The Trump administration opened access to Venezuelan gold, but refineries refuse to process it

Hundreds of millions of dollars’ worth of Venezuelan gold that reached the United States have remained in storage facilities because refineries refuse to process the metal without clear evidence that it does not originate from criminal activity, corruption or operations violating human rights, according to a New York Times investigation.

The Trump administration promoted access to Venezuela’s mineral resources as a strategy to combat corruption and bring the industry under Western control. In March, after Nicolás Maduro was removed, Trafigura signed an agreement with Minerven, the state-owned mining company, and began exporting gold to the United States. The first shipment, estimated at $100 million, was presented at the White House in the presence of Interior Secretary Doug Burgum.

The agreement provided for exports from industrial mines, but the gold was purchased before the mines had been verified by independent auditors. The investigation points to links between mining operations in southern Venezuela and criminal groups that charge protection fees. In some areas, the practices are so widespread that locals call them “the system.”

Later, other companies also tried to enter the market, even though the risks are considered high. While the U.S. administration continues to ease sanctions, the refining industry fears it cannot certify the gold’s legal origin. Thus, Washington’s strategy has opened access to resources but has not yet managed to create a supply chain considered safe and legitimate.