U.S. eases sanctions on Venezuela following electoral pact agreement

Published by [email protected] at October 30, 2023

Posted: Monday, October 30, 2023. 4:51 am CST.

By Horace Palacio: According to a BBC News report, the United States has taken steps to ease sanctions on Venezuela. This move comes after an agreement was reached between the Venezuelan government and its opposition to allow international observers for the upcoming elections. The decision represents a significant development in the ongoing dialogue between the two parties, aiming for a more diplomatic approach to their relations.

The U.S. has specifically lifted restrictions on Venezuela’s primary economic sectors, including oil, gas, and gold. This move is expected to breathe new life into Venezuela’s struggling economy, as the nation has been burdened with heavy sanctions since 2019. These eased sanctions pave the way for Venezuela to produce and export oil to markets of its choice over the next half-year, as per a new general license issued by the US Treasury Department. However, the gold sector remains without a specified time frame for sanction relaxation.

Despite this positive development, other sanctions associated with the erosion of democracy and the suppression of protests in Venezuela still stand. The U.S. has conveyed a strong message that any deviation from the electoral agreement may lead to a reversal of the sanctions relief. U.S. Secretary of State, Antony Blinken, emphasized the necessity for Venezuela to establish “a specific timeline and process for the expedited reinstatement of all candidates” by the end of November. “All who aspire to the presidency should have the opportunity to run,” he added, also advocating for the release of wrongfully detained U.S. nationals and Venezuelan political prisoners.

The monumental agreement, consisting of 12 pivotal points, was signed in Barbados this month. These points encompass promises ensuring all electoral candidates have equal access to both public and private media and guaranteeing their unrestricted and safe movement within Venezuela. Additionally, both sides have committed to updating voter registries within and outside the country. This move is crucial for the many Venezuelans residing abroad, ensuring their democratic rights are upheld.

However, the path ahead may not be without hurdles. Notable disagreement persists between the government and the opposition regarding the potential exclusion of opposition frontrunner, María Corina Machado. The U.S. previously imposed rigorous sanctions under the Trump administration after President Nicolás Maduro’s 2018 re-election, which the U.S. labeled as “illegitimate”. Yet, the Biden administration has displayed a warmer approach to engagement with Venezuela.

The escalating crisis in Venezuela, which has prompted over seven million Venezuelans to seek refuge abroad, many heading to the U.S., remains a focal point of concern for Washington. Given that Venezuela boasts the world’s largest proven oil reserves, a reduction in U.S. sanctions on its oil industry would be mutually beneficial, fostering economic growth and stability for both nations.

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