Venezuela Elections: US Agrees To Ease Sanctions on Venezuelan Oil in Exchange for Freer Elections

By Rick Martin First Posted: Oct 16, 2023 10:38 PM EDT

In its bid to hold freer elections in Venezuela and maybe slow down the exodus of migrants, the Biden administration struck a deal with the Venezuelan government of President Nicolas Maduro. If Venezuela holds more competitive elections, the US would ease sanctions on Venezuelan oil.

According to the Washington Post, both governments have reached an agreement, with Venezuela allowing a competitive, internationally monitored presidential election next year. This came after Maduro's victory in the 2018 elections was deemed fraudulent by the US and its allies, which still recognize opposition leader Juan Guaido as the rightful winner.

Venezuela had been under US sanctions for over 15 years and only tightened those sanctions in 2019 after declaring Maduro's 2018 victory illegitimate. These sanctions were imposed by Donald Trump, who not only targeted key government officials but also the central bank and the state oil company.

However, the Biden administration has been holding talks with the Maduro government since last year, just as Russia started its invasion of Ukraine. This was reportedly a bid to drive a wedge between Venezuela and its ally, Russia, while also addressing the rising gas prices brought about by the invasion.

"We're living in a different world," Caleb McCarry, the Bush administration's Cuba transition coordinator, told the Washington Post. "And this is exactly the kind of diplomacy that is needed to advance American interests abroad."

As a gesture to the Maduro administration, Biden eased restrictions on Chevron on dealing with Venezuela last year. The oil giant has assets in the country, and the easing of restrictions was a sign of goodwill for the Venezuelan government to begin talks with the opposition.

Venezuela Agreement First Concession by President Nicolas Maduro in Over a Decade

International policy experts are hailing the deal, with some even saying that this is the first major political concession by the government of Nicolás Maduro "in a decade."

The deal means the Venezuelan government would also lift bans on certain opposition candidates from running in 2024. However, it was noted that it remains unclear how and when these sanctions will be lifted.

It was noted that the US government is also likely to place a "time limit on any sanctions relief." This would be done so that the US could reverse their easing of sanctions should Maduro break his promise.

According to The Guardian, polls have shown that the favorite to topple Maduro so far is former Congresswoman Maria Corina Machado, a Maduro critic. She is poised to win the primaries on Sunday as Venezuela's fractured opposition tries to unite behind one candidate to go after Maduro.

Venezuela Government, Opposition, Agree on Election Conditions

Before the US and Venezuela agreed on freer elections in exchange for easing sanctions, the Venezuelan government held talks with the opposition. The two sides agreed on certain things regarding the upcoming electoral process in 2024.

According to the Associated Press, the government agreed to allow European Union observers to look at the elections, as well as create a process for lifting bans that have blocked his top opponents from running for president.

This article is owned by Latin Post.

Written by: Rick Martin

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