WASHINGTON: The United States will ease some oil and gas sanctions against Venezuela after the South American nation’s government and opposition agreed to hold polls next year, the Treasury Department said on Wednesday.
In response to those “democratic developments,” the Treasury has issued General Licenses authorizing transactions involving the oil, gas, and gold sectors of Venezuela and is removing the sanction on secondary trading in debt securities, a statement from undersecretary for Brian Nelson said.
The statement added, however, that those authorizations could be revoked or amended at any time if the electoral agreement falls through, AFP reported.
In order to uphold the deal, the US warned Venezuela that they must define a specific timeline and process for the expedited reinstatement of all candidates by the end of the coming month, US Secretary of State Antony Blinken said in a statement.
He said that all who want to run for president should be given the opportunity.
Blinken also called for the release of all wrongfully arrested US nationals and Venezuelan political prisoners.
US Venezuela deal
The deal between Washington and Caracas comes just a day after the Venezuelan government and opposition reached an agreement in Barbados — mediated by Norway — to hold polls in late 2024.
