The government of Donald Trump issued a license on Friday, March 6, 2026, authorizing the sale of a portion of Venezuelan gold for transactions with the state-owned mining company Minerven or its subsidiaries. This represents a further easing of sanctions against Caracas following the arrest of Nicolás Maduro earlier this year.
U.S. And Venezuela Resume Diplomatic Relations
Currently, the license permits exchanges only through the United States and for companies based in the country, which are authorized to re-export the precious metal. Transactions with Iran, North Korea, Russia, China, and Cuba are prohibited, a condition already in place for Venezuelan oil sales.
The United States has already reauthorized the export of Venezuelan oil, but maintains control over the process. Revenue from crude oil sales must be deposited into a fund supervised by the Department of the Treasury and currently located in Qatar. This will also apply to gold sales.
The license follows a two-day visit to Venezuela by U.S. Interior Secretary Doug Burgum, after which both countries announced the resumption of diplomatic ties. Burgum, who held conversations with interim leader Delcy Rodríguez, stated that dozens of companies have expressed interest in investing in Venezuela.
Venezuela is rich in oil and minerals such as gold, diamonds, bauxite, coltan, and other rare materials used to manufacture computers and mobile phones.
Frequently Asked Questions
What does the license authorize?
The license authorizes dealings with Minerven, Venezuela’s state-owned gold mining company, allowing for the export and sale of Venezuelan gold through U.S.-based companies.
Which countries are excluded from transactions?
Transactions with Iran, North Korea, Russia, China, and Cuba are prohibited under the terms of the license.
Where will the revenue from gold sales be deposited?
Revenue from gold sales will be deposited into a fund supervised by the U.S. Department of the Treasury, currently located in Qatar, mirroring the process already in place for Venezuelan oil sales.
As the U.S. Continues to navigate its relationship with Venezuela, what impact might this modern access to resources have on global markets and geopolitical strategies?
