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U.S. Eases Sanctions on the BCV, Allowing Delcy Rodríguez's Regime to Reconnect with the Global Financial System
The United States Department of the Treasury, through its Office of Foreign Assets Control (OFAC), issued two new general licenses this Tuesday that expand sanctions relief for Venezuela. This allows the Delcy Rodríguez regime to access oil revenues and reconnect with the international financial system.
General License No. 56
This license authorizes companies and individuals to negotiate commercial contracts with the Government of Venezuela, including preliminary agreements, memoranda of understanding, and proposals in response to public tenders. This measure enables U.S. and international companies to advance negotiations with the regime without violating current sanctions, although the execution of any contract will still require separate authorization from OFAC.
General License No. 57
This authorizes financial service transactions with four Venezuelan state banking institutions:- Central Bank of Venezuela (BCV)
- Banco de Venezuela
- Banco Digital de los Trabajadores
- Banco del Tesoro
- Opening and closing accounts.
- Funds transfers (ACH and Wire).
- Correspondent banking services in U.S. dollars.
- Remittances and debit/credit card payments.
- Foreign exchange operations.
Important Restrictions
The licenses include strict limitations:- Exclusions: GL 56 expressly excludes any transaction involving entities or persons linked to Russia, Iran, North Korea, and Cuba, as well as entities controlled by citizens or companies from the People's Republic of China.
- Prohibitions: Individuals listed on OFAC’s Specially Designated Nationals (SDN) list remain excluded.