Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

World

US moves to reimpose sanctions on Venezuela after opposition candidate barred from presidential election

by January 31, 2024
January 31, 2024
US moves to reimpose sanctions on Venezuela after opposition candidate barred from presidential election

The US has reimposed economic sanctions against a Venezuelan state-owned mining company and says it could go on to reimpose further sanctions on the country’s oil and gas sector after Venezuela’s Supreme Court barred main opposition candidate Maria Corina Machado from running for president last week.

The US Treasury on Monday revoked General License 43, which had authorized dealings with mining conglomerate CVG-Minerven. The Treasury said US companies have until February 13 to wind down transactions that were previously authorized by that license.

While US economic sanctions against the mining company are unlikely to cause significant damage to the Venezuelan economy, the US State Department has crucially signaled it intends to renew oil and gas sanctions from April 18, if there’s no progress between Venezuela’s authoritarian president Nicolas Maduro and the opposition “particularly on allowing all presidential candidates to compete in this year’s elections,” it said in a statement.

Venezuela’s Vice President Delcy Rodríguez described the move as “blackmail” on Tuesday, warning that Caracas would stop cooperating in repatriation flights for Venezuelan migrants from the US if Washington’s “economic aggression” intensifies.

Sanctions against Venezuela were first imposed in 2017 and gradually increased as the South American country’s political crisis deepened in the following years.

In October, the Biden administration lifted general economic sanctions targeting Venezuela’s mining and oil industries, in support of an agreement struck in Barbados between Maduro and the opposition to hold free and fair elections in 2024.

But on Friday, the Supreme Court upheld a decision to disqualify Machado, the opposition’s main presidential candidate. The court’s ruling amounts to a repudiation of the agreement, both the opposition and the United States have claimed.

“Actions by Nicolas Maduro and his representatives in Venezuela, including the arrest of members of the democratic opposition and the barring of candidates from competing in this year’s presidential election, are inconsistent with the agreements signed in Barbados last October by representatives of Nicolas Maduro and the Unitary Platform,” US State Department Spokesperson Matthew Miller said Tuesday.

Earlier on Monday, White House’s spokesperson John Kirby had said Maduro had until April to return to the negotiating table and commit to what was agreed last year, including holding free elections where all candidates are allowed to run, or sanctions could be reimposed.

Reinstating oil and gas sanctions could cause substantial damage to Venezuelan exports which are largely dependent on oil, analysts have said. It also has the potential to impact the US domestic gas market because several US companies, including Chevron, operate in Venezuela and Venezuelan crude is regularly exported to refineries in the US Gulf Coast, data from the US Energy Information Administration show.

Machado also commented on Rodríguez’s warning that Venezuela could stop cooperating on repatriation flights, saying, “You can imagine that it breaks my heart to see our people being used in such a hard and unlawful way. I want Venezuelans to come back to our country and to come back freely to our country because they have a future in our land.”

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
Israeli tanks ‘firing live ammunition’ in Khan Younis hospital complex, aid group says
next post
Powerful Iran-backed militia in Iraq to suspend military ops against US forces in region

Related Posts

2,000 children killed in Gaza, aid group says,...

October 25, 2023

Historic Starliner crewed launch attempt delayed again due...

May 15, 2024

Premature, sick babies cross from Gaza into Egypt...

November 20, 2023

UK government insists escaped terror suspect will be...

September 12, 2023

Ukraine replaces Soviet-era hammer and sickle symbol with...

August 12, 2023

Malaysia cuts prison sentence of disgraced former Prime...

February 2, 2024

German President asks for forgiveness in Tanzania for...

November 2, 2023

China calls for ‘urgent’ action on Gaza as...

November 20, 2023

How Afrilabs is powering Africa’s tech revolution through...

November 11, 2023

This megacity is the latest to shut down...

November 10, 2023

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved