The United States announced on Wednesday a limited reduction in its sanctions against Venezuela, welcoming the agreement signed the day before between the authorities and the opposition with a view to holding a presidential election in 2024.
But Washington immediately said it expected that “all” candidates would be able to stand in this election, failing which the United States could reverse its decision.
In a statement, US Secretary of State Antony Blinken said Washington had informed President Nicolas Maduro’s government that it expected it to present by the end of November “a timetable and an accelerated process for the reinstatement of all candidates.”
“Everyone who wants to run for president should be able to do so,” he said to ensure a fair and competitive election.
He also demanded the release of “all unjustifiably detained US nationals and political prisoners” in Venezuela.
The announcement of the relief of American sanctions, limited to the oil and gas sector, comes after the agreement on Tuesday between the government and the opposition of Venezuela, during negotiations in Barbados under the auspices of Norway, so that hold a presidential election in the second half of 2024.
The agreement excludes ineligible candidates because only those who “meet the conditions required to participate in the presidential election, in accordance with the procedures established by Venezuelan law,” will be able to run.
Thus Maria Corina Machado, favorite of Sunday’s opposition primaries, intended to nominate the candidate who will face President Maduro in 2024, is one of the people ineligible.
However, US officials speaking on condition of anonymity on Wednesday evening indicated that their “understanding” of the agreement was that Caracas was committed to “clearing the way” for these candidates to participate in the ballot.
“Failure to comply with the terms of this agreement will lead the United States to reverse the steps it has taken,” Blinken warned.
Highly anticipated by the markets
“In accordance with US sanctions policy, in response to these democratic developments, the Treasury Department has authorized transactions relating to the Venezuelan gas and oil sector as well as the gold sector,” announced in a press release the Deputy American Secretary of the Treasury, in charge of financial intelligence and terrorism, Brian Nelson.
Concretely, the American government is once again authorizing the purchase of Venezuelan gas and oil for a period of six months, which can be renewed if “Venezuela respects the commitments made within the framework of the electoral agreement”.
For the gold sector, no duration is specified, the Treasury Department justifying its decision by a desire to “reduce gold exchanges on the black market”.
The United States is also allowing new exchanges of Venezuelan debt securities on the secondary market; the ban on the primary market, i.e. debt securities newly issued by the Venezuelan government, however, remains in force.
The reduction of sanctions on Venezuelan oil was eagerly awaited by the markets, which had anticipated this favorable development in recent days, leading to a drop in the price of a barrel despite the war between Israel and Hamas and the risks of escalation in the Middle East. .
Other American sanctions, such as the freezing of Venezuelan assets, however, remain in force.
A plane from the United States with 130 Venezuelan migrants expelled from the country on board landed at Caracas airport on Wednesday, the first flight of this type after a recent agreement between the two governments.
The Venezuelan opposition did not recognize the re-election of President Nicolas Maduro in 2018 in a vote widely considered fraudulent and not recognized by many countries.
The following year, Washington strengthened sanctions against Caracas first imposed in 2015 due to the brutal repression of anti-government protests.
In 2019, Washington, as well as part of the international community, recognized Juan Guaido, leader of the opposition who had just proclaimed himself interim president.
The opposition ended this interim presidency in January, believing that it had not fulfilled its objectives of political change.