US Adjusts Sanctions on Venezuela

US Adjusts Sanctions on Venezuela

( – Following what it saw as democratic improvements in Venezuela, including an agreement on parameters for the next presidential election, the US Treasury Department relaxed some sanctions on the country.

In light of the opposition’s plans to free political prisoners and enable a candidate of the opposition to challenge president Nicolas Maduro, the US has decided to remove some of its sanctions. This is a shift in policy from Maduro that will help Venezuela’s democracy.

Since 2013, Maduro has led Venezuela. His attempts to maintain power have earned him the labels of tyrant and dictator. These include, but are not limited to, retaining his cronies in key positions via corruption, manipulating an election, and using violence to silence his opponents.

The US declared that it would relax its restrictions on gold, gas, and oil and permit secondary trade. If Maduro fails to deliver on his promises, they are ready to make adjustments or perhaps cancel permissions altogether.

If Maduro’s government abides by the agreed-upon electoral promise and other promises in regard to those who have been fraudulently detained, the Treasury will renew the general authorization temporarily allowing transactions in the gas and oil sectors in Venezuela for an additional six months.

To further curb the illegal gold trade, the Treasury granted another general license for business dealings with Minerven, the state-owned gold mining firm. The Treasury also lifted the prohibition on secondary trading of some of the nation’s sovereign bonds but maintained its embargo on Venezuela’s primary bond market.

The Office of Foreign Assets Control in the Treasury Department said that the sanctions were lifted because of its backing for the Venezuelan people. The remainder of the sanctions on the country are still in effect.

The US welcomes the signing of an electoral agreement between the Unitary Platform and representatives of Maduro, according to Undersecretary of the Treasury Brian Nelson, for terrorism and financial intelligence. They will keep the guilty in check and unite with the people of Venezuela to defend their democracy.

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