Latam Insights: Venezuelan Oil Flows to the US Again, El Salvador Buys the Gold Dip

Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this edition, Citgo buys Venezuelan heavy crude once again, El Salvador buys the gold dip, and Nubank receives approval to launch as a digital bank in the U.S.

Citgo’s Venezuelan Crude Purchase Signals a Turn in US Policy

On Thursday, it was reported that Citgo Petroleum acquired Venezuelan crude oil for the first time in seven years, according to two “sources familiar with the matter” who spoke to Reuters this week. The development follows the recent $500 million oil sale, which was also reported by Reuters and CNN, citing unnamed sources.

The U.S. has steadily advanced on this front since Nicolás Maduro was captured by U.S. forces at the direction of President Trump on Jan. 3, 2026. Maduro was transported to the United States, held at the Metropolitan Detention Center in Brooklyn, and charged with offenses that include narco-terrorism conspiracy and conspiracy to import cocaine. Maduro entered a not-guilty plea on Jan. 5–6, 2026.

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El Salvador Buys the Gold Dip, Adds 9,298 Ounces to Its Reserves

On Thursday, the Central Bank of El Salvador disclosed that it had acquired 9,298 troy ounces of gold in international markets as part of a strategy that seeks to increase the country’s holdings of the precious metal.

The purchase, which reached $50 million, follows a similar purchase of 13,999 ounces of gold in September, brokered for the same price. With these additions, El Salvador’s gold stash rises from 44,106 to 67,403 ounces, valued at $360 million.

The bank highlighted that gold keeps consolidating as a reserve asset in central banks, reaching 20% of the global international reserves, second to dollar-denominated assets.

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Latam Powerhouse Nu Receives Approval to Launch Digital Bank in the US

São Paulo-based Nu, one of the largest Latam-focused digital neobanks, is ready to jump north.

With over 127 million customers across Brazil, Colombia, and Mexico, Nu is now expanding to the U.S. after reaching a significant milestone. Nu has received conditional approval from the Office of the Comptroller of the Currency (OCC) of the United States to take the first steps toward launching a national bank, Nubank N.A.

With this approval, Nu, which operates the Nubank platform, is now in the first stages of organizing the bank, dealing with satisfying the requirements specified by the OCC. This includes the capitalization and launch of Nubank N.A. during the next 18 months.

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FAQ

• What significant action did Citgo take regarding Venezuelan crude oil?
  Citgo acquired Venezuelan crude oil for the first time in seven years, signaling a shift in U.S. policy following the capture of Nicolás Maduro.
• How much gold did El Salvador purchase recently?
  El Salvador’s Central Bank disclosed the acquisition of 9,298 troy ounces of gold for $50 million, increasing its total reserves to 67,403 ounces.
• What recent development occurred with Nubank in the U.S. market?
  Nubank received conditional approval from the OCC to launch Nubank N.A., marking its expansion into the U.S. after serving over 127 million customers in Latin America.