The Office of Foreign Assets Control (OFAC) has revoked Venezuelan-owned gold company Minerven’s license to commercialize gold in international markets. Minerven sanctions, which were relaxed last October, will be reapplied on February 13, and oil and gas sanctions are scheduled to resume in April.
OFAC reduces Venezuelan gold operations in international markets
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has revoked the license that allowed Venezuela’s state-owned gold company, CVG Compania General de Mineria de Venezuela CA (Minerven), to engage in gold trading on international markets. The United States convened in October to lift sanctions on Minerven, agreeing with Maduro’s government to review the participation of key opposition figures in the upcoming presidential vote.
But according to the Biden administration, Venezuela’s response was not what they had hoped, with Venezuela’s highest court ratifying a decision to ban Venezuelan opposition leader Maria Corina Machado from participating in the upcoming, yet-to-be-determined election.
Accordingly, Minerven’s trading is scheduled to end on February 13, and additional sanctions will follow if there is no change in the decision of Venezuela’s highest court.
Other sanctions could also be reimposed, according to a statement from State Department spokesman Matthew Miller. He declared:
The United States has canceled sanctions relief on Venezuela’s gold sector. Aid to Venezuela’s oil and gas sector will be renewed in April only if Maduro’s representatives fulfill their promises.
The Venezuelan government dismissed the Biden administration’s moves, with National Assembly President Jorge Rodriguez defiantly calling for accelerating the re-enactment of oil, gas, and gold-related sanctions. Rodriguez said this after National Security Council spokesman John Kirby emphasized the lack of progress on the agreement’s demands:
Save the ultimatum, damn Yankees. Kirby, shove your ultimatums where it works best for you.
Maduro’s government is also embroiled in a fight to regain control of about $2 billion worth of gold stored in Britain.
To keep up to date with all the latest developments in cryptocurrency and the Latin American economy, sign up to our Latin America newsletter below.
What do you think about the re-imposition of sanctions against the Venezuelan-owned gold company Minerven? Let us know in the comments section below.
Source: Bitcoin.com