The United States government has lifted sanctions on Venezuela's public banking system, including the Central Bank of Venezuela, according to a report by biobiochile.cl.
The U.S. Treasury Department announced the move on Tuesday, which also encompasses the Banco de Venezuela, Banco Digital de los Trabajadores, and Banco de Tesoro. The measure applies to any entity where these institutions hold a direct or indirect stake of 50% or more.
The Office of Foreign Assets Control (OFAC) issued a license permitting "commercial transactions" with the Venezuelan government, provided they receive prior authorization from Washington.
Diplomatic thawing
This decision follows the recent removal of Delcy Rodríguez, Venezuela's interim president, from the U.S. sanctions list less than two weeks ago. The outlet reported that these new guidelines represent a further step in the thawing of relations between Washington and Caracas.
Without these restrictions, Venezuela's primary banking institutions can re-enter the U.S. financial system and legally operate using the U.S. dollar.
Relations between the two nations began to normalize following the arrest of Nicolás Maduro in Caracas during a U.S. military intervention earlier this year, according to the report. The Trump administration has since moved to restore diplomatic ties that were severed in 2019.
Washington has simultaneously been lifting the strict economic sanctions imposed on Caracas during the previous Trump administration (2017-2021). These measures were originally part of a strategy intended to pressure Maduro's departure from power.