U.S. Treasury Eases Sanctions on Venezuela in Response to Electoral Roadmap Agreement

In response to the electoral roadmap agreement signed between Venezuela’s Unitary Platform and representatives of Maduro, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued four General Licenses to suspend specific sanctions, supporting the Venezuelan people. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson issued the following statement:

“The United States welcomes the signing of the electoral roadmap agreement between the Unitary Platform and Maduro representatives. In line with U.S. sanctions policy, the U.S. Department of the Treasury has issued General Licenses, allowing transactions involving Venezuela’s oil and gas sector and gold sector, and removing the ban on secondary trading in response to these democratic developments. Treasury is ready to modify or revoke these authorizations if Maduro’s representatives do not uphold their commitments. Other U.S. restrictions on Venezuela remain in place, and we remain committed to holding accountable those who act against the Venezuelan people and democracy.”

Today, the Treasury has taken the following actions:

1. Issued a temporary six-month general license permitting transactions in Venezuela’s oil and gas sector. Renewal is contingent on Venezuela meeting its commitments under the electoral roadmap and addressing the wrongful detention issue.
2. Issued a second general license enabling dealings with Minerven, the state-owned Venezuelan gold mining company, with the aim of reducing black-market gold trading.
3. Amended two relevant licenses to eliminate the ban on secondary trading of certain Venezuelan sovereign bonds and PdVSA debt and equity. The primary Venezuelan bond market ban remains in effect, and these changes are intended to displace illicit actors in the market, with minimal financial benefit to the Venezuelan regime.