US reportedly nearing deal to ease sanctions on Venezuela

The Biden Administration is poised to announce a deal to ease sanctions on Venezuela, according to media reports.

The Washington Post and Miami Herald reported that pulling back sanctions on the South American country would come once the government of Nicolas Maduro reaches an agreement with an opposition coalition, paving the way for free and fair elections.

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Two people familiar with the latest round of talks told the Post that more sanctions easing could be announced for Venezuela’s oil industry after a Tuesday meeting between Maduro and the Unity Platform group of opposition parties over an agreement on the 2024 elections.

The newspaper reported that any relief would be limited, and the administration intends to reimpose sanctions if Venezuela’s government does not live up to the deal.

Washington imposed sanctions on Venezuela’s oil exports in 2019 after Maduro claimed victory in an election contest against National Assembly leader Juan Guaido that was marred by allegations of fraud. Guaido invoked Venezuela’s constitution in January 2019 to declare himself interim president, garnering international support for his claim.

The US government has been raising the prospect of sanctions easing for some time, with expectations of such a move growing after Russia’s invasion of Ukraine.

But so far, Washington has only taken limited steps amid the on-again, off-again political negotiations between Maduro’s side and the opposition. In November, the Biden Administration allowed Chevron to export crude and oil products from Venezuela as part of “targeted sanctions relief” tied to the talks over the political future of Caracas.

A US official told the Post that Washington and Caracas have not committed to any new sanctions moves, with any further easing hinging on the political negotiations.

“The administration has been clear,” the official said. “We support a Venezuelan-led negotiation and are prepared to provide sanctions relief in response to concrete actions toward competitive elections.”