Description: US Department of Treasury has issued special licenses to several Venezuelan banks, confirming the reconciliation of relations between the US and Venezuela after the ouster of Maduro. Special licenses were given to the Central Bank of Venezuela, Banco de Venezuela, Banco Digital de los Trabajadores and Banco del Tesoro, effectively permitting them to reintegrate into the global financial system by offering previously sanctioned services such as credit and debit cards and wire transfers. Venezuela’s President, Delcy Rodriguez, stated that the move was a step forward, however, it did not provide legal certainty since the licenses provided the banks with a temporary relief from sanctions instead of permanent operational security.
Impact: The temporary licenses for the Venezuelan banks demonstrate the US’ resolve towards reintegrating Venezuela back to the American sphere of influence and opening the country’s national resource potential to foreign investors. In practice, politicians loyal to Maduro and the PSUV remain in control under strict US control and the issue with the political restructuring of the current Venezuelan administration still remains unresolved. Mining operations are largely controlled by colectivos, local militias and various other rebel forces active in the country while public outrage remains high due to the economic crisis in the country, as demonstrated through the recent protests. Venezuela remains investor friendly but still unstable as numerous political, economic and security issues remain unresolved for the time being.