The US eased sanctions against Venezuela after the agreement for the 2024 elections

Sanctions related to the oil sector were made more flexible by OFAC

The United States government temporarily lifted some of the sanctions imposed on the Venezuelan oil sector, one day after the agreement between the government and the opposition platform of the Latin American country, as a guarantee for the holding of the presidential elections in 2024.

The US Treasury Department stressed that it is “willing to modify or revoke” at “any time” in the event that the Venezuelan president, Nicolás Maduro, “does not comply with his commitments.”

«The United States welcomes the signing of an electoral roadmap agreement between the Unitary Platform and representatives of Maduro. In accordance with US sanctions policy, in response to these democratic events, the Treasury issued licenses that authorize transactions involving the oil and gas sector and the gold sector of Venezuela,” explained the Undersecretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson.

Thus, he specified that one of the permits authorizes transactions with the oil and gas sector for six months. “The license will be renewed only if Venezuela meets its commitments,” the department stressed.

The second authorization allows transactions with Minerven, a Venezuelan state gold company, with the aim of “reducing gold trading on the black market.” Likewise, it gave permission to secondary negotiations of certain debt and equity bonds of the state oil company Petróleos de Venezuela (Pdvsa).

Elections in 2024

Recently, the Venezuelan government and the platform that brings together the main opposition parties signed agreements that establish political rights and electoral guarantees, as well as the lifting of sanctions and respect for the sovereignty of Venezuela.

The elections will be held in the second half of 2024 after the selection by each political actor of their candidates, “freely and in accordance with their internal mechanisms.” The presidential elections will also have the presence of international electoral observers.

Maduro, who published the joint agreement, noted that this text “ratifies the strengthening of an inclusive democracy and political coexistence that will defend the Human Rights” set forth in the Constitution of Venezuela.

With information from dpa, social networks and DobleLlave

(Referential image source:, social network X)

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