The United States is lifting sanctions on Venezuela, particularly in the oil, gas, and gold sectors, following a groundbreaking agreement between the Venezuelan government and opposition. The deal, signed in Barbados, outlines measures to monitor next year’s election with international observers. While sanctions related to protests and democracy erosion remain, this move signals a significant shift in US-Venezuela relations.
Under a new general license issued by the US Treasury Department, Venezuela is authorized to produce and export oil to its chosen markets for the next six months. Although no time limit has been specified for the gold sector, the US issued a warning, indicating that the easing of sanctions is contingent upon Venezuela defining a specific timeline for the reinstatement of all candidates by the end of November.
Secretary of State Antony Blinken emphasized the need for an inclusive election process, stating, “All who want to run for president should be allowed the opportunity,” while also urging the release of wrongfully detained individuals.
The 12-point agreement between the government and opposition includes commitments to provide candidates with access to public and private media and ensure their free and safe movement across the country. Additionally, efforts will be made to update voter registries, both domestically and internationally, allowing emigrated Venezuelans to exercise their right to vote.
Despite this positive development, disagreement persists between the government and opposition regarding the potential exclusion of front-runner María Corina Machado.
The US-Venezuela relationship had strained during the Trump administration, marked by harsh sanctions in response to President Nicolás Maduro’s contested 2018 re-election. However, the Biden administration has adopted a more engaged approach, culminating in this latest move to ease sanctions. With both nations having a vested interest in economic recovery and stability, particularly in Venezuela’s oil industry, this development holds potential benefits for both countries.