United States issues limited licence for Venezuelan gold
Change
The United States authorised a limited licence allowing Venezuela's state mining company Minerven and its subsidiaries to export, transport and sell Venezuelan gold to the United States while forbidding transfers that involve Cuba, North Korea, Iran or Russia.
Why it matters
Payments linked to Venezuelan gold sales for designated individuals must be deposited into US Department of the Treasury Foreign Government Deposit Funds, creating a mandatory banking route for proceeds. Banks and payment processors must implement specific routing and reporting controls to comply with those deposit requirements.
Implications
- • Minerven's export, transport and treasury teams must consign gold shipments directly to US buyers and prevent any routing through Cuba, North Korea, Iran, or Russia or risk licence revocation or enforcement action.
- • US and international banks' sanctions compliance teams and correspondent-banking units must deposit payments tied to designated individuals into US Department of the Treasury Foreign Government Deposit Funds; failure to do so will result in blocked transactions and potential regulatory penalties.
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