U.S. Reimposes Sanctions on Venezuela Oil, Sets May 31 Wind Down Deadline

Apr 17, 2024, 08:35 PM

The Biden administration has reimposed sanctions on Venezuela's oil industry after President Nicolás Maduro failed to meet election commitments outlined in the Barbados agreement. The U.S. had temporarily lifted sanctions to encourage Maduro to support free and fair elections. However, due to non-compliance, the U.S. decided not to renew the Treasury Department's General License 44, affecting oil and gas sector transactions with Venezuela, which must wind down by the May 31 deadline. This decision is expected to have significant financial implications for the Maduro regime and could impact global oil prices.