it only allows exchanges through the United States and for companies established in the country, which are authorized to re-export the precious metal.
The United States has thus once again authorized the export of Venezuelan oil. However, they retain control over the process, as the proceeds from the sale, as well as the associated taxes, must be transferred to a specific Treasury Department fund currently based in Qatar.
The same process will apply to gold sales.
Caracas has amended its hydrocarbons law to allow greater involvement of private companies in its oil sector. In response, the US government has authorized a half dozen of them to resume their activities.
They have also approved the resumption of direct flights between the United States and Venezuela by American Airlines, departing from Miami, which should be operational in the coming months.
Two US ministers have visited Caracas to promote the revival of the local oil and mining industries, a key goal of the American intervention according to Donald Trump.
