US Treasury Issues License to Unlock Venezuelan Gold Exports

The US Treasury Department formally authorized Venezuelan gold exports to American markets Friday, issuing a limited license that clears the legal path for the Minerven–Trafigura deal brokered earlier in the week.

The Office of Foreign Assets Control published the authorization, permitting Minerven and its subsidiaries to export, transport, and sell gold to the US under conditions that explicitly bar transactions with Cuba, North Korea, Iran, and Russia. 

Payments to sanctioned individuals must pass through Treasury’s Foreign Government Deposit Funds — the same accounts that hold Venezuelan oil revenues under US oversight.

A portion of Venezuela’s gold reserves remains frozen at the Bank of England. The UK suspended Caracas’s access in 2019 and has not reversed that decision since Maduro’s capture.

Related: Trump Administration Secures Venezuelan Gold

Legal challenges shadow the deal at every level. Under US domestic law, OFAC holds broad authority to issue and modify sanctions licenses, and GL 51 is facially valid — though critics note it routes payments to sanctioned individuals, including acting president Delcy Rodríguez, through Treasury deposit accounts rather than directly, a workaround that some sanctions lawyers say tests the boundaries of existing executive orders.

Internationally, UN human rights experts condemned the January raid that preceded these deals as a violation of Venezuela’s sovereignty and the UN Charter, and the UN’s Permanent Sovereignty over Natural Resources doctrine explicitly prohibits coercive resource extraction by stronger states. 

On the domestic political front, congressional Democrats have also challenged the administration’s legal basis for operating in Venezuela without congressional authorization, noting the absence of any Authorization for Use of Military Force covering the country.

Additional gold deals are expected to follow, according to Bloomberg, as the Trump administration moves to formalize US control over Venezuela’s broader mineral sector, which officials say holds significant reserves of bauxite, coltan, and rare-earth elements, alongside gold.

Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.