Venezuela, day 110: the institutional map and the decisions still pending
On April 3, the 90-day constitutional term expired without a formal extension vote or declaration of permanent vacancy. At day 110, the economic architecture advanced: 13 GLs, hydrocarbons and mining reforms, BCV desanctioned. The political architecture — CNE, Electoral Statute, convocation, roadmap — did not. This analysis documents facts, separates confirmed from disputed, and maps pending decisions.
VE-MACRO · UNDER OBSERVATION. On January 5, Delcy Rodríguez assumed the acting presidency under Article 234 of the Constitution. On April 3, the initial 90-day term expired. There was no formal declaration of permanent vacancy, nor an extension vote by the National Assembly. The constitutional framework designed for this scenario did not activate an electoral mechanism nor formalize continuity. This analysis documents verifiable facts at day 110, separates what is confirmed from what is reported-but-disputed, and maps the decisions no actor has formally taken.
The Rubio three-phase plan — stabilization, recovery, transition — was presented in classified Senate and House briefings in January. Rubio offered no election timeline.
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FURTHER READING
04Selling Venezuelan coal without sanctions risk now means paying into an account the Treasury names
The mining licenses spoke of minerals and gold and named a single company, Minerven. The three issued on Wednesday add coal and Carbones del Zulia, the state firm that mines it in the Guasare basin in the country's west.
Sanctions on Venezuela: taking resources out is authorized, investing needs a permit
OFAC general license 48A allows supplying equipment to produce oil and bars, in the same text, incorporating the company that would own the field. On September 3 an operator put a number on that architecture before the U.S. securities commission: up to 120 days of waiting on sanctions requirements before its contract takes effect.
GL 55A — Contingent Contracts for Investment in Venezuela’s Coal or Minerals Sectors
Authorizes negotiating and entering into contingent contracts for new investment in Venezuela’s coal or minerals sectors —including gold— provided that performance is expressly contingent upon separate authorization from OFAC. As of September 2, 2026, coal enters the same perimeter that already covered gold. It is the first amendment to GL 55 since March 2026. Supersedes GL 55.
Venezuela macro August 2026: the slide moderates and the accounts remain unaudited
The official rate rose 19.84% in July, but in August the slide eases to 5.09%. The central bank reported 7.14% growth in the second quarter and the Fund projects 4% for the year: nothing available today arbitrates between the two figures.