Some of the sanctions imposed by the United States were lifted last October when Maduro promised that the country would hold free presidential elections in 2024.
President of the United States Joe Biden administration announced on Wednesday that the country will impose new sanctions on Venezuela’s oil industry.
The United States imposed the first sanctions on Venezuelan oil Donald Trump’s presidential term in 2019 after Venezuela’s president Nicolas Maduro was elected for a further term in elections, the result of which the Western countries did not accept.
Some of the U.S. sanctions were lifted last October when Maduro promised the country would hold free presidential elections in 2024. At the time, the two sides agreed to a six-month permit that expires on April 18. The Biden administration announced Wednesday that it would not renew the contract.
Despite the promises, the opposition has not been allowed to nominate its chosen candidates for the July elections.
– We are concerned that Maduro and his forces have prevented the democratic opposition from nominating the candidates they want, harassed and threatened their political opponents, and unjustly imprisoned several political actors and members of society, said a representative of the US State Department Matthew Miller with a notice.
The US Treasury is giving companies 45 days to end their business in Venezuela’s oil and gas industry.
Venezuelan authorities say they are ready to impose sanctions.
– We are open for business and willing to move forward with all foreign companies, said the country’s oil minister Pedro Tellechea on Wednesday.
However, Tellechea anticipates that some companies may be reluctant to continue their transactions, although he believed that the majority of companies will continue.
There have been fears that the sanctions will raise the world market price of oil or increase the number of Venezuelan migrants on the US southern border.
Sources: AFP, Reuters