US to reimpose sanctions on Venezuela's oil and gas sector

CNN-

The United States will reimpose sanctions on Venezuela's oil and gas sector in response to the Maduro government's failure to allow inclusive and competitive elections to take place.

Last October, citing President Nicolas Maduro's commitments to hold such elections in 2024, the U.S. Treasury Department issued a temporary authorization allowing transactions with the country's domestic oil and gas sector without fear of sanctions.

That authorization, officially known as General License 44, was set to expire on Thursday and the administration was to decide whether the Venezuelan government was honoring commitments made under the Barbados agreement between Maduro's representatives and members of the political opposition in Venezuela. .

According to a senior U.S. administration official, the United States conducted a very careful review and determined that the Maduro government had failed in several key areas of the deal.

The United States will therefore not renew the general license and the sanctions lifted will return to force in 45 days.

We are particularly concerned that Venezuelan authorities have also prevented the main opposition candidate, Maria Corina Machado, from running and have also not allowed her nominated alternative candidate, Dr. Corina Yoris, to run. register as a presidential candidate, the official said Wednesday.

A second senior US administration official said the Maduro government was not fully respecting the spirit or letter of the Barbados agreement.

A third senior US administration official could not quantify the impact revoking the authorization would have, noting that there is no reporting requirement and therefore we do not have the exact figures on the volume of business carried out under this general license.

Notably, the United States will continue to allow another authorization to continue starting in November 2022, which will allow the oil company Chevron to resume its limited natural resource extraction operations in Venezuela.

Since Chevron was awarded the license, Venezuela has seen considerable growth in production after years of economic collapse. This year, Venezuela's economy is poised for the strongest growth among major South American economies, according to the latest economic outlook released by the International Monetary Fund.

The second U.S. official stressed that the decision to reinstate sanctions should not be seen as a final decision that we no longer believe Venezuela is able to hold competitive and inclusive elections.

We will continue to collaborate with all stakeholders, including representatives of Maduro, the democratic opposition, civil society and the international community, to support the efforts of the Venezuelan people to secure a better future for Venezuela. The Barbados Agreement still represents the best available path to a more democratic, secure and prosperous Venezuela, if fully implemented, they said.

When asked if the decision considered potential impacts on oil prices or illegal immigration, the first official said they were really focusing on the political circumstances and situation in Venezuela.

Of course, there was an inter-institutional process that accompanied that and was able to bring in a wider range of interests and issues, which were of course part of the overall context of that decision. But fundamentally, the decision rests on the actions and non-actions of Venezuelan authorities, the official told reporters.

Millions of people have fled the country due to poor economic conditions, food shortages and limited access to health care.

Venezuelan Oil Minister Pedro Tellechea told CNN on Wednesday that the country was prepared to bear the cost of sanctions reimposed by the United States.

With these sanctions and the war in the Middle East, oil prices will skyrocket, which will lead to higher gas prices in the United States. The damage [these sanctions cause] is not limited to Venezuela, but to the entire international community. Venezuela will continue to grow with or without sanctions, Tellechea said.

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