U.S. lifts some economic sanctions on Venezuela to be able to buy its oil

The United States has lifted some of the sanctions imposed against the Venezuelan government, which will allow talks to begin for the purchase of its oil. This is one of the consequences of the war in Ukraine and the rise in prices caused by the invasion, which is changing the geopolitical map.

This move will allow the US oil company Chevron to negotiate new contracts with Venezuela’s PDVSA. It should be noted that Venezuela has one of the largest reserves in the world: in April alone it exported 644,870 barrels per day.

It was in 2019 when the Trump Administration imposed an embargo on Venezuelan crude oil, banned the trading of Treasury bonds of that country in US financial markets and froze assets to several Venezuelan officials, with the intention of pressuring to accept the transition in power driven by Juan Guaidó.

In addition, in 2021, Alex Saab, Nicolás Maduro’s front man, was extradited to the US from Cape Verde, where he was being held on money laundering charges. In response, the Maduro regime denounced that Saab’s case had been a diplomatic kidnapping by the US government.

Now, Washington is once again resuming relations with the Caribbean country. As confirmed by the Vice President, Delcy Rodríguez, “Venezuela hopes that these decisions of the United States of America will start the way for the absolute lifting of the illicit sanctions that affect all our people”.

In this context, the official has insisted that “the Bolivarian Government of Venezuela” will continue to promote “tirelessly the fruitful dialogue in national and international format”.

The first criticisms of the relaxation of sanctions have not been long in coming. Democratic Senator Robert Menendez, chairman of the US Senate Foreign Relations Committee, has warned that the decision taken by the White House is “destined to fail”: “Giving Maduro a handful of undeserved handouts so that his regime will promise to sit down and negotiate is a strategy destined to fail”, he said in a statement.

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