U.S. announces easing of sanctions on Venezuela's oil, gas sector following electoral agreement

In response to a historic agreement between the Venezuelan government and opposition to hold elections in the coming year, the United States has announced the easing of certain sanctions on Venezuela’s oil and gas industry.

The U.S. Treasury Department has issued General Licenses permitting transactions within Venezuela’s oil and gas and gold sectors, along with the removal of restrictions on secondary trading in debt securities. This move was conveyed in a statement by Brian Nelson, the Undersecretary for Terrorism, on Wednesday.

However, the United States emphasized that these authorizations are subject to modification or revocation if the electoral deal falters. “Let’s turn the page, let’s rebuild a relationship of respect, of cooperation… this is my message to those in power, and to the government of the United States,” expressed Venezuelan President Nicolas Maduro, who also called for a definitive end to sanctions.

To ensure the agreement’s success, the U.S. Secretary of State, Antony Blinken, urged Venezuela to establish a specific timeline and process for the expedited reinstatement of all candidates by the end of November. Blinken stated, “All who want to run for president should be allowed the opportunity.”

This development comes on the heels of an agreement reached between the Venezuelan government and opposition in Barbados, mediated by Norway, to conduct elections in late 2024. However, the accord allows for the