This decision reverses the lifting of some sanctions that occurred in October and comes after Venezuela barred a key opposition presidential candidate, Maria Corina Machado, from running in the upcoming elections. Initially, the U.S. had eased sanctions in response to Venezuela’s commitment to hold elections.
The rollback of restrictions on Venezuela’s oil industry is now at risk of expiring due to the recent Venezuelan court ruling and the arrest of several opposition members. The State Department has given U.S. entities conducting transactions with the state-owned gold miner Minerven until Feb. 13 to wind down those transactions.
The Biden administration has warned that if Machado and other opposition figures are not allowed to run in the elections, restrictions on the oil industry will be reimposed on April 18. Additionally, the administration is considering additional measures in response to the situation in Venezuela.
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