US preparing large-scale sanctions rollback - Reuters
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The United States administration is considering easing sanctions on Venezuela, linking the move to the resumption of oil supplies and the launch of international financial mechanisms to support the country’s economy, according to Reuters.
Possible sanctions relief
US Treasury Secretary Scott Bessent said that additional restrictions on Venezuela could be lifted as early as next week.
According to him, the measures are intended to facilitate oil sales and ensure that export revenues return to the country. The Treasury Department is reviewing changes that would allow repatriation of proceeds, which have previously been accumulated largely on tankers.
"We're de-sanctioning the oil that's going to be sold," Bessent said, commenting on plans to revise the restrictions.
Financial support via IMF
Separate attention is being paid to Venezuela’s frozen funds under the IMF’s Special Drawing Rights (SDRs).
Nearly $5 billion, to which Caracas currently has no access, could be used to support economic recovery. The United States, which holds a key voting share in the International Monetary Fund and the World Bank, is prepared to help convert these funds into currency.
Role of international institutions
Bessent said the IMF and World Bank have already initiated contacts regarding Venezuela.
At the same time, the IMF has not worked with Venezuela for more than 20 years, with the last economic assessment conducted in 2004. The World Bank issued its last loan in 2007.
Return of oil companies
The US Treasury expects that smaller private companies could return to Venezuela’s oil sector relatively quickly, despite caution from major players.
"I think it's going to be the typical progression where the private companies can move quickly and will come in very quickly. They haven't talked about financing at all," Bessent said.
He also emphasized that Chevron will continue operating in the country, and that the Export-Import Bank of the United States may participate in providing financing.
US President Donald Trump said the United States is ready to facilitate sales of Venezuelan oil to Russia and China, underscoring Washington’s openness to such deals.
Trump also said he had decided to cancel a "second wave of strikes" on Venezuela, explaining that Caracas has shown constructive engagement with Washington, particularly on oil issues and political prisoners, agreeing to release a significant number of detainees as a signal of readiness for peaceful dialogue.
