US Reimposes Sanctions on Venezuela’s Oil Sector Ahead of Contested Elections
News Mania Desk / Agnibeena Ghosh/18th April 2024
The United States has announced the re-imposition of sanctions on Venezuela’s crucial oil sector, citing the government’s alleged failure to uphold democratic principles in the lead-up to the upcoming elections in July.
The Biden administration made clear its stance by declining to renew a license that expired on Thursday, which had provided partial relief from punitive measures since October. This decision comes after an earlier US-supported election agreement between the Venezuelan government and opposition in Barbados.
Matthew Miller, spokesperson for the US Department of State, emphasized that Venezuela’s President Nicolas Maduro and his representatives have fallen short of fulfilling their commitments outlined in the electoral roadmap agreement. Consequently, General License 44, which permitted transactions relating to the oil and gas sector with Venezuela, will not be extended beyond its expiration.
With the clock ticking down on the deadline, the US Treasury Department announced a replacement license on Wednesday, affording companies a 45-day period to wind down their operations and transactions in Venezuela’s oil and gas industry.
Miller reiterated US concerns over Maduro’s alleged obstruction of the democratic process, including the barring of key political opponents from participating in the presidential race scheduled for July 28. Despite an earlier agreement with the opposition to conduct free and fair elections, Maduro’s government has faced criticism for its treatment of political adversaries and civil society members.
The decision to reimpose sanctions underscores the Biden administration’s commitment to holding Venezuelan authorities accountable for what it perceives as undemocratic behavior. As tensions escalate in the lead-up to the elections, the US remains steadfast in its support for democratic principles and human rights in Venezuela.
