Today: Saturday, 2 March 2024 year

Venezuela has agreed with the United States to lift sanctions on Caracas.

Venezuela has agreed with the United States to lift sanctions on Caracas.

Venezuela has agreed with the United States that Washington will begin the process of lifting sanctions from Caracas, Foreign Minister Ivan Gil Pinto said.

“We have agreed with the United States that they will begin the process of lifting sanctions. We consider the relief of sanctions as the first step towards this. As for the conditions for holding elections, I repeat, what Venezuela has stated, or what Venezuela has confirmed with the opposition, is the preservation of electoral guarantees that exist in the Venezuelan electoral system, the preservation of the law, the constitution, the reaffirmation of these values. From that moment on, the United States began to lift sanctions,” he said.

The Venezuelan government and members of the right-wing opposition resumed formal negotiations in Barbados on October 17 with the signing of partial agreements to promote political rights and electoral guarantees, as well as to protect the country’s assets abroad. The US Treasury subsequently announced the issuance of general licenses for a period of six months, which allow some transactions with the oil and gas sector of Venezuela and interaction with the gold mining company Minerven. According to media reports, the easing of sanctions was the result of agreements reached with Venezuelan President Nicolas Maduro to lift the ban on oppositionists holding public office.

Venezuelan President Nicolas Maduro, commenting on the US actions, said that his country has taken the first step towards the consistent lifting of all sanctions against Venezuela – this demand is a “global consensus” of Venezuelans, “84% of citizens in one form or another demand the lifting of sanctions.”

 


Due to Western sanctions, Venezuela has lost $232 billion in oil production alone over five years, Vice President Delcy Rodriguez reported at Russian Energy Week. There are 930 restrictive measures in force in the country, and Caracas estimates their total negative impact at 642 billion US dollars.