US receives $100 million gold shipment from Venezuela
What's the story
The United States has received over $100 million worth of gold from Venezuela, United States Interior Secretary Doug Burgum confirmed. He stated that the gold was brought to the US on Friday for industrial and commercial purposes. Burgum added that Venezuela has a wealth of resources, including $500 billion in gold and other critical minerals like bauxite and aluminum.
Resource potential
Burgum's visit to Venezuela
Burgum also spoke about the potential of Venezuela's mineral resources during his visit to the country. He met with acting President Delcy Rodriguez and representatives from US mining companies. The US has issued a license for dealings with Minerven, Venezuela's state-owned gold mining company, as part of its efforts to expand influence over the country's vast mineral reserves.
Trade restrictions
License issued by US government
The license issued by the US government prohibits individuals and companies from Russia, Iran, North Korea, and Cuba from entering into contracts with Minerven. This restriction is in tandem with the Trump administration's goal of countering China's dominance over critical minerals. The move comes after a military operation in January 2026 that saw President Nicolas Maduro captured and charged with various crimes, including narco-terrorism and drug trafficking.
Asset seizure
US moves to take legal ownership of sanctioned tanker
In a related development, the US moved to take legal ownership of a sanctioned tanker and almost two million barrels of petroleum seized off Venezuela's coast in December. The move is part of Washington's plan to stabilize and restructure Venezuela after Maduro's capture. In January, Rodriguez signed a law opening Venezuela's oil sector to privatization, marking a major shift in the country's energy policy.