MIAMI (AP) — The Biden administration reimposed sanctions on crushed oil in Venezuela on Wednesday, rebuking President Nicolás Maduro’s attempts to consolidate his power just six months after the United States eased restrictions in an effort to support NOW hopes of democratic openness are fading in the OPEC nation.
A senior U.S. official, discussing the move with reporters, said any U.S. company investing in Venezuela would have 45 days to cease operations to avoid adding uncertainty to global energy markets . The official spoke on condition of anonymity to discuss U.S. policy deliberations.
In October, the United States granted Maduro’s government relief from sanctions on its oil, gas and mining sectors, after agreeing to work with opposition members to hold a free and competitive presidential election this year.
While Maduro scheduled elections for July and invited international observers to monitor the vote, his entourage used the ruling party’s total control of Venezuela’s institutions to undermine the deal. Actions include block your main rival, former lawmaker Maria Corina Machado, to register her candidacy or that of a designated alternative. Many government critics have also been imprisoned over the past six months, including several Machado aides.
Wednesday’s actions essentially return U.S. policy to what it was before the deal in the Caribbean island of Barbados banning U.S. companies from doing business with state-owned oil producer Petróleos de Venezuela SA, better known as the name of PDVSA, without agreement. specific license from the US Department of the Treasury.
“We once again call on Maduro to allow all candidates and parties to participate in the electoral process and to release all political prisoners without restrictions or delays,” State Department spokesperson Matthew Miller said. “We will continue to support the aspirations of Venezuelans for a more democratic, more stable and more prosperous Venezuela. »
Venezuelan authorities angrily rejected the diplomatic rebuke, saying they had respected commitments made in Barbados and accusing Washington of betraying a promise to lift all sanctions it said it made during secret negotiations between the two countries .
“The gringos think they can threaten Venezuela,” Maduro said during a televised event. “There are no sanctions, no threats that can today harm our efforts to build a new productive economic model, because we no longer depend on anyone in the world, but only on our own work.”
It’s unclear what impact the stimulus would have on Venezuela’s long-struggling oil and gas industry — or whether it will pressure Maduro to offer a more level electoral playing field.
The initial reprieve was only granted for six months. Experts say that’s not enough time to attract the major investments needed to revive long-stagnant production in Venezuela, which sits atop the world’s largest proven oil reserves.
However, by allowing Venezuela to send oil directly, instead of going through shady middlemen who charge high fees, Maduro’s government was able to increase oil revenues and raise badly needed cash during the six months relief from American sanctions.
Moreover, the strengthening of sanctions does not directly impact Chevron, the last major American oil producer in Venezuela, which was allowed to increase its shipments thanks to a license issued in 2022, while the invasion of Ukraine by Russia was disrupting global energy supplies.
“The real test of the administration’s seriousness about Venezuela is Chevron,” said Elliott Abrams, who served as the Trump administration’s special envoy for the Venezuela crisis. “Leaving this license in place suggests that the administration cares more about keeping oil prices low until the election and Chevron’s profits than about U.S. national security interests and freedom in Venezuela. “
While signaling growing frustration with Maduro, the Biden administration is unlikely to return to the failed “maximum pressure” campaign attempted under the Trump administration, which only strengthened the leader’s hand left, according to experts.
“It became impossible for the White House to claim that the Maduro government was complying – or even intending to comply – with the implicit agreement to partially lift sanctions,” said Chatham House researcher Christopher Sabatini. from London. London. “Ignoring it would have made the United States appear weak and undermined its credibility in using sanctions not only against Venezuela but elsewhere. »
Opinion polls show that most Venezuelans would rush to oust Maduro from office if given half a chance. Many regional leaders, including the left-wing presidents of Colombia and Brazil, have joined the United States in criticizing the Maduro government’s failure to deliver on its commitments and allow competitive elections to be held.
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Garcia Cano reported from Mexico City.
