The US Treasury Department is issuing General License 60 via its Office of Foreign Assets Control (OFAC) to allow humanitarian organizations to aid in earthquake relief in Venezuela. This follows twin earthquakes on June 24 that caused extensive destruction, with at least 188 fatalities and 1,520 injuries confirmed, while over 45,000 remain missing.
The earthquakes, registering magnitudes of 7.2 and 7.5, struck near San Felipe and Yaracuy at 18:04 local time, prompting the Venezuelan government to declare a state of emergency amid ongoing aftershocks. General License 60 serves as a blanket authorization, allowing aid organizations to operate without needing individual exemptions, thus facilitating the delivery of relief.
Prior general licenses had focused primarily on Venezuela’s oil sector, marking a significant broadening of scope with this initiative. Financial institutions often reject transactions related to sanctioned areas, posing challenges for humanitarian efforts. This general license alleviates such concerns, enabling easier access to funds.
Venezuela's current disaster represents the country's most significant seismic event since 1900, with concerns that the number of missing persons could rise dramatically as rescue efforts progress. The nation is grappling with infrastructural weaknesses, compounded by years of economic turmoil and international sanctions.
Notably, General License 60 does not address cryptocurrency or digital assets despite Venezuela's high crypto adoption rates, highlighting a traditional financial approach to the crisis.