US eases Venezuela oil, gas sanctions after ‘democratic developments’
- Election deal for 2024 reached between Venezuelan government and opposition
- US says sanctions relief may be revoked or amended if election deal falls through
The United States will ease some oil and gas sanctions against Venezuela after the South American country’s government and opposition agreed to hold elections next year, the Treasury Department said on Wednesday.
In response to those “democratic developments”, the Treasury “has issued General Licenses authorising transactions involving Venezuela’s oil and gas sector and gold sector”, and is “removing the ban on secondary trading” in debt securities, a statement from under secretary for terrorism Brian Nelson said.
It added, however, that those authorisations could be amended or revoked at any time if the electoral deal falls through.
In order to uphold the agreement, the United States warned Venezuela that they must “define a specific timeline and process for the expedited reinstatement of all candidates” by the end of November, US Secretary of State Antony Blinken said in a statement.
“All who want to run for president should be allowed the opportunity,” he said, while also calling for the release of “all wrongfully detained US nationals and Venezuelan political prisoners”.
