U.S. Eases Sanctions on Venezuela's Central Bank, Allows Financial Transactions for First Time Since 2019

The United States has taken a significant step toward easing financial restrictions on Venezuela by authorizing transactions with the country's central bank and three other state-run institutions, marking the first time since 2019 that such operations are permitted within the international financial system.

The move was announced Tuesday by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) through General License No. 57, which allows transactions deemed "ordinarily incident and necessary" for financial services involving the Central Bank of Venezuela (BCV), Banco de Venezuela, Banco del Tesoro, and Banco Digital de los Trabajadores.

The authorization opens the door to a wide range of financial activities, including opening and maintaining bank accounts, processing electronic payments, facilitating remittances, issuing loans, handling payroll and pension payments, and enabling the use of credit cards and digital wallets. It also permits U.S. and international banks to reestablish correspondent relationships with these institutions, a critical step for Venezuela's reintegration into global finance.

The Central Bank of Venezuela was sanctioned by Washington in April 2019, part of a broader effort to isolate the government of Nicolás Maduro from the international financial system. Since then, Venezuelan institutions have struggled to access foreign currency, process payments abroad, and maintain basic financial operations due to the loss of correspondent banking relationships.

According to Reuters, the easing comes as Venezuela rolls out a new foreign exchange system and increases oil exports, suggesting a broader shift in U.S. policy aimed at stabilizing the country's economy while creating conditions for potential engagement with international investors.

Still, the Treasury Department made clear that the new license does not represent a full lifting of sanctions. Frozen assets remain blocked, and any transactions prohibited under other sanctions frameworks continue to require separate authorization from OFAC.

In parallel, the Treasury issued General License No. 56, which allows preliminary negotiations of commercial contracts with the Venezuelan government, although final agreements still need explicit approval.

Reuters also reported that Washington lifted sanctions on former Venezuelan attorney general Reinaldo Muñoz as part of the same policy shift.

The decision signals a notable recalibration of U.S. sanctions strategy after years of maximum pressure, potentially reshaping Venezuela's access to global markets while maintaining key restrictions on government-linked assets and entities.