US eases sanctions on Venezuelan oil on election deal

US President Joe Biden’s administration is easing sanctions on Venezuela’s oil and gas sector in response to a 2024 election deal reached between the Venezuelan government and the opposition.

The US imposed sanctions on Venezuela in response to President Nicolas Maduro’s 2018 re-election, which the US and other Western governments rejected as a sham. Since 2019, US sanctions have banned state-run oil company PDVSA from exporting to its chosen markets.

The Biden administration is relaxing energy-related sanctions but is prepared to reverse those steps if Maduro’s government fails to lift a ban on opposition presidential candidates and release political prisoners. The Biden administration is issuing licenses and authorizations, including allowing Caracas to resume business with Caribbean nations.

The move follows an agreement reached in Barbados on electoral guarantees for an internationally monitored vote in the second half of 2024. The US welcomes the election agreement but considers it a partial agreement toward an electoral roadmap.

Decisions on relaxed sanctions depend on Maduro complying with the latest agreement and working toward free and fair elections.