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Venezuela Sanction Relief on a Knife Edge

OIL

The Biden Administration has signalled that it could reimpose sanctions on Venezuela tomorrow in response to what it sees as a failure of Maduro to meet his commitments to free and fair elections, according to Reuters.

  • Unless Maduro makes last-minute concessions, the US looks unlikely to renew the six-month license which expires just after midnight (04:00 GMT) April 18.
  • Biden is expected to stop short of Trump’s previous “maximum pressure” policy.
  • There are concerns that sanctions could raise oil prices and increase the flow of Venezuelan migrants to the US, two important election issues.
  • The US could take measures such as forcing sales in local currency, while allowing Venezuela to continue exports.
  • The US acknowledged that Maduro has upheld certain aspects of the deal, such as setting a date for the election and inviting international observers. However, the main opposition candidate, Maria Corina Machado, remains barred from running.
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