President Joe Biden’s administration is considering easing sanctions on Venezuela, according to statements by Francisco Palmieri, the head of mission for Venezuela in the United States. Palmieri reported that if the Chavista regime of Nicolás Maduro respects the Barbados Agreement, the Biden administration is open to lifting sanctions.
“We remain open to responding positively to significant steps towards the full implementation of the Barbados Agreement,” Palmieri stated. The announcement comes after the United States recently partially reversed sanctions on Venezuela, accusing Maduro of failing to fulfill electoral commitments ahead of the presidential elections on July 28.
The US Treasury Department has set a May 31 deadline for foreign companies to halt all oil and gas production and export operations they have had during the six-month period. Moving forward, companies that want to do business with PDVSA must request individual authorizations from the US Treasury, which will be evaluated on a case-by-case basis.
The Biden administration’s willingness to ease sanctions on Venezuela marks a shift in policy from the previous administration. President Biden’s approach aims to encourage inclusive and competitive elections in the country. The decision comes after discussions with American companies about sanctions relief and the importance of upholding the Barbados Agreement.
As tensions between the US and Venezuela continue, the potential easing of sanctions could signal a new chapter in the relationship between the two nations. Stay tuned for further developments on this story.