After years of hardline policies, the US is changing its approach towards Venezuela. In a significant move, the Biden administration has announced the temporary lifting of sanctions on the country’s oil, gas, and gold sectors in response to an agreement reached between the government and opposition leaders.
This policy shift marks a departure from the past administration’s attempts to pressure Venezuelan President Nicolás Maduro out of office through harsh economic sanctions. The previous administration’s aggressive use of sanctions had failed to oust President Nicolás Maduro and had only exacerbated the economic and humanitarian turmoil in Venezuela.
The US government has welcomed the signing of the electoral roadmap agreement between the Unitary Platform and Maduro’s representatives, and as a result, has authorized transactions related to Venezuela’s oil and gas sector and the state-owned gold mining company, Minerven, for a period of six months.
This decision is expected to have a positive impact on the Venezuelan economy, as it will allow the country to access much-needed resources. The lifting of restrictions on trading certain sovereign bonds and shares will also help reduce the black market and bring much-needed stability to the nation.
As the sanctions are lifted, all eyes will be on the Venezuelan government to see if it follows through on its promises of electoral reforms. The pressure is on Maduro’s government to deliver, with the possibility of sanctions being reinstated if the agreement is not upheld.
The US Treasury Under Secretary for Terrorism and Financial Intelligence, Brian E. Nelson, emphasized that the US will continue to hold accountable any bad actors in Venezuela. The sanctions could be reinstated if the Maduro government fails to uphold its commitments.
This shift in policy could be a turning point for Venezuela, and it remains to be seen if this new approach will bring about positive change for the country and its people.
With information from BBC News