The Government of the United States has decided to partially lift the financial restrictions that weighed on the Venezuelan banking system, in a measure that again allows operations with the Central Bank of Venezuela and other state entities.
According to the licenses issued by the Office of Foreign Assets Control (OFAC), the Department of the Treasury authorizes since this Tuesday a wide range of financial transactions with four public institutions: the Central Bank of Venezuela, the Bank of Venezuela, the Treasury Bank and the Digital Bank of Workers.
The decision opens the door, for the first time since 2017, for correspondent banks, payment processors and international platforms to be able to operate with these entities without incurring violations of the sanctions regime, including transfers, currency exchange, card services or movements linked to remittances.
A partial relief within the sanctions regime
The U.S. Treasury emphasizes, however, that the measure does not entail the total lifting of the financial blockade. Transactions not expressly included in the licenses will remain prohibited, and previously frozen assets are not automatically unfrozen.
The easing is framed within the process of progressive adjustment of US policy towards Venezuela, after years of tightened sanctions since 2019.
Economic impact and limited scope
The practical scope of the decision could be significant for the flow of foreign currency in Venezuela, especially in a context of prolonged restrictions on access to the global financial system.
Economic sources indicate that the measure could facilitate the entry of income linked to exports, particularly from the energy sector, and alleviate some bottlenecks in international payments.
However, the impact will depend on effective implementation by international banking and the level of confidence in operations with Venezuelan institutions.