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full screen A refinery outside Puerto Cabello in Venezuela. Archive image. Photo: Matias Delacroix/AP/TT
Just six months after some relief, the US tightens the Venezuelan oil spigot again.
Senior officials in President Joe Biden’s administration tell multiple news agencies that all US companies that have invested in Venezuela’s oil have 45 days to exit those deals to avoid sanctions themselves.
The reason is President Nicolás Maduro and his government’s continued crackdown on the opposition, according to the officials. The government is said to have failed to meet US demands on a number of issues of democracy. This applies, among other things, to the fact that opposition parties are not allowed to stand in the elections that are supposed to be held in July.
Venezuela has one of the world’s largest oil reserves, but heavy sanctions have helped slow the economy.
Last October, the US somewhat eased its oil and gas sanctions after the government and the opposition agreed that this summer’s elections would be held.
Soon after, the Biden administration allowed oil giant Chevron to resume work in Venezuela.
At the end of December, a controversial prisoner exchange was then carried out between the countries. Biden then said that Maduro appeared to be “keeping his promises” that the election will be fair.