USVenezuela

The licence follows a push from US President Donald Trump to open Venezuela’s resource sector to international investment.

The United States government has authorised a limited licence for the export of Venezuelan gold, following a high-level meeting to expand mining in the country.

On Friday, a notice appeared on the US Department of the Treasury’s website announcing the licence.

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 under former President Hugo Chavez.

But the US has been pushing for inroads into Venezuela’s oil and mining sectors since January 3, when it launched an operation to abduct and imprison the country’s then-president, Nicolas Maduro.

The January 3 military operation has been condemned as a violation of international law, and critics argue that US President Donald Trump has since sought to exploit Venezuela’s natural resources for his country’s gain.

Trump and his allies maintain that Venezuela’s oil resources were stolen from the US, citing the expropriation of assets from US businesses in 2007.

But international law guarantees that countries have permanent sovereignty over their own natural resources, which cannot be exploited by foreign powers without consent.

So far, the government of interim Venezuelan President Delcy Rodriguez has complied with Trump’s requests to surrender oil to the US and open the country’s oil and mining sectors to foreign investment.

Just this week, Rodriguez agreed to send a mining reform law to the country’s National Assembly, following a two-day visit from Trump’s Interior Secretary Doug Burgum.

And in late January, Rodriguez signed into law a separate reform that allowed for the expansion of private investment from abroad in Venezuela’s oil sector and lowered taxes on the industry.

Venezuela’s economy has struggled under tightening US sanctions and government mismanagement, forcing millions of citizens from the South American country to flee its borders over the last decade.

Proponents of the reforms say outside investment can help revive Venezuela’s ailing economy and fund upgrades to its outdated mining infrastructure.

On Friday, Venezuela’s central bank released its first inflation statistics since November 2024, showing that inflation skyrocketed to 475 percent in 2025, when the US placed an embargo on Venezuelan oil exports.

Gold production from Venezuela in 2025 amounted to nearly 9.5 tonnes, according to the government, and the country sits on some of the largest oil deposits in the world.

US eases oil embargo on Cuba as Caribbean neighbours warn worsening humanitarian crisis could destabilise region.

The United States has said it will allow the resale of some Venezuelan oil to Cuba in a move that could ease the island’s acute fuel shortages, as neighbouring countries raised the alarm over a rapidly deteriorating humanitarian situation caused by Washington’s oil blockade.

In a statement on Wednesday, the US Department of the Treasury said it would authorise companies seeking licences to resell Venezuelan oil for “commercial and humanitarian use in Cuba”.

It said the new “favorable licensing policy” would not cover “persons or entities associated with the Cuban military, intelligence services, or other government institutions”.

Venezuela had been the main supplier of crude and fuel ⁠to Cuba for the past 25 years through a bilateral pact mostly based on the barter of products and services. But since the US abducted Venezuelan President Nicolas Maduro last month and took control of the country’s oil exports, Caracas’s supply to Cuba has ceased.

Mexico, which had emerged as an alternate supplier, also halted shipments to the Caribbean island after the US threatened tariffs on countries that send oil to Cuba. The US blockade has worsened an energy crisis in Cuba that is hitting power generation and fuel for vehicles, houses and aviation.

The shift in US policy came as Caribbean leaders gathering in Saint Kitts and Nevis expressed alarm at the impacts of the blockade on the island nation of some 10.9 million people. Speaking to Caribbean leaders during a meeting of the regional political group CARICOM on Tuesday, Jamaican Prime Minister Andrew Holness affirmed solidarity with Cuba.

“Humanitarian suffering serves no one,” Holness said at the meeting. “A prolonged crisis in Cuba will not remain confined to Cuba.”

The Caribbean summit’s host, Saint Kitts and Nevis Prime Minister Terrance Drew, who studied in Cuba to be a doctor, said friends have told him of food scarcity and rubbish strewn in the streets.

“A destabilised Cuba will destabilise all of us,” Drew said.

But addressing the meeting in Saint Kitts and Nevis on Wednesday, US Secretary of State Marco Rubio claimed that the humanitarian crisis had been caused by the Cuban government’s policies, not Washington’s blockade.

Rubio, whose parents migrated to the US from Cuba in 1956, warned that the sanctions would be snapped back if the oil winds up going to the government or military.

“Cuba needs to change. It needs to change dramatically because it is the only chance that it has to improve the quality of life for its people,” Rubio told reporters.

It is “a system that’s in collapse, and they need to make dramatic reforms”, he said.

Rubio went on to blame economic mismanagement and the lack of a vibrant private sector for the dire situation in Cuba, which has been under communist rule since Fidel Castro’s 1959 revolution.

“This is the worst economic climate Cuba has faced. And it is the authorities there, and that government, who are responsible for that,” Rubio said.

The US pressure on Venezuela and Cuba ⁠has left several fuel cargoes undelivered since December, according to the Reuters news agency, contributing to the island’s inability to keep the lights on and cars circulating. A Cuba-related vessel that loaded Venezuelan gasoline in early February at a port operated by state-run company PDVSA remained this week anchored in Venezuelan waters waiting for authorisation to set sail.

Mexico and Canada have meanwhile announced they would be sending aid to Cuba, and Russia’s Deputy Prime Minister Alexander Novak also said his government was discussing the possibility of providing fuel to the island.

Separately on Wednesday, Cuba’s Ministry of the Interior announced killing four people and wounding six others on board a Florida-registered speedboat that it said entered Cuban waters.

Rubio told reporters it was not a US operation and that no US government personnel were involved.

“Suffice it to say, it is highly unusual to see shootouts in open sea like that,” he said. “ It’s not something that happens every day. It’s something frankly that hasn’t happened with Cuba in a very long time.”