The Biden administration agreed to ease sanctions on Venezuela pertaining to oil and gold transactions, after Venezuelan leaders vowed to move toward more fair elections.
The Biden administration agreed to ease Trump-era sanctions on the Venezuelan oil industry Wednesday, after the country’s leaders signed an electoral roadmap agreement expected to lead to more democratic elections in 2024. The Venezuelan government — led by socialist dictator Nicolas Maduro — signed the agreement, and in turn, the U.S.
The sanctions were lifted as fighting in the Middle East between Israel and Hamas continued, putting oil prices and supply in jeopardy. In 2019, the Trump administration imposed heavy sanctions on the nation’s oil industry after a dispute arose between Maduro and opposition leader Juan Guaido over the 2018 presidential election. The U.S. government official declared Guaido to be Venezuela’s interim president.
Although the Biden administration has eased the sanctions to allow U.S.-Venezuela trade to continue, it has also taken steps to curb U.S. oil, gas production, and fulfill his campaign promise to "end fossil fuel" as part of his broader climate agenda. For example, he has curbed oil and gas lease sales on federal lands and waters, revoked pipeline permits and consistently appointed officials across his administration who back green energy over traditional fossil fuels.
He also said Venezuela must begin releasing all wrongfully detained U.S. nationals and Venezuelan political prisoners. Failure to do so will reverse the course of action. "The United States remains firmly committed to the Venezuelan people, and we will continue to work with the international community to support the restoration of democracy and the rule of law so that Venezuelans can rebuild their lives and their country," Blinken said.
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