{"id":5281,"date":"2026-03-06T21:37:13","date_gmt":"2026-03-06T21:37:13","guid":{"rendered":"https:\/\/pronews.in\/index.php\/2026\/03\/06\/us-issues-limited-licence-for-venezuelan-gold-following-high-level-visit\/"},"modified":"2026-03-06T21:37:13","modified_gmt":"2026-03-06T21:37:13","slug":"us-issues-limited-licence-for-venezuelan-gold-following-high-level-visit","status":"publish","type":"post","link":"https:\/\/pronews.in\/index.php\/2026\/03\/06\/us-issues-limited-licence-for-venezuelan-gold-following-high-level-visit\/","title":{"rendered":"US issues limited licence for Venezuelan gold following high-level visit"},"content":{"rendered":"<div>\n<p><em>The licence follows a push from US President Donald Trump to open Venezuela\u2019s resource sector to international investment.<\/em><\/p>\n<\/div>\n<div aria-live=\"polite\" aria-atomic=\"true\">\n<p>The United States government has authorised a limited licence for the export of Venezuelan gold, following a high-level meeting to expand mining in the country.<\/p>\n<p>On Friday, a notice appeared on the US Department of the Treasury\u2019s website announcing the licence.<\/p>\n<section>\n<h2>Recommended Stories <\/h2>\n<p><span>list of 3 items<\/span><\/p>\n<ul>\n<li><span>list 1 of 3<\/span><a href=\"http:\/\/www.aljazeera.com\/video\/head-to-head\/2026\/2\/27\/who-runs-venezuela-now-trump-oil-and-the-fight-for-power\">Who runs Venezuela now? Trump, oil and the fight for power<\/a><\/li>\n<li><span>list 2 of 3<\/span><a href=\"http:\/\/www.aljazeera.com\/video\/newsfeed\/2026\/3\/4\/protests-in-venezuela-against-us-israeli-war-on-iran\">Protests in Venezuela against US-Israeli war on Iran<\/a><\/li>\n<li><span>list 3 of 3<\/span><a href=\"http:\/\/www.aljazeera.com\/news\/2026\/3\/5\/venezuelas-president-vows-mining-reform-amid-visit-from-us-cabinet-member\">Venezuela\u2019s president vows mining reform amid visit from US cabinet member<\/a><\/li>\n<\/ul>\n<p><span>end of list<\/span><\/section>\n<p>It allows Venezuela\u2019s state-run mining company Minerven and its subsidiaries to export, transport and sell Venezuelan gold to the US, within the parameters set out under US law.<\/p>\n<p>Under the licence, however, no Venezuelan gold will be permitted to be exchanged with Cuba, North Korea, Iran or Russia.<\/p>\n<p>The licence also requires payments to sanctioned individuals to flow through Treasury accounts known as Foreign Government Deposit Funds, the same system that has been used to store the proceeds from Venezuelan oil sales.<\/p>\n<p>Minerven and other state-owned industries have faced US sanctions for years, as a penalty for the push to nationalise Venezuela\u2019s resources under former President Hugo Chavez.<\/p>\n<p>But the US has been pushing for inroads into Venezuela\u2019s oil and mining sectors since January 3, when it launched an operation to abduct and imprison the country\u2019s then-president, Nicolas Maduro.<\/p>\n<p>The January 3 military operation has been condemned as a violation of international law, and critics argue that US President Donald Trump has since sought to exploit Venezuela\u2019s natural resources for his country\u2019s gain.<\/p>\n<p>Trump and his allies maintain that Venezuela\u2019s oil resources were stolen from the US, citing the expropriation of assets from US businesses in 2007.<\/p>\n<p>But international law guarantees that countries have permanent sovereignty over their own natural resources, which cannot be exploited by foreign powers without consent.<\/p>\n<p>So far, the government of interim Venezuelan President Delcy Rodriguez has complied with Trump\u2019s requests to surrender oil to the US and open the country\u2019s oil and mining sectors to foreign investment.<\/p>\n<p>Just this week, Rodriguez agreed to send a mining reform law to the country\u2019s National Assembly, following a <a href=\"http:\/\/www.aljazeera.com\/news\/2026\/3\/5\/venezuelas-president-vows-mining-reform-amid-visit-from-us-cabinet-member\">two-day visit<\/a> from Trump\u2019s Interior Secretary Doug Burgum.<\/p>\n<p>And in late January, Rodriguez signed into law a separate reform that allowed for the expansion of private investment from abroad in Venezuela\u2019s oil sector and lowered taxes on the industry.<\/p>\n<p>Venezuela\u2019s economy has struggled under tightening US sanctions and government mismanagement, forcing millions of citizens from the South American country to flee its borders over the last decade.<\/p>\n<p>Proponents of the reforms say outside investment can help revive Venezuela\u2019s ailing economy and fund upgrades to its outdated mining infrastructure.<\/p>\n<p>On Friday, Venezuela\u2019s central bank released its first inflation statistics since November 2024, showing that inflation skyrocketed to 475 percent in 2025, when the US placed an embargo on Venezuelan oil exports.<\/p>\n<p>Gold production from Venezuela in 2025 amounted to nearly 9.5 tonnes, according to the government, and the country sits on some of the largest oil deposits in the world.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The licence follows a push from US President Donald Trump to open Venezuela\u2019s resource sector to international investment. The United States government has authorised a limited licence for the export of Venezuelan gold, following a high-level meeting to expand mining in the country. On Friday, a notice appeared on the US Department of the Treasury\u2019s &#8230; <a title=\"US issues limited licence for Venezuelan gold following high-level visit\" class=\"read-more\" href=\"https:\/\/pronews.in\/index.php\/2026\/03\/06\/us-issues-limited-licence-for-venezuelan-gold-following-high-level-visit\/\" aria-label=\"Read more about US issues limited licence for Venezuelan gold following high-level visit\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-5281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-travel"],"_links":{"self":[{"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/posts\/5281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/comments?post=5281"}],"version-history":[{"count":0,"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/posts\/5281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/media\/5282"}],"wp:attachment":[{"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/media?parent=5281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/categories?post=5281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pronews.in\/index.php\/wp-json\/wp\/v2\/tags?post=5281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}