US reinstates oil sanctions on Venezuela | Global News

The Biden administration has once again tightened the screws on Venezuela, reimposing harsh oil sanctions on President Nicolás Maduro’s regime. This move comes just six months after the US had eased restrictions in hopes of promoting democracy in the OPEC nation.

A senior US official, speaking on the condition of anonymity, stated that any American company involved in Venezuela would have 45 days to wind down operations to prevent disruptions in global energy markets. This decision marks a significant shift from the temporary relief granted to Maduro’s government last year, which was contingent on holding free and fair elections.

Despite Maduro’s promises to allow opposition candidates to participate in the electoral process, his regime has continued to crack down on dissent, with several government critics and opposition figures being jailed in recent months. The US State Department has called on Maduro to release all political prisoners and ensure a level playing field for the upcoming election.

In response to the renewed sanctions, Venezuelan authorities have dismissed the US rebuke, accusing Washington of reneging on promises made during secret negotiations. Maduro defiantly declared that Venezuela no longer depends on foreign support and will continue to build a new economic model based on self-reliance.

The impact of the sanctions on Venezuela’s oil and gas industry remains uncertain, with experts questioning whether the measures will force Maduro to make concessions or further isolate the country. Despite the challenges, Chevron, the last major US oil driller in Venezuela, has been granted exemptions to continue operations, providing a lifeline for the struggling industry.