Washington D.C: The US Treasury Department said it has lifted additional sanctions on Venezuela's gold and mineral industries, allowing companies to pursue new business opportunities in the resource-rich nation. The move is part of Washington's bro
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Washington D.C: The US Treasury Department said it has lifted additional sanctions on Venezuela’s gold and mineral industries, allowing companies to pursue new business opportunities in the resource-rich nation.
The move is part of Washington’s broader push to expand access to Venezuela’s vast natural resources and encourage greater involvement from US firms in the country’s mining sector.
Under the updated measures issued by the Treasury’s Office of Foreign Assets Control, companies can now negotiate and enter contracts in the minerals industry, including partnerships with state-owned entities such as Minerven.
The policy shift follows significant political changes in Venezuela after the capture of former president Nicolas Maduro earlier this year, with Delcy Rodriguez leading an interim administration that has sought to rebuild diplomatic and trade ties with Washington.
Venezuela is home to some of the world’s largest reserves of natural resources, including gold, diamonds, bauxite and rare earth minerals such as coltan, which are critical for high-tech manufacturing.
Much of the country’s mining activity is concentrated in the Orinoco Mining Arc, a vast and resource-rich area where armed groups and criminal networks have long operated.
The easing of sanctions marks a significant step in shifting US policy toward Venezuela, as both sides explore renewed economic cooperation amid changing political dynamics.
