U.S. temporarily eases financial controls on Venezuela to facilitate aid

The U.S. Department of the Treasury announced a temporary easing of certain financial oversight measures, aiming to facilitate authorized operations for economic recovery and humanitarian aid in Venezuela following recent earthquakes. The Financial Crimes Enforcement Network (FinCEN) will not take compliance actions against financial entities providing authorized services in Venezuela between July 27, 2026, and January 29, 2027. This decision is intended to reduce the risk of regulatory sanctions for U.S. banks and financial institutions when processing transactions linked to humanitarian assistance and reconstruction.

While easing these controls, the Treasury Department stressed that financial institutions must maintain their anti-money laundering compliance programs and continue to adhere to existing sanctions enforced by the Office of Foreign Assets Control (OFAC). The announced protection does not extend to intentional or deliberate violations of U.S. financial regulations. This temporary relief aims to streamline the flow of essential aid and support for the rebuilding process in Venezuela.

The earthquakes that struck Venezuela on June 24, with magnitudes of 7.2 and 7.5, are among the most devastating in the country's recent history. A World Bank report presented last Thursday estimates the damages at $19.6 billion. The report also warns that these seismic events could significantly hinder the country's economic recovery for up to a decade. The U.S. first imposed sanctions on Venezuelan officials in 2015, later expanding economic measures against the Nicolás Maduro government starting in 2017 and intensifying them in 2019 with broader restrictions on the Venezuelan economy, including state-owned Petróleos de Venezuela (PDVSA).