The United States suspends some sanctions against Venezuela

The United States is easing sanctions on Venezuela’s oil, gas and gold sectors. The decision was made after the government and opposition in Venezuela agreed to hold elections next year.

In the statement from the United States Department of the Treasury it was indicated that in response to the signing of the electoral roadmap agreement between the Venezuelan Unitary Platform and representatives of Venezuelan President Nicolás Maduro and in order to support the Venezuelan people, the Office of Foreign Affairs Asset Control (OFAC) issued 4 general licenses to suspend some sanctions.

The statement indicated that with these general licenses, a 6-month temporary permit will be given to transactions involving the oil and natural gas sector in Venezuela, and business with the Venezuelan state gold miner Minerven will be permitted.

Additionally, the statement noted that changes were made to two relevant licenses to lift the ban on secondary trading of certain Venezuelan government bonds, as well as debt and shares issued by the Venezuelan state oil and gas company PDVSA, while the ban on Trading in the primary market for Venezuelan bonds continues.

‘WE SUPPORT THE DEMOCRACY OF VENEZUELA’

Brian Nelson, US Undersecretary of the Treasury for Terrorism and Financial Intelligence, stated in his statement on the issue that the United States welcomed the signing of the electoral roadmap agreement between the Unitary Platform and Maduro’s representatives.

Nelson noted that, in accordance with US sanctions policy and in response to these democratic developments, the Treasury Department issued general licenses allowing transactions involving Venezuela’s oil and gas sector and the gold sector, and lifting the prohibition of trading on the secondary market.

Stating that the US Treasury Department is willing to change or cancel its decision if government representatives do not live up to their commitments, Nelson affirmed that all other restrictions imposed by the United States on Venezuela will remain in effect. “We support the Venezuelan people and we support Venezuelan democracy,” Nelson said. he said.

WHAT HAPPENED?

After the 2018 elections, the United States imposed harsh sanctions against the Maduro government. Washington and other Western governments did not recognize the elections, claiming they were fraudulent. The United States has blocked exports from the Venezuelan state oil company since 2019.

Subsequently, representatives of the government and the opposition met on the island of Barbados and announced that the elections would be held in the first half of 2024, under the mediation of Norway, as a result of the negotiations. (AA, SÖZCÜ)