US to Reimpose Oil Sanctions on Venezuela

US to Reimpose Oil Sanctions on Venezuela
Image copyright: Spencer Platt/Staff/Getty Images News via Getty Images North America

The Facts

  • The Biden administration has said it won't renew a license to ease oil sanctions on Venezuela, effectively reimposing penalties on the country as the agreement expires on Thursday.

  • The Treasury Department on Wednesday issued a "wind-down" authorization to replace General License 44, which was issued last October to ease oil sanctions on Caracas for six months.

The Spin

Pro-establishment narrative

The Biden administration had no choice but to reimpose oil sanctions on Venezuela, as Maduro failed to uphold his side of October's agreement. The US gave Maduro's government a chance to show that it could embrace democracy and hold free and fair elections, but unfortunately, they botched it. Venezuela has been in crisis for many years now, and the US can't allow Caracas to undermine democracy with impunity.

Establishment-critical narrative

The US has continually moved the goalposts, failing to comply with its agreements while using its power and wealth to place blame on smaller countries. The Biden administration wants to inflict economic pain on Venezuelans because of the government's political alliances and seize control of Venezuela's rich oil industry. By reimposing sanctions, both the US and Venezuela will be hurt, and millions of people will suffer.

Metaculus Prediction

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