The U.S. Government issued a license on Friday, March 6, 2026, authorizing transactions with Venezuela’s state-owned gold mining company, Minerven, and its affiliates, marking a further easing of Washington’s sanctions against Caracas since the arrest of Nicolás Maduro earlier this year. The move signals a continued shift in U.S. Policy toward Venezuela, potentially impacting global gold markets and the balance of power in the region.
Currently, the license restricts exchanges to those conducted through the United States and involving companies based within the country, which are then permitted to re-export the precious metal. Transactions with Iran, North Korea, Russia, China, and Cuba remain prohibited – a condition already in place for Venezuelan oil sales.
The U.S. Has already reauthorized Venezuelan oil exports, but maintains control over the process, requiring proceeds from crude sales to be deposited into a fund overseen by the Treasury Department and currently located in Qatar. This same oversight will apply to gold sales.
Venezuela and the U.S. Resume Diplomatic Relations
The license comes after U.S. Interior Secretary Doug Burgum concluded a two-day visit to Venezuela on Thursday, March 4, 2026, during which both countries announced the resumption of diplomatic ties. The re-establishment of diplomatic relations suggests a willingness from both sides to engage in further negotiations and cooperation.
Burgum, who met with acting President Delcy Rodríguez, formerly Maduro’s vice president, during the visit, stated that dozens of companies had expressed interest in investing in Venezuela.
The Trump administration is effectively administering Venezuela and controlling the country’s vast natural resources following Maduro’s detention. Venezuela is rich in oil and minerals such as gold and diamonds, as well as bauxite, coltan, and other rare materials used to manufacture computers and mobile phones.
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