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Venezuela Risks Oil & Gas Sanctions Expiry in April

OIL

The US began reinstating sanctions on Venezuela on Monday according to a Reuters administration source – adding the 6-month waiver on oil and gas could be allowed to expire.

  • It comes after Venezuelan President Nicolas Maduro's regime has upheld bans on political opponents, including María Corina Machado.
  • The Maduro-allied Supreme Court on Friday kept in place a ban on opposition candidate Maria Corina Machado, upholding prior findings that she supported the sanctions and a U.S.-backed opposition interim government.
  • The US Treasury Department said on Monday evening any U.S. entities conducting transactions with Venezuelan state-owned gold mining firm Minerven will have until Feb. 13 to wind them down in the first increase in sanctions.
  • The energy sector sanctions relief run until April 18.
  • "Unless Maduro and his representatives in Venezuela are able to get back on track, specifically with regard to allowing all presidential candidates to compete in this year's election, we will not be in a position to renew General License 44, which provides relief to Venezuela's oil and gas sector when it comes up for renewal in April," the White House official said to Reuters.
Energy BulletsCommodities
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