US targets China’s telecoms grip in Venezuela with new sanctions carve-out

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has issued two general licenses easing some sanctions on Venezuela's telecommunications sector. These licenses, released on Friday, allow for new investment and technology in the sector, including transactions involving state-owned provider CANTV and mobile operator Movilnet. However, the licenses explicitly exclude transactions with companies or individuals from China, Russia, Iran, North Korea, and Cuba, as well as entities associated with them. This move aims to reshape the Venezuelan market, where Chinese companies Huawei and ZTE are established, potentially creating opportunities for Western suppliers as Venezuela expands its 5G networks.