Biden administration reinstates sanctions on Venezuelan oil

The Biden administration announced Wednesday that it would reimpose sanctions on Venezuelan oil.

Officials said there had not been enough progress toward free and fair elections in Venezuela, and as a result, the regime was reimposing sanctions it lifted in October.

Companies will have 45 days to reduce their business with the domestic oil and gas sector.

Sanctions were lifted in October after Venezuela agreed to certain electoral reforms. Officials said that although there have been some positive developments, the country has not yet gone far enough.

Specifically, he criticized the Nicolás Maduro government for blocking the main opposition candidate, Maria Colina Machado, and her nominee, her alternate candidate, Corina Yoris.

In 2019, the Trump administration imposed new sanctions on Venezuela’s national oil company as part of its efforts to pressure Maduro to relinquish power.

Maduro was last re-elected in 2018 in a campaign the United States described as fraudulent.

Venezuela’s oil exports have increased amid U.S. actions to ease sanctions under the Biden administration, including a decision in October. It rose 12% last year, but Reuters reported.

U.S. officials said the sanctions would generally prevent companies from doing business in Venezuela, but that the Treasury Department would continue to consider permits to allow specific companies to operate there on a case-by-case basis. Stated.

The sanctions reimposed on Wednesday are separate from the 2022 authorization. valid chevron Licenses for 2022 are not expected to be affected as the company resumes some operations in Venezuela.

Venezuela’s elections are scheduled to be held in July.

Many Republican lawmakers opposed last year’s decision to lift sanctions and are calling on Biden to reinstate them.

“History has proven time and time again that appeasing dictators does not work. We urge all U.S. sanctions against the Maduro regime to be reinstated and fully enforced,” seven Republican senators said in a statement. Stated. letter to biden last week.