Economic reports from international financial institutions or Venezuelan government

Biden to Reinstate Venezuela Oil Sanctions by Thursday Over Election Failures

Apr 17, 2024, 09:24 PM

The Biden administration has indicated that it will reimpose oil sanctions on Venezuela this Thursday if President Nicolas Maduro's regime does not take immediate steps to honor its commitments under the Barbados Agreement to allow free and fair elections. U.S. officials have expressed concerns over Maduro's failure to meet the conditions required for a democratic process, including allowing opposition candidates to register for the upcoming presidential elections. The sanctions, which had been temporarily lifted, are set to be reinstated due to the lack of progress in meeting these electoral commitments by the sanctions relief deadline. This move may cost the Venezuelan government hundreds of millions of dollars and is seen as a measure to pressure Maduro's government to adhere to democratic norms.