US lifts sanctions on Venezuela's gold shipments

The US has introduced changes to its sanctions policy, lifting restrictions on a number of transactions involving gold shipments from Venezuela. The official document published by the US Department of the Treasury's Office of Foreign Assets Control (OFAC) confirms that these transactions are now covered by a federal license. Rules must now be applied that allow legal gold-related transactions without the risk of sanctions enforcement.

These measures were adopted as part of a broader policy regulating export flows from Venezuela. They include a number of procedures aimed at facilitating commercial activities while complying with legal requirements, and allow exporters and importers to bypass previously existing restrictions.

Context

Previously, the US had imposed sanctions on Venezuelan gold products, restricting transactions with the government and private companies. The new decision implies a reform of the rules and certain exceptions to the previous restrictions.