The recent easing of sanctions by OFAC towards Venezuela, including the authorization of transactions with the public banking system and the return of operations in dollars, It does not represent a full economic opening, but rather a reconfiguration of financial control. This was explained by analyst Antonio de la Cruz, president of Inter American Trends.
De la Cruz maintained in General License 57 issued by the Office of Foreign Assets Control It does not imply the lifting of sanctions, but rather a redesign of the system.
“They did not lift sanctions. They redesigned the system,” he stated, while warning that the perception of economic openness is erroneous.
Washington authorized commercial transactions with the Venezuelan government on Tuesday and lifted restrictions on institutions such as the Central Bank of Venezuela and other public banks, allowing their reintegration into the US financial system under specific conditions.
The flow of money subject to authorizations
According to De la Cruz, the main change is that the flow of money is now subject to authorizations. “LG 57 is not a concession. It is a filter. It lets money pass, it retains power,” he explained.
Likewise, he pointed out that financial operations in the country are no longer free and become dependent on regulatory compliance. “Money in Venezuela is no longer free. It is conditional,” he said.
The analyst described this scenario as an environment where “every dollar needs permission”, in which decisions do not depend solely on the Chavista authorities, but on international supervision mechanisms, particularly OFAC.
The president of Inter American Trends stated that real power has shifted to technical actors within the financial system. “The banks understood it first. That’s why the true power today is in compliance (compliance), risk officers (risk officers) and lawyers, not ministers or presidents,” Indian.
Furthermore, he pointed out that Companies like Chevron would not be acting under a traditional investment logic, but within a controlled scheme. “Chevron is not investing in Venezuela. “It is executing a mission: open flow without losing control,” he stated.
Regarding interim president Delcy Rodríguez, the analysis maintains that her role focuses on access management within this new system
“It does not negotiate power. It manages access”, he pointed out.
A “monitored market”
The approach also explained a structural transformation of the economic model, in which Venezuela goes from a scenario of total prohibition to one of conditional operation.
“Before: prohibited to operate. Now: you can operate… if you are not mistaken,” he said.
The expert warned that errors can imply exclusion from the financial system.
Antonio de la Cruz described this environment as a “monitored market” and an “OFAC risk”, where compliance with international standards is decisive for any economic actor.
“That risk is not diversified. It is obeyed,” he said.
According to the analyst, the capital that enters the country under this scheme does not respond to traditional investment opportunities, but to dynamics of control and discipline.
“The capital that comes in is not brave. It is disciplined,” Indian.
