The U.S. government announced it is allowing certain American companies to buy and process gold from Venezuela under a new license issued Friday, easing some sanctions while keeping tight restrictions on how the trade can occur.

The Treasury Department’s Office of Foreign Assets Control said the authorization permits established U.S. companies to import Venezuelan-origin gold into the United States, refine it, and then resell or export it, even though Venezuela remains under broad economic sanctions.

The move marks a narrow opening for trade involving Venezuela’s gold sector, which has long been targeted by U.S. sanctions aimed at limiting revenue to the government in Caracas.

Under the new license, U.S. companies can participate in transactions involving Venezuela’s state-run mining company, Minerven, and its affiliated entities, but only if the deals meet strict conditions set by the U.S. government.

Treasury officials said any contracts tied to these transactions must be governed by U.S. law, and any disputes related to the deals must be resolved in U.S. courts.

The Treasury Department said the approval covers a wide range of activities needed to move and process the gold. That includes arranging shipping and logistics, chartering vessels, securing maritime insurance, obtaining security services and coordinating with ports and terminal operators.

Companies are also permitted to conduct commercial, legal and environmental assessments necessary to ensure the transactions comply with U.S. regulations.

Despite the opening, the license places significant limits on the scope of the trade.

For example, the authorization does not allow U.S. companies to mine or produce gold in Venezuela, explore new mining sites, or establish joint ventures in the country’s mining industry.

The license also bars deals that involve digital currencies issued by the Venezuelan government, including the controversial “petro” cryptocurrency.

In addition, companies cannot conduct transactions with businesses or individuals tied to several countries that face U.S. sanctions, including Russia, Iran, North Korea and Cuba.

The rules also prohibit any involvement by companies that are owned or controlled by entities based in China, reflecting broader U.S. concerns about Beijing’s influence in global commodity markets.

The authorization also does not allow the release of any Venezuelan assets that remain frozen under U.S. sanctions.

Companies that participate in the newly permitted gold trade will face extensive reporting requirements.

Any firm involved in importing, buying or reselling Venezuelan gold must submit detailed reports to the U.S. government outlining each transaction.

Treasury officials emphasized that the new authorization does not override other U.S. export control laws. Companies must still comply with requirements from other federal agencies, including the Commerce Department’s Bureau of Industry and Security.

The limited authorization reflects the U.S. government’s effort to maintain pressure on Venezuela while allowing carefully controlled transactions that can be monitored by American authorities.