US relieves sanctions on Venezuelan oil after election deal

By Laura Gamba

BOGOTA, Colombia (AA) - The US has decided to partially ease sanctions on the oil, gas and gold sectors in Venezuela following the resumption of talks between the government and the country's opposition in Barbados, the US Treasury Department announced Wednesday.

The decision by the government of President Joe Biden is a response to a political agreement signed between representatives of the government of Nicolas Maduro and the US-backed opposition to hold elections next year.

“In response to the signing of an electoral roadmap agreement between Venezuela’s Unitary Platform and representatives of Maduro, and in support of the Venezuelan people, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued 4 General Licenses suspending select sanctions,” a Treasury Department press release stated.

The Treasury Department issued a six-month license authorizing OPEC member Venezuela, which has been under sanctions since 2019, to produce and export oil to other markets, and a separate license allowing dealings with national gold mining company Minerven.

The license will be extended if the Maduro government complies with its commitments on electoral guarantees including lifting bans preventing key opponents of President Maduro from running.

“Treasury is prepared to amend or revoke authorizations at any time, should representatives of Maduro fail to follow through on their commitments,” the press release said.

The US announced that other restrictions remain in place "and we will continue to hold bad actors accountable.”

“ We stand with the Venezuelan people and support Venezuelan democracy.”

US Secretary of State Antony Blinken said Washington will give him until the end of November to begin lifting bans on opposition presidential candidates and begin releasing political prisoners.

Following the announcement, Maduro called on the US government to begin a "new stage" in bilateral relations.​​​​​​​