18 April 2024
The Biden administration is set to reimpose oil sanctions on Venezuela due to President Nicolas Maduro’s failure to fulfill election commitments. This decision comes as the U.S. opts not to renew a license that previously eased sanctions on Venezuela’s oil sector. With the license expiring, the U.S. Treasury Department has issued a temporary 45-day license to allow companies to conclude their operations in Venezuela’s oil and gas industry. This move follows threats by Washington to reinstate energy sanctions if Maduro did not honor the commitments that had initially led to a partial lifting of sanctions after a U.S.-backed election deal with the Venezuelan opposition. These sanctions were first introduced in 2019 by the Trump administration after Maduro’s controversial re-election, which was not recognized by the U.S. and other Western nations.