Biden administration and Maduro government agree on easing sanctions in Venezuela as part of a deal
BOGOTÁ, Colombia – The Biden administration and the government of Venezuelan President Nicolás Maduro have reached an agreement that will see the US easing sanctions on Venezuela’s oil industry and in return, the authoritarian state will allow a competitive, internationally monitored presidential election next year. This breakthrough comes after talks between the two parties, according to two anonymous sources familiar with the negotiations.
The announcement of the sanctions relief will be made after Maduro’s government and Venezuela’s US-backed opposition sign an agreement that includes commitments by the socialist government to allow a freer vote in 2024. This signing is expected to take place during a meeting in Barbados on Tuesday, with US officials in attendance.
Maduro, who claimed victory in a 2018 election widely viewed as fraudulent, has agreed to a process for lifting bans on opposition candidates running, according to one of the sources. However, it remains unclear how quickly this process would be implemented. The sources spoke on the condition of anonymity as they were not authorized to discuss the talks.
A senior administration official stated that the deal does not include plans to unfreeze Venezuelan assets currently held in the United States. The official, who declined to comment further on the talks, mentioned that any sanctions relief would have a time limit and could be reversed if Maduro fails to comply with the terms of the agreement.
However, after the publication of the news, a US official denied that any commitment had been made between the United States and Venezuela. The official stated that the administration supports a Venezuelan-led negotiation and is prepared to provide sanctions relief only in response to concrete actions towards competitive elections.
Under the deal, Maduro has also committed to accepting international election observers and allowing media access during the elections. It is uncertain whether the deal will also include the release of political prisoners in Venezuela.
The Norwegian embassy in Mexico has confirmed the Barbados meeting, stating that the Venezuelan government and the Unitary Platform, a coalition of Venezuelan opposition leaders, will be returning to negotiations in the hopes of reaching a political agreement. The delegations are expected to arrive this afternoon.
If the deal is signed, the US government is ready to announce the lifting of certain oil sanctions against Venezuela, including the possibility of granting a general license for Venezuela’s state-owned oil agency to resume business with the United States and other countries.
Meanwhile, US officials have stated that they would consider easing sanctions if Maduro takes steps towards ensuring free and fair presidential elections. The State Department has yet to comment on the latest developments.
This agreement comes just days before Venezuela’s opposition parties plan to hold a primary vote to choose a single candidate to challenge Maduro. María Corina Machado, the frontrunner in the unofficial primary, is among the opposition leaders barred from running for office by the Maduro government. The disqualification was strongly condemned by the US government.
The US has imposed sanctions on the Venezuelan government and individuals for over 15 years, but these sanctions were tightened significantly in early 2019 after Maduro’s reelection in 2018 was deemed illegitimate by the Trump administration.
Under the Trump administration, sanctions were imposed on Venezuela’s state oil company, the central bank, and key government officials. An economic embargo was also implemented, freezing the property and interests of the Maduro government in the United States and prohibiting Americans from doing business with the Venezuelan government.
The talks between the Biden administration and Maduro government representatives began last year during the start of the conflict in Ukraine. As a sign of support for the talks between the government and the opposition, the Biden administration has already started easing restrictions on Chevron, the main US oil company with assets in Venezuela.
Furthermore, the US government recently announced the resumption of direct deportation flights to Venezuela, indicating a thawing of relations between both countries. The strained relationship had previously limited the United States’ ability to return undocumented Venezuelan migrants.
Contributing journalists: [Caracas correspondent] and [Washington correspondent].