US eases Financial Restrictions on Venezuela
By allowing Venezuela’s central bank, and some of its major state-owned banks limited access to the financial system, the United States have eased their restrictions. The United States’ current policy towards Venezuela has changed with this decision.
Treasury Department of the United States issued a special authorization that allowed selected Venezuelan banking institutions to connect with international banking system. The United States Treasury has now granted special permission to certain Venezuelan financial institutions so that they can connect with international banking systems.
The new bank decision affects banks
The permission applies to Venezuela’s central bank and key government owned banks, including Banco de Venezuela, Banco Digital de los Trabajadores, and Banco del Tesoro.
These banks were unable to transfer or receive funds across international systems due to the restrictions.
Oil revenues and Trade
Venezuela may be able to access the income generated by oil sales in the United States. Prior to the sanctions, financial transfers related to energy trading were not possible.
Political response inside Venezuela
She has advocated for the full removal of all sanctions, rather than a limited set of relief measures.
Position and concerns of the United States
Officials from the United States claim that Venezuela has demonstrated cooperation in some areas. The United States officials also mention the increased foreign investment in the oil and mining sector.
