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US Unlikely to Return All Venezuela Sanctions

OIL

President Nicolas Maduro’s backsliding on promises of free elections may cause the return of some, but not likely all previous sanctions, according to Bloomberg.

  • It is thought that Biden may reimpose sanctions on gold exports in the first instance. Should they target energy, it would only hit new oil production deals or limit the projects allowed to continue.
  • A partial reimposition of sanctions unrelated to oil would allow Chevron to continue exports to the USGC and would leave ENI and Repsol’s operations unscathed.
  • Maduro jailed aides of the opposition candidate, Maria Corina Machado, while Venezuelan courts upheld a ban against her holding office.
  • “From the Biden administration’s perspective, sanctions were not working in the first place,” said David Voght, managing director at IPD Latin America, an energy research group.
  • Bloomberg noted that Maduro is currently allowing Biden to return undocumented Venezuelan migrants; immigration remains a key issue during election year.
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