The United States is threatening to reimpose sanctions on Venezuela’s energy sector unless President Nicolás Maduro takes immediate steps to ensure free and fair elections this year. The six-month license that reduced these sanctions is set to expire on April 18, and Washington has made it clear that it will not renew the license if progress is not made in fulfilling Maduro’s promises regarding the upcoming presidential elections on July 28.
The State Department has reiterated its stance, stating that if Maduro and his representatives do not show progress in implementing the provisions of the roadmap for free elections, the US will not extend the license. Despite recent discussions between US and Venezuelan officials in Mexico, no apparent progress has been made in meeting the requirements.
The Biden Administration is considering various options to pressure Maduro without causing a humanitarian crisis or a flood of economic migrants to the United States. One option being explored is approving a new, stricter license that would allow Venezuela to continue selling its crude oil on the world market but would not permit the use of US dollars in those transactions.
Last October, President Joe Biden lifted some sanctions on Venezuelan oil and gas for six months in an effort to encourage compliance with the Barbados agreements, which call for free elections. However, opposition candidates have faced disqualifications, leading to concerns about the legitimacy of the upcoming elections.
If Maduro does not make significant changes, the US is prepared to revert to the “maximum pressure” policy implemented during the Trump administration. This could have severe economic implications for Venezuela, which has already been grappling with a deepening political and humanitarian crisis.
The situation remains tense as the deadline for the sanctions looms. The international community will be watching closely to see how Maduro responds to the US ultimatum and whether free and fair elections will indeed take place in Venezuela.