Exclusive-US easing Venezuela oil sanctions after election deal -official
By Matt Spetalnick
WASHINGTON (Reuters) -U.S. President Joe Biden's administration is easing sanctions on Venezuela's oil and gas sector almost immediately in response to a 2024 election deal reached between the Venezuelan government and the country's opposition, a senior U.S. State Department official told Reuters on Wednesday.
The U.S. imposed tough sanctions on Venezuela to punish President Nicolas Maduro's government following his 2018 re-election, which the U.S. and other Western governments rejected as a sham. Since 2019, U.S. sanctions have banned state-run oil company PDVSA from exporting to its chosen markets.
The official, speaking on condition of anonymity, said the U.S. was broadly relaxing energy-related sanctions but was prepared to reverse those steps if Maduro's government fails to lift a ban on opposition presidential candidates and release political prisoners.
The Biden administration, which had long promised sanctions relief in return for democratic concessions from Maduro, is issuing licenses and authorizations that will include allowing Caracas to resume business with Caribbean nations, the official said.
It marks a significant step in the Biden administration's increased engagement with Venezuela, moving away from former President Donald Trump's «maximum pressure» campaign against the socialist-governed OPEC-member state.
The U.S. moves followed an agreement reached in Barbados on Tuesday between Maduro's government and the U.S.-backed opposition on electoral guarantees for an internationally monitored vote to be held in the second half of 2024.
But the deal did not remove bans on opposition candidates the government had barred from public office and made no mention of freeing political prisoners,
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