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Economic tension: With US sanctions looming, Maduro decides to restrict gold and silver exports in Venezuela, increasing uncertainty over the minerals market
The government of Venezuela, lead by Nicolás Maduro, announced a new measure that impacts the economy: the immediate suspension of exports of various minerals. The decision, released by Venezuelan Mining Corporation (CVM), aims to restrict the commercialization of resources such as gold, talk, coltan, bauxite, thorium, cassiterite, copper e rhodium.
These materials, widely exported through the ports of Puerto Ordaz and the Boca Grande II transfer station, are temporarily blocked to the international market, and the measure will remain in effect until further notice.
In this scenario, it is worth noting that the export of other essential resources, such as iron, steel, aluminum and their derivatives, continues to operate normally. Furthermore, operations at Venezuelan ports remain unchanged, and no significant incidents were recorded during the country's recent election period.
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Political and economic context of Venezuela
Nicolás Maduro's decision comes at a time when the United States is still evaluating its stance on Venezuela following the recent elections. Despite not officially recognizing Maduro's re-election, the government norte-americano has adopted a strategy of “strategic ambiguity“, according to Venezuelan analysts.
This approach aims to buy time before deciding whether to tighten or ease the economic sanctions that have been putting pressure on the Venezuelan economy for years.
US sanctions, especially those imposed on the Venezuelan state-owned company PDVSA, have a direct impact on the country's energy sector. The North American giant Chevron, which has four joint ventures with PDVSA, is one of the most affected.
The sanctions not only hamper the Venezuelan oil company's operations, but also harm US companies that have interests in the Venezuelan energy sector.
In recent years, Chevron and other U.S. companies have stepped up their lobbying efforts in Congress to seek sanctions relief. As a result, in 2022, the U.S. Treasury Department granted Chevron License 8M, allowing the company to continue operating in the country, a measure that has been renewed every six months to date.
An economic impasse
The current situation places the United States in a dilemma. On the one hand, the government seeks to maintain pressure on the Chavista regime. On the other, the growing dependence on Venezuelan oil and the interests of American companies in the country create a delicate situation for the Biden administration.
Meanwhile, Maduro's decision to halt the export of valuable minerals could be seen as an attempt to control the market and protect the country's strategic resources, while also trying to deal with the economic uncertainties generated by sanctions.
The suspension of exports of these minerals directly affects the Venezuelan economy, which is already facing a deep crisis. Minerals, especially gold, represent an important source of income for the Maduro government, and their commercialization has been one of the alternatives to circumvent the impact of international sanctions.
