The U.S. government is suspending relief to Venezuela’s oil and gas sector in response to President Nicolas Maduro’s crackdown on political freedoms, including barring opposition candidates from competing in this year’s presidential election.
The State Department announced the sanctions Tuesday after Venezuelan officials arrested members of the South American country’s democratic opposