US lifts some sanctions on Venezuela

The United States has lifted sanctions against Venezuela after Nicolas Maduro’s government signed “an electoral roadmap” with the opposition Unitary platform.

In a press release, the US State Department lauded the signing as “a concrete step toward resolution of Venezuela’s political, economic, and humanitarian crisis.”

It added the Department of Treasury Office of Foreign Assets Control took several measures in keeping with promises to provide sanctions relief if steps were taken toward competitive elections and respect for human rights and fundamental freedoms.

These include issuing a six-month general licence temporarily authorising transactions involving the oil and gas sector in Venezuela. However, it said the licence will be renewed only if Venezuela meets its commitments under the electoral roadmap and addresses the wrongful detention of political prisoners.

Venezuela’s state-owned gold mining company Minerven was issued with a general licence to operate which the US believes will reduce black-market trading in gold.

It also amended relevant licences to remove the secondary trading ban on certain Venezuelan sovereign bonds and debt and equity linked to state-owned oil company PdVSA.

The state department said the ban on trading in the primary Venezuelan bond market remains in place, however, as it believes this will “displace nefarious players” and result in negligible financial benefit to Venezuelan authorities.

Other sanctions and restrictions imposed by the US remain in place.

The US said sanctions were removed with the expectation that Venezuela’s government will “define a specific timeline and process for the expedited reinstatement of all presidential candidates.”

It added, “All who want to run for president should be allowed the opportunity, and are entitled to a level electoral playing field, to freedom of movement, and to assurances for their physical safety.”

US authorities also called on Venezuela to start releasing “all wrongfully detained US nationals and Venezuelan political prisoners.”

The State Department said the sanctions will be reinstated if Maduro’s government fails to abide by the terms of the arrangement.