Following an agreement between Venezuela’s government and opposition to have international observers oversee next year’s elections, the United States is relaxing sanctions against the South American nation.
On Venezuela’s oil, gas, and gold industries, sanctions will be loosened.
The second half of 2019 has been set aside for Venezuela’s upcoming elections.
There are still other penalties in effect as a result of the repression of protesters and the degradation of democracy.
Washington has issued a warning that if the electoral accord fails, the relaxation may be revoked.
Venezuela, which has been subject to severe sanctions since 2019, was given permission by the US Treasury Department to manufacture and export oil to the markets of its choice for the following six months.
Regarding the gold market, no deadline has been set.
According to a statement from Secretary of State Antony Blinken, the US told Venezuela that they must “define a specific timeline and process for the expedited reinstatement of all candidates” by the end of November.
He demanded the release of “all wrongfully detained US nationals and Venezuelan political prisoners” and added that everyone who wants to run for president should be given the chance.
On Tuesday in Barbados, a deal was made between the Venezuelan government and the opposition.
The 12 points of the agreement pledge to offer all candidates access to both public and private media and to ensure their freedom and safety while traveling across the nation.
In order to ensure that the millions of Venezuelans who have emigrated can exercise their right to vote, the two parties have also agreed to update the voter records, both inside and outside of the nation.
However, the two opposition parties and the administration cannot agree on whether the accord permits the removal of Mara Corina Machado, the front-runner in the opposition.
Following President Nicolás Maduro’s reelection in 2018, which the US has referred to as “illegitimate,” the Donald Trump administration slapped severe sanctions on Venezuela to punish the Maduro government.
But under President Joe Biden, bilateral engagement has increased.
Given that over seven million Venezuelans have emigrated, many of them to the US, as a result of the Andean nation’s catastrophic economic situation, the US has a stake in the resolution of the crisis there.
Venezuela also has the largest known oil reserves, therefore easing US sanctions on the country’s oil sector would be profitable for both nations’ economies.