US Moves to Reimpose Sanctions on Venezuelan Oil Sector

    US Moves to Reimpose Sanctions on Venezuelan Oil Sector
    Photo: Gaby Oraa/Getty Images News via Getty Images

    The Facts

    • On Monday, the US Dept. of the Treasury announced that US companies will have until Feb. 13 to complete a "wind down of transactions" with Venezuela's state-owned mining firm Minerven.

    • Last week, Venezuela's top court upheld an electoral ban against opposition leader María Corina Machado despite a 2023 agreement with Washington, which guarantees sanctions relief in exchange for free and fair elections.


    The Spin

    Republican narrative

    Time after time, Nicolás Maduro has shown that his regime will never hold fair presidential elections. Unfortunately, the Biden administration has insisted on easing sanctions and releasing prisoners to please Caracas. As the leader of the free world, the US must reestablish sanctions and completely cut ties with Venezuela's dictatorship.

    Democratic narrative

    Some sanctions may be reinstated on Venezuela, but the US must refrain from pushing too hard to retain some leeway until a date for the presidential vote is set. While sanctions have so far proven to be ineffective, a moderate approach has allowed the return of undocumented migrants to Venezuela while helping keep oil prices in check. This is a nuanced and thoughtful path set by the White House.

    Nerd narrative

    There's a 65% chance that the US will sanction Venezuelan oil again by 2030, according to the Metaculus prediction community.


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