US Interior Secretary Doug Burgum said that the country imported $100 million worth of gold from Venezuela after a governmental visit.
Burgum recently held a meeting with Venezuelan interim president Delcy Rodriguez.
"At the end of the two days, we were able to bring home $100 million of gold - physically," he noted.
Venezuela has been under US export sanctions for many years. However, following the capture of ex-president Nicolas Maduro by US troops in January, the policy towards trade restrictions has begun to change.
US Treasury Department has authorised a limited licence for the export of Venezuelan gold. It allows Venezuela’s state-run mining company Minerven and its subsidiaries to export, transport and sell gold to the US, within the parameters set out under US law.
Burgum noted that US also sees a major opportunity to develop Venezuela’s mineral and precious metal resources, arguing that artisanal mining poses a threat to the environment.
Theodor Lisovoy, Managing Editor, Rough&Polished
