Overview
- OFAC, which issued two general licenses on Tuesday, opened U.S.-dollar banking for Venezuela’s central bank and three state lenders: Banco de Venezuela, Banco Digital de los Trabajadores and Banco del Tesoro.
- The licenses allow dollar-denominated accounts, payments, correspondent services, loans, cards, digital wallets, and transactions tied to wages, remittances, securities and commodities.
- A separate license permits parties to negotiate contracts with Venezuela’s government once they receive case-by-case clearance from the U.S. sanctions office.
- U.S. officials say the move is meant to unclog oil payments and draw investment after Washington seized Nicolás Maduro in January and routed state oil proceeds into U.S.-controlled accounts.
- Limits remain, as assets stay frozen under other rules, banks must meet anti–money laundering checks, foreign lenders may still avoid Venezuela, and economists expect only gradual relief for workers who have been protesting low pay.