April 15 (UPI) — The U.S. government authorized new financial operations with Venezuelan state-owned banks in a measure that partially eases sanctions in place since 2017 and seeks to reopen limited channels for economic activity between the two countries, according to the Department of the Treasury.

The decision, published Tuesday by the Office of Foreign Assets Control, allows U.S. companies and entities to conduct transactions with the Central Bank of Venezuela, Banco de Venezuela, Banco Digital de los Trabajadores and Banco del Tesoro, as well as with certain individuals linked to the government who are not subject to additional sanctions.

Under “financial services,” the Office of Foreign Assets Control includes the opening and maintenance of accounts, loans, transfers, dollar-denominated operations, insurance, guarantees, the use of cards and digital wallets, and services related to payments, wages, and remittances. It also covers investments and transactions that involve securities and commodities.

However, the document notes that the measure does not imply the unblocking of frozen assets, nor does it authorize transactions prohibited under other provisions of the sanctions regime.

U.S. financial institutions must continue to comply with regulations such as the Bank Secrecy Act and anti-money laundering laws.

Analysts say the move reflects a tactical shift in Washington’s policy toward Venezuela.

“The United States is cautiously reopening space for U.S. companies to reengage in Venezuela,” Imdat Oner, a senior fellow in the Jack D. Gordon Institute for Public Policy at Florida International University in Miami, told CNN.

“This is not a general lifting of sanctions, but the creation of specific, legally protected channels that allow operations under strict parameters,” he said.

Oner said including the Central Bank of Venezuela is key because it may facilitate the entry of foreign currency through formal channels and unlock negotiations in sectors, such as infrastructure.

The measure comes amid a gradual rapprochement between the two countries after the U.S. capture of President Nicolás Maduro and the rise of Delcy Rodríguez as acting president.

Rodríguez has publicly called for lifting sanctions to reactivate the economy, while Washington has responded with gradual signals of easing.

The Trump administration has praised Rodríguez’s performance as acting president and has taken steps in her favor, including lifting sanctions that had been imposed on her since 2018.

In recent months, Venezuela also has approved legal reforms to open investment to foreign companies in two key sectors, hydrocarbons and mining.

The Trump administration had requested those changes to provide guarantees for U.S. firms.