Statue of a petroleum worker installed in Venezuela [Cabimas EPA=Yonhap News]

The Donald Trump administration in the United States has taken a series of measures to ease the "oil blockade" on Venezuela.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on the 3rd (local time) that it would issue a new license authorizing the export and sale of U.S.-made diluents to Venezuela.

This measure, Venezuela General License 47, permits the trading of U.S.-made diluents, a key material for exporting heavy crude oil, with the Venezuelan government or Venezuelan state-owned companies.

Most Venezuelan crude oil is heavy crude, which is highly viscous. Due to its sticky nature, diluents like naphtha must be mixed with it for transportation via pipelines or oil tankers.

However, U.S. authorities specified that transactions with entities in North Korea, Iran, and Cuba, or parties related to these three countries, are still prohibited for diluent sales. They also clarified that transactions using gold or digital currency as payment methods are not allowed.

Reuters reported on the 3rd that this is the second general license permit granted for easing sanctions on Venezuela since the U.S. apprehended President Nicolas Maduro.

Previously, on the 29th of last month, OFAC released Venezuela General License 46, titled "Authorization of Certain Activities Related to Venezuelan Crude Oil," on its website.

This included authorizing transactions related to the refining, export, and supply of Venezuelan crude oil involving the Venezuelan government and the state-owned oil company (PDVSA).

The U.S. government has imposed stringent sanctions on Venezuela's oil sector, citing reasons such as undermining democracy and harming U.S. national interests.

For specific matters that are permitted among these sanctions, general licenses are issued and publicized. According to explanations on the OFAC website, a general license is a form of legal guarantee that allows U.S. persons to engage in the activities specified in the license without needing to apply for a separate license.

In addition, following the apprehension of President Maduro last month, the U.S. handed over all $500 million (approximately 725.3 billion won) in proceeds from the sale of Venezuelan crude oil, which was sold on behalf of Venezuela, to the Venezuelan government, Reuters reported on the same day, citing a U.S. government official.

The Trump administration had temporarily deposited the funds from the sale of Venezuelan crude oil, which had faced export difficulties due to sanctions, in a U.S. Treasury account opened in Qatar, after selling it on the international market. $300 million of this amount had already been transferred to the Venezuelan government, and the remaining $200 million was sent this time.

The official told Reuters that the oil sale proceeds "will be used for the benefit of the Venezuelan people at the discretion of the U.S. government," and that future oil sale proceeds will also be transferred to a fund in the United States and then approved for expenditure for the debts or costs of the Venezuelan government or its entities.

Earlier, Delcy Rodríguez, interim President of Venezuela, had stated that the $300 million in oil sale proceeds received from the U.S. would be used to prevent a decline in the value of the country's currency.