The United States announced this Wednesday the temporary lifting of several sanctions that weighed on Venezuela, including those in the oil and gas sector, after the Government of Nicolás Maduro and the country’s opposition agreed to international supervision of the upcoming elections.
Joe Biden’s administration warned, however, that the suspension of sanctions on oil and gas will be in effect for six months and could reconsider the decision if there is no progress towards democratic elections and Americans detained in Venezuela are not released.
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Through a statement, the US Treasury Department reported that “general licenses have been issued that authorize transactions involving the oil and gas sector and the gold sector of Venezuela, in addition to eliminating the ban on secondary trade.”
“The Treasury is prepared to modify or revoke authorizations at any time, in the event that Maduro’s representatives do not comply with their commitments,” the text states.
The United States made this decision in response to the signing of an electoral roadmap agreement between the Unitary Platform of Venezuela and representatives of the Maduro Government, the Treasury Department said.
The Government and the opposition Democratic Unitary Platform (PUD) signed two agreements on guarantees for the 2024 presidential elections in Barbados on Tuesday, which include international observation.
In the agreement on electoral guarantees, the parties commit to continuing the process of dialogue and negotiation in relation to other measures, “understanding the need for sanctions against the Venezuelan State to be lifted,” the Maduro Government noted after the signing. .
In response to this agreement, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury issued 4 general licenses this Wednesday suspending certain sanctions, although it specified that all other restrictions imposed by the United States on Venezuela “remain in force.” and that the US will continue to “hold bad actors accountable.”
More specifically, the US issued a six-month general license that temporarily authorizes transactions related to the oil and gas sector, a license that “will be renewed only if Venezuela meets its commitments under the electoral roadmap, as well as other commitments with regarding those who are unjustly detained”.
It also issued a second general license authorizing transactions with Minerven (the Venezuelan state gold mining company) which, according to the Treasury, will have the effect of reducing black market gold trading.
And finally, two licenses were modified to eliminate the prohibition on secondary trading of certain Venezuelan sovereign bonds and debt and capital of PdVSA, the state oil company. The prohibition on trading in the primary market for Venezuelan bonds remains in force, the Treasury said.
“Treasury assesses that this would also have the positive effect of displacing nefarious actors in this market, and with negligible financial benefit for the Venezuelan regime,” he stated.
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According to data from the Venezuelan Government, countries such as the US, Canada, Panama and nations of the European Union (EU) have imposed more than 900 sanctions on Venezuela since 2015, most of them in a personal capacity against officials accused of harming democracy.
2023-10-18 23:53:34
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