The United States will ease sanctions against Venezuela after the country's government and opposition agreed to hold presidential elections next year, the US Treasury Department said Wednesday.
"Consistent with US sanctions policy, in response to these democratic developments, the US Department of the Treasury has issued General Licenses authorizing transactions involving Venezuelas oil and gas sector and gold sector," US Treasury's Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in a statement.
In concrete terms, the US government is re-authorizing the purchase of Venezuelan oil and gas for a period of six months, which may be renewed "only if Venezuela meets its commitments under the electoral roadmap" as well as other commitments with respect to those who are detained.
The US decision comes in response to the electoral agreement reached between the Venezuelan government and opposition at the conclusion of negotiations held in Barbados. Under the agreement, Venezuela will hold presidential elections in the second half of 2024.
Source: Qatar News Agency