The US on Wednesday said that it would ease some oil and gas sanctions against Venezuela after the South American country’s government and opposition agreed to hold elections next year.
In response to the “democratic developments,” the US Department of the Treasury “has issued General Licenses authorizing transactions involving Venezuela’s oil and gas sector, and gold sector,” and is “removing the ban on secondary trading” in debt securities, US Undersecretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement.
However, it also said that those authorizations could be amended or revoked at any time if the electoral deal falls through.
Photo: Venezuelan Presidency via AFP
“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,” Venezuelan President Nicolas Maduro said, while also calling for a definitive end to the sanctions.
To uphold the agreement, the US warned Venezuela that it must “define a specific timeline and process for the expedited reinstatement of all candidates” by the end of next month, US Secretary of State Antony Blinken said in a statement.
“All who want to run for president should be allowed the opportunity,” Blinken said.
The agreement between Washington and Caracas comes just a day after the Venezuelan government and opposition reached a deal in Barbados — mediated by Norway — to hold elections late next year.
That accord allows for the exclusion of some candidates under Venezuelan law, which would include opposition frontrunner Maria Corina Machado.
US officials speaking on the condition of anonymity on Wednesday said that they believed Caracas was planning to eventually allow such candidates to participate.
“Failure to abide by the terms of this arrangement will lead the United States to reverse steps we have taken,” Blinken said.
Later in the day, five jailed opposition figures were released, according to a social media post by Gerardo Blyde, who represents the opposition in talks with the Venezuelan government.
Among them were journalist Roland Carreno and former lawmaker Juan Requesens, who was imprisoned in 2018.
In concrete terms, the sanctions easing means the US government is reauthorizing the purchase of Venezuelan oil and gas for six months, which might be renewed “only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained.”
Regarding the gold sector, no time limit has been specified, with the US Department of Treasury saying that it seeks to reduce black-market trading.
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