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US to ease sanctions on Venezuela after 2024 election agreement

The US Treasury Department reported on Wednesday a partial easing of sanctions on Venezuela’s oil, gas and gold mining sectors after renewed talks between the government and the country’s opposition in Barbados.

Nicolas Maduro signed an agreement with the US-backed opposition to hold elections next year, to which US President Joe Biden responded with a commitment to reconsider sanctions policy on Venezuela.

“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.”

The Treasury Department granted Venezuela a six-month licence to produce and export oil to other markets, as well as issued a separate licence allowing it to conduct business with national gold miner Minerven.

The ministry will extend the licence if Maduro’s government lifts a ban preventing his main opponents from running for president.

Treasury is prepared to amend or revoke authorizations at any time, should representatives of Maduro fail to follow through on their commitments. We stand with the Venezuelan people and support Venezuelan democracy.

US Secretary of State Antony Blinken claimed that Maduro should start lifting bans on opposition presidential candidates and begin releasing political prisoners before the end of November.

Following the statement, Maduro urged the US government to initiate a “new phase” in their bilateral relations.


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