U.S. Lifts Broad Sanctions Against Venezuela for Six Months

The sharp shift comes after the Venezuelan regime and the opposition reach a deal that could lead to presidential elections in 2024.

U.S. Lifts Broad Sanctions Against Venezuela for Six Months

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The Biden administration announced late Wednesday that it would remove a wide range of sanctions from Venezuela's oil sector. This was in response to an agreement between the authoritarian government of President Nicolas Maduro and his political rivals, which could lead to next year's presidential elections.

The U.S. Treasury Department has suspended measures against Venezuela for six months that prohibited financial transactions within the energy sector of Venezuela and its gold mining industry. This measure ended the ban on trading Venezuelan Government Bonds.