"It allows Venezuela's state-run mining company Minerven and its subsidiaries to export, transport and sell Venezuelan gold to the US, within the parameters set out under US law. Under the licence, however, no Venezuelan gold will be permitted to be exchanged with Cuba, North Korea, Iran or Russia."
"The licence also requires payments to sanctioned individuals to flow through Treasury accounts known as Foreign Government Deposit Funds, the same system that has been used to store the proceeds from Venezuelan oil sales. Minerven and other state-owned industries have faced US sanctions for years, as a penalty for the push to nationalise Venezuela's resources."
"International law guarantees that countries have permanent sovereignty over their own natural resources, which cannot be exploited by foreign powers without consent. Critics argue that US President Donald Trump has since sought to exploit Venezuela's natural resources for his country's gain."
The United States Department of the Treasury issued a limited license permitting Venezuela's state-run mining company Minerven and its subsidiaries to export, transport, and sell Venezuelan gold to the US within specified legal parameters. The license prohibits Venezuelan gold exchanges with Cuba, North Korea, Iran, or Russia, and mandates that payments to sanctioned individuals flow through Foreign Government Deposit Funds. This authorization follows a high-level meeting aimed at expanding mining operations in Venezuela. The move represents part of a broader US strategy to access Venezuela's resource sector, occurring after military operations in January and amid ongoing sanctions against Venezuelan state-owned industries dating back to the nationalization policies under former President Hugo Chavez.
#venezuela-gold-exports #us-sanctions-and-licensing #natural-resource-sovereignty #international-trade-restrictions
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]