Venezuela Gold Sector Reforms and U.S. Sanctions Easing

Developing StoryLast updated APR 23
SUMMARY

The U.S. government is exploring investment opportunities in Venezuela's natural resource sectors, including oil and minerals, with U.S. Interior Secretary Doug Burgum involved in facilitating agreements with Venezuela's interim government as of April 23, 2026. As of April 23, 2026: The U.S. Treasury's OFAC has issued new general licenses 51A and 54, relaxing sanctions on Venezuela's minerals sector, enabling a deal for Minerven to sell up to 1,000 kg of gold dore bars, valued at over $100 million, to Trafigura for U.S. refineries. The first shipment of Venezuelan gold to the U.S. in over two decades, valued at $100 million, arrived on March 25, 2026, following a U.S. Treasury general license issued on March 13, 2026, which lifted restrictions in the Venezuelan gold sector. Venezuela's gold production increased by 37% in 2025, reaching 9.5 metric tons, while U.S. Senator Ron Wyden has raised concerns regarding Trafigura's human rights due diligence and anti-money laundering compliance in its new agreement with Minerven. Swiss commodity trader Trafigura and Venezuela's state gold miner Minerven officially launched their responsible gold-sourcing program on March 16, 2026, with Minerven supplying 650 kg to 1 metric ton of gold dore annually to Trafigura for U.S. markets.

Timeline

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April 2026 — 3 developments

  1. The U.S. government is exploring investment opportunities in Venezuela's natural resource sectors, i…

    The U.S. government is exploring investment opportunities in Venezuela's natural resource sectors, including oil and minerals. U.S. Interior Secretary Doug Burgum is involved in facilitating these agreements with Venezuela's interim government, following a March 2026 license that permits transactions involving gold produced by Minerven.

  2. Venezuela's gold production increased by 37% in 2025, reaching 9.

    Venezuela's gold production increased by 37% in 2025, reaching 9.5 metric tons. A U.S. Senator has raised concerns regarding Trafigura's human rights due diligence and anti-money laundering compliance in its new agreement with Minerven, citing past associations with illicit activities.

  3. The U.S. Treasury's OFAC has issued new general licenses 51A and 54, relaxing sanctions on Venezuela…

    The U.S. Treasury's OFAC has issued new general licenses 51A and 54, relaxing sanctions on Venezuela's minerals sector. This enables a new deal where Venezuela's Minerven will sell up to 1,000 kg of gold dore bars, valued at over $100 million, to commodity trader Trafigura for U.S. refineries.

March 2026 — 4 developments

  1. The first shipment of Venezuelan gold to the U.

    The first shipment of Venezuelan gold to the U.S. in over two decades, valued at $100 million, has arrived. This follows the U.S. Treasury's general license issued on March 13, 2026, which lifted restrictions in the Venezuelan gold sector. The shipment originated from Minerven as part of an agreement with Trafigura.

  2. Swiss commodity trader Trafigura and Venezuela's state gold miner Minerven officially launched their responsible gold-sourcing program.

    Swiss commodity trader Trafigura and Venezuela's state gold miner Minerven officially launched their responsible gold-sourcing program. This initiative is integrated into a pre-payment deal for gold dore, enabling Minerven's gold, previously impacted by U.S. sanctions, to be refined in the U.S. The program's core objective is to elevate mining standards within Venezuela's official sector to meet international market requirements. Under the agreement, Minerven will supply an annual volume of 650 kg to 1 metric ton of gold dore from its mines to Trafigura, destined for U.S. markets, following a recent U.S. authorization for such purchases.

  3. Senator Ron Wyden has voiced concerns about potential illicit gold, human rights abuses, and environmental destruction entering U.

    Senator Ron Wyden has voiced concerns about potential illicit gold, human rights abuses, and environmental destruction entering U.S. supply chains via the new Minerven-Trafigura gold deal. These concerns highlight issues with supply chain verification and environmental safeguards in the agreement.

  4. The U.S. Treasury Department's OFAC issued General License 51, authorizing limited transactions for …

    The U.S. Treasury Department's OFAC issued General License 51, authorizing limited transactions for U.S. entities to import, purchase, transport, and refine Venezuelan gold. Concurrently, Venezuela's National Assembly approved a new mining reform law to attract international investment and extend concession periods. These actions follow a period of temporary sanctions relief and a visit by U.S. officials to Caracas.

March 2024 — 2 developments

  1. The U.S. government issued a clarification regarding General License 44, emphasizing that while cert…

    The U.S. government issued a clarification regarding General License 44, emphasizing that while certain transactions were permitted, strict compliance with anti-money laundering and anti-corruption regulations remained paramount. This clarification aimed to ensure that any gold sourced from Venezuela through authorized channels would not be linked to illicit activities or human rights abuses. It reinforced the importance of robust due diligence for all parties involved in the trade.

