The United States has announced the easing of sanctions on Venezuela after the government and opposition reached an agreement to have next year’s election monitored by international observers. These sanctions relief measures will target Venezuela’s oil, gas, and gold sectors.
The upcoming Venezuelan election is scheduled for the second half of next year and it has been a crucial point of contention, both domestically and on the international stage. While this development signals a positive step in addressing the ongoing political crisis in the country, other sanctions imposed due to the suppression of protests and the erosion of democracy remain in place.
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The U.S. government has made it clear that this relaxation of sanctions could be reversed if the electoral pact collapses. The U.S. Treasury Department issued a new general license authorizing Venezuela, which had been under substantial sanctions since 2019, to produce and export oil to its chosen markets for the next six months. In the case of the gold sector, no specific time limit has been stipulated, offering some flexibility.
Secretary of State Antony Blinken emphasized the need for a clear timeline and process for the swift reinstatement of all candidates by the end of November. He underlined the importance of allowing all potential presidential candidates to participate in the election while also advocating for the release of wrongfully detained U.S. nationals and Venezuelan political prisoners.
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The agreement between the Venezuelan government and the opposition, which paved the way for this easing of sanctions, was signed in Barbados. The U.S. government remains cautiously optimistic and has stressed that the Venezuelan authorities must uphold their end of the agreement for the sanctions relief to persist.
