The US Government eased sanctions on Venezuela that were levied on its oil sector to reach a deal before the 2024 elections. Sanctions were slapped by the Trump administration.
Maria Corina Machado emerged victorious in the October 22 Venezuelan Opposition Primary.
The ban is lifted in return for the assurance by President Nicolas Maduro to conduct free and fair elections in Venezuela in 2024.
U.S. Secretary of State Antony Blinken stated that the President has to release political prisoners and American detainees who have been detained under indecency.
A senior State Department official, speaking to Reuters on condition of anonymity, threatened to reverse sanctions relief measures unless Maduro takes action.
Nevertheless, after months of negotiations, not all bans have been lifted.
Venezuela's ruling party official Jorge Rodriguez, held the negotiation talks from the Venezuelan side with the opposition and said, " The possibility of any person or company coming to Venezuela to invest is open."
Reason for the development in relations
The Russia-Ukraine war's potential to pose an energy crisis concerned the United States.
Within weeks of the Russian Invasion of Ukraine, the Biden administration commenced talks and negotiations with Caracas. This OPEC member is a country with large oil reserves.
Washington acted as an ally to Latin America in the ongoing geopolitical issues across the world.
Over some time, Venezuela was seen getting support from Moscow, Cuba, Russia, and Iran. This proved the US's apprehensions.
The recent changes
Recent changes include the issuance of six-month general Oil licenses to produce, sell, and export Oil and Gas seamlessly to customers/destinations.
The second general license authorized dealings with Minerven- the Venezuelan State-owned Gold mining company.
Since 2019 the state-run oil company PDVSA has been banned from exporting to its chosen markets.
Domestic politics and concerns
President Maduro has faced international condemnation because of the issue of mass exodus of over seven million people across the region and crimes against humanity by the Venezuelan government.
Therefore there's a pall of darkness around the fact that President Maduro will be ready to contest free and fair elections.
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