  2. Following initial discussions, Trafigura and Minerven signed a Memorandum of Understanding (MOU) to outline the framework for a responsible gold-sourcing program.

    Following initial discussions, Trafigura and Minerven signed a Memorandum of Understanding (MOU) to outline the framework for a responsible gold-sourcing program. This MOU detailed the commitment of both parties to establish transparent and ethical sourcing practices, including due diligence measures and adherence to international standards. The agreement served as a precursor to a more comprehensive deal, setting the stage for the development of specific operational protocols.

February 2024 — 1 developments

  1. Trafigura and Minerven began preliminary discussions regarding a potential responsible gold-sourcing program.

    Trafigura and Minerven began preliminary discussions regarding a potential responsible gold-sourcing program. These initial talks focused on understanding the operational capabilities of Minerven and identifying areas where Trafigura's expertise in commodity trading and supply chain management could be applied. The discussions were framed within the context of the recent U.S. licensing changes, exploring the feasibility of bringing Venezuelan gold into international markets under compliant conditions.

October 2023 — 1 developments

  1. The United States issued a license authorizing dealings with Minerven as part of a broader sanction relief effort.

    The United States issued a license authorizing dealings with Minerven as part of a broader sanction relief effort. This measure aimed to reduce the trafficking of illicit gold and to encourage responsible mining practices. The license permitted certain transactions related to Minerven's operations, signaling a potential shift in U.S. policy towards engaging with Venezuelan state-owned entities under specific conditions. This development paved the way for potential future agreements and increased transparency in the Venezuelan gold sector.

March 2022 — 1 developments

  1. The European Partnership for Responsible Minerals published a report examining the risks of corruption, conflict financing, and money laundering linked to gold flows from Venezuela.

    The European Partnership for Responsible Minerals published a report examining the risks of corruption, conflict financing, and money laundering linked to gold flows from Venezuela. The report reiterated findings from other studies, stating that all risks of adverse impacts listed in the OECD Guidance for Responsible Mineral Supply Chains were prevalent in Venezuela's gold supply chains. This included human rights abuses, conflict financing, and financial crimes, emphasizing the ongoing challenges in ensuring responsible sourcing.

September 2021 — 1 developments

  1. A report commissioned by the OECD, titled 'Gold Flows from Venezuela: Supporting due diligence on th…

    A report commissioned by the OECD, titled 'Gold Flows from Venezuela: Supporting due diligence on the production and trade of gold,' highlighted that Venezuelan gold continued to infiltrate the legal market despite international sanctions and documented human rights abuses. The report indicated that existing due diligence programs were inadequate for ensuring proper oversight of Venezuelan gold flows, suggesting that international purchases might be contributing to abuses. It also noted that some gold exited through official channels to countries like Iran, Turkey, and the UAE, while the majority was laundered by criminal organizations.

January 2020 — 1 developments

  1. A United Nations investigation documented artisanal mining operations within Venezuela's Orinoco Mining Arc region.

    A United Nations investigation documented artisanal mining operations within Venezuela's Orinoco Mining Arc region. The report highlighted that these operations were under the control of criminal organizations that exploited workers. This finding underscored the significant challenges and ethical concerns associated with informal mining in Venezuela, contributing to the rationale for more controlled and responsible sourcing initiatives in the future.

March 2019 — 1 developments

  1. The U.S. Treasury Department officially sanctioned Minerven, Venezuela's state-owned gold mining com…

    The U.S. Treasury Department officially sanctioned Minerven, Venezuela's state-owned gold mining company, and its president, Adrian Antonio Perdomo Mata. This action was taken under Executive Order 13850, citing Minerven's operation within the Venezuelan gold sector. The sanctions were intended to prevent the Maduro regime from using gold mining operations to enrich itself and to stop associated illicit activities. This designation significantly restricted Minerven's ability to engage in international trade.

November 2018 — 1 developments

  1. The U.S. government, under President Trump, signed Executive Order 13850, targeting persons operatin…

    The U.S. government, under President Trump, signed Executive Order 13850, targeting persons operating in Venezuela's gold sector. This order marked a significant step in U.S. sanctions policy, specifically focusing on the gold industry due to concerns about corrupt or deceptive practices. The aim was to prevent the Maduro regime from profiting from natural resources and to curb associated environmental damage and labor exploitation. This executive order laid the groundwork for future designations and restrictions on Venezuelan gold.