Methods and formulations are provided for the treatment of localized edema, particularly localized edema resulting from chronic venous insufficiency. A metal ion sequestrant is topically administered to a subject afflicted with localized edema in combination with a permeation enhancer selected from methylsulfonylmethane and a combination of methylsulfonylmethane and dimethylsulfoxide. Topically administrable formulations for use in the aforementioned method are also provided.