Exclusive-US easing Venezuela oil sanctions in response to election deal -official

The Biden administration has announced plans to grant some sanctions relief for Venezuela’s oil and gas sector in response to a 2024 election agreement between the Venezuelan government and the nation’s opposition, according to a senior U.S. State Department official who spoke to Reuters anonymously.

The official stated that the United States will proceed with a comprehensive easing of energy-related sanctions, but is prepared to reverse these actions if President Nicolas Maduro fails to lift the restriction on opposition presidential candidates and release political prisoners.

The decision comes as part of efforts to support the electoral agreement, which aims to restore democratic processes in Venezuela.

The United States has been implementing sanctions on Venezuela’s oil and gas sector in an attempt to pressure the government to address human rights concerns and promote democratic governance.

The Biden administration’s plan for sanctions relief reflects a cautious approach, with the United States prepared to reimpose sanctions if Venezuela’s government does not uphold its commitments.

The lifting of sanctions on the oil and gas sector could have significant implications for Venezuela’s economy, as it heavily relies on oil exports.

The agreement between the Venezuelan government and the opposition is seen as a positive step towards resolving the country’s political crisis.

However, critics argue that the relief of sanctions could provide a lifeline to President Maduro’s government, enabling it to maintain its grip on power.

As part of the sanctions relief, the United States is expected to provide financial support for the development of Venezuela’s energy sector, which has been severely impacted by the sanctions.

The Biden administration’s decision emphasizes the importance of adhering to democratic principles and respecting human rights in Venezuela.