United States eased oil sanctions against Venezuela
The United States has eased oil sanctions against Venezuela (photo: Getty Images)
The United States has eased sanctions on Venezuela's oil and gold mining sectors. This decision was made after an agreement was reached between the government and opposition in Venezuela to hold elections in the country in 2024, according to Reuters.
A source within the U.S. State Department emphasized that the United States could reimpose sanctions if President Nicolas Maduro and the Venezuelan government do not allow the opposition to participate in the elections and do not release political prisoners as a result of the recent agreement.
On October 18, the government and opposition in Venezuela reached an agreement to restart dialogue and organize elections, which includes guarantees for a legitimate electoral process.
Earlier in October, it was reported that U.S. and Venezuelan authorities had held several meetings in Doha to discuss the relaxation of sanctions.
U.S. sanctions against Venezuela
In 2019, the United States imposed sanctions on Venezuela's state-owned oil and gas company, PDVSA, which included a ban on the export of crude oil and petroleum products and froze its assets to the tune of around $7 billion.
In November 2022, the U.S. Department of the Treasury lifted some of the sanctions on Venezuela, notably allowing the American energy company Chevron to engage in oil production activities in Venezuela.
