The Daily Journal — The United States government has eased part of the sanctions imposed on Venezuela’s mining sector by allowing U.S. companies to trade, transport, and purchase Venezuelan minerals, including gold, under a new oversight and compliance framework established by the Treasury Department.
The Office of Foreign Assets Control (OFAC) formalized the measure through General License 51B, which replaces the previous license approved in March and took effect on June 10.
The new authorization allows U.S. companies to participate in activities related to the export, purchase, sale, transportation, storage, refining, and supply of Venezuelan minerals. It also permits transactions with CVG Compañía General de Minería de Venezuela C.A. (Minerven) and other entities under the control of the Venezuelan state.
The decision marks one of the most significant relaxations of U.S. restrictions on Venezuela’s extractive sector since Washington imposed financial and commercial sanctions in previous years.
Limited opening under strict oversight
The license also permits due diligence activities, technical, environmental, and security assessments, as well as the hiring of logistics services, maritime transportation, insurance, and port operations required for the commercialization of Venezuelan minerals.
However, the U.S. Treasury continues to enforce strict oversight of the financial flows generated by these operations. Companies must channel payments related to authorized contracts through accounts designated by Washington, and authorities will continuously monitor those transactions.
Likewise, contracts signed with the Venezuelan government or Minerven must comply with U.S. law and include arbitration or dispute-resolution mechanisms in jurisdictions such as the United States, the United Kingdom, France, or Singapore.
Restrictions on China, Russia, Iran, and Cuba
The license includes provisions designed to prevent the participation of countries that Washington considers strategic adversaries.
Authorized transactions may not involve individuals or companies linked to Russia, Iran, North Korea, or Cuba.
The restriction also applies to companies controlled by Chinese interests, even when they operate in or are registered in Venezuela or the United States.
In addition, the regulations prohibit companies from processing or refining Venezuelan minerals in any of those countries.
No authorization for new mining projects
Although the license expands commercial opportunities, it does not permit direct investment in mining activities within Venezuela.
U.S. companies still cannot participate in mineral exploration, extraction, processing, or production projects in Venezuelan territory. They also cannot establish joint ventures or create new companies to develop mining activities.
Mandatory reporting requirements
Companies that operate under the license must submit periodic reports to U.S. authorities detailing the parties involved in each transaction, supply chain traceability, commercial volumes, purchase prices, and any payments made to the Venezuelan state.
Companies must submit the first report within ten days of the initial transaction and continue filing reports every thirty days while operations remain active.
The decision creates a new opportunity for Venezuelan mineral exports to enter the U.S. market, but under a regulatory framework that maintains significant restrictions on the financial structure of transactions and on the entities eligible to participate in the business.
