US Lifts Sanctions on Venezuelan Public Banking Sector

The United States Department of the Treasury has lifted sanctions on the Central Bank of Venezuela and three other state-controlled financial institutions, authorizing previously prohibited transactions.

Key points

• The measure affects the Banco Central de Venezuela, Banco de Venezuela, Banco Digital de los Trabajadores, and Banco del Tesoro.
• The Office of Foreign Assets Control (OFAC) issued a license permitting commercial transactions with the Venezuelan government, subject to prior authorization.
• The policy shift follows the capture of Venezuelan President Nicolás Maduro in an American military operation earlier this year.
• The decision aims to facilitate the reintegration of Venezuelan banks into the U.S. financial system and the use of the dollar.

Why it matters

This move represents a significant step in the normalization of diplomatic and economic relations between Washington and Caracas following the change in Venezuelan leadership.