OFAC authorizes banking transfers for Venezuela aid

The US Office of Foreign Assets Control (OFAC) has authorized financial institutions and money transfer companies to process funds to address the emergency caused by the double earthquake of June 24 in Venezuela, Banca y Negocios reported on October 17, 2026. The measure will remain in effect until April 21, 2027.

The mechanism allows US banks to verify the information of the originator in order to send funds earmarked for solidarity programs. Those making transfers must provide the corresponding documentation to demonstrate the humanitarian purpose of the funds, without this implying the general unfreezing of other assets not linked to assisting victims.

As for medium-term international financing, El Nacional reported that the World Bank is evaluating a package of up to $5 billion for the country over the next two years. The scheme includes an initial $500 million operation aimed specifically at the water and electricity sectors.

The easing of financial restrictions comes as affected areas try to recover. According to data from Fedecámaras reported by El Nacional, 50% of commerce in the state of La Guaira remains paralyzed, with losses in the local commercial sector reaching 56%.