The United States will ease some oil and gas sanctions against Venezuela after the South American country's government and opposition agreed to hold elections next year, the Treasury Department said Wednesday, October 18.
In response to those "democratic developments," the Treasury "has issued General Licenses authorizing transactions involving Venezuela's oil and gas sector and gold sector," and is "removing the ban on secondary trading" in debt securities, a statement from under secretary for terrorism Brian Nelson said. It added, however, that those authorizations could be amended or revoked at any time if the electoral deal falls through.
In order to uphold the agreement, the United States warned Venezuela that they must "define a specific timeline and process for the expedited reinstatement of all candidates" by the end of November, US Secretary of State Antony Blinken said in a statement. "All who want to run for president should be allowed the opportunity," he said, while also calling for the release of "all wrongfully detained US nationals and Venezuelan political prisoners."
The agreement between Washington and Caracas comes just a day after the Venezuelan government and opposition reached a deal in Barbados – mediated by Norway – to hold elections in late 2024. But that accord allows for the exclusion of certain candidates under Venezuelan law, which would include opposition frontrunner Maria Corina Machado.
US officials speaking on the condition of anonymity Wednesday evening, however, said they believed Caracas was planning to eventually allow such candidates to participate. "Failure to abide by the terms of this arrangement will lead the United States to reverse steps we have taken," Blinken said in his statement.
Also on Wednesday, a charter flight from Texas arrived at the Simon Bolivar International Airport in Caracas carrying some 130 Venezuelan migrants, the first such deportation flight following an agreement earlier this month between the two countries.
The deal provides for the "orderly, safe and legal repatriation" of undocumented Venezuelan migrants, who until now had been deported in small numbers on commercial flights, mixed in with regular passengers.