Trump opens door to Venezuelan gold sales in the US with new sanctions license

The Trump administration has opened the door to limited Venezuelan gold sales into the US through a new OFAC license, signaling selective sanctions relief amid a diplomatic reset.

The Trump administration has opened a new path for Venezuela to sell gold into the United States, after the US Treasury’s Office of Foreign Assets Control (OFAC) issued a license authorizing certain transactions involving Venezuelan-origin gold that would otherwise be prohibited under sanctions.

The move could provide a meaningful boost to Venezuela, which has been grappling with severe dollar shortages amid restrictions on oil exports and broader financial pressure. Under the new authorization, US entities may engage in specific transactions involving Venezuelan gold, provided they meet a series of safeguards, including contracts governed by US law and payments placed in US-controlled accounts.

OFAC license sets strict limits on Venezuelan gold transactions

The authorization does not amount to a blanket lifting of sanctions. Instead, it creates a tightly controlled framework for limited gold-related trade.

The license does not cover debt swaps or digital payments, nor does it authorize transactions involving entities linked to Russia, Iran, North Korea, Cuba or China. It also excludes any activity related to mining or producing gold inside Venezuela, drawing a clear line between commercial transactions involving existing gold and direct support for the country’s mining sector.

This distinction is especially relevant as Washington seeks to expand its influence over Venezuela’s strategic oil and mineral sectors without fully dismantling the broader sanctions architecture.

Policy shift follows renewed US-Venezuela engagement

The announcement came shortly after US Interior Secretary Doug Burgum visited Caracas, as the United States stepped up coordination with Venezuela’s interim government in an effort to revive oil and mineral production in the South American country.

The diplomatic thaw marks a major shift in bilateral relations. The United States and Venezuela have already agreed to re-establish diplomatic relations, seven years after Washington suspended operations at its embassy in Caracas.

The latest move on gold suggests the Trump administration is willing to adopt a more selective and transactional approach, using access to US markets as a way to shape economic and political developments inside Venezuela.

Venezuela’s gold sector gains new relevance amid oil restrictions

Gold has become increasingly important for Venezuela as a source of hard currency, especially after years of declining oil production, mismanagement, corruption and sanctions.

Under former president Nicolás Maduro, the country reportedly relied heavily on gold sales from central bank reserves to generate cash, often through opaque or irregular channels. Those sales became even more important as oil exports faced tighter restrictions and gold prices climbed to record highs.

Now, with the US creating a legal channel for some gold transactions, Venezuela could gain access to a more formal and potentially more lucrative market, even as safeguards remain in place.

Trafigura deal points to first commercial moves

The policy shift comes as the US administration has already moved toward a specific commercial arrangement. According to people familiar with the matter, Venezuela’s state mining company is expected to sell as much as 1,000 kilograms of gold to commodities trader Trafigura.

That deal suggests Washington is not only signaling openness in theory, but also enabling real transactions under a monitored and legally structured framework.

For the market, it is a sign that Venezuelan gold may begin re-entering formal international trade channels under US oversight.

Arco Minero remains a source of controversy

Despite the new opening, major concerns remain over the origin and governance of Venezuelan gold.

Much of the country’s bullion has been linked to the Arco Minero region in southern Venezuela, an area originally promoted by late president Hugo Chávez as a major mining hub. Roughly the size of Portugal, the zone has since become associated with illegal mining, environmental destruction and the presence of criminal groups and armed actors.

The weakness of state authority in the area has raised longstanding concerns among environmental advocates, human rights groups and international observers, even as the military has maintained a presence there.

Selective sanctions relief with strategic implications

The new OFAC license does not represent a wholesale rollback of sanctions on Venezuela, but it does mark a clear case of selective relief in a strategically important sector.

For Venezuela, access to the US gold market could provide an additional source of desperately needed dollars. For Washington, the move fits into a broader effort to regain influence over Venezuela’s natural resources sector while limiting the role of rival geopolitical actors in critical supply chains.

The decision also underscores how the Trump administration is using sanctions flexibility not simply as an economic tool, but as a lever in a wider diplomatic and strategic reset with Caracas.