The United States and Venezuela are reportedly on the verge of an understanding that would result in partial sanctions relief for Venezuela in exchange for concrete steps to ensure fair and democratic presidential elections next year.
According to individuals familiar with the matter, the informal deal could involve the US lifting certain oil and banking sanctions on Venezuela once the country commits to implementing measures that enhance the democratic nature of its upcoming presidential elections. These measures might include the removal of restrictions preventing opposition candidates from running for office.
If Venezuela fulfills these conditions, the US could consider removing penalties on Venezuela’s central bank and state-owned development bank. This move would provide President Nicolas Maduro’s administration with a pathway to reengage with financial institutions, potentially allowing the recovery of around $3 billion held in accounts in Europe.
The reported sanctions relief under consideration may also extend to members of Maduro’s inner circle, although it is unlikely to include figures like Alex Saab, a prominent Maduro ally currently imprisoned in the US since 2021.
The Venezuelan Information Ministry has not responded to requests for comments on these reports.
To facilitate relief from US sanctions, representatives from the Venezuelan government are anticipated to negotiate an agreement with opposition leaders regarding electoral reforms. The aim is to finalize this agreement before the opposition’s primary elections scheduled for October 22.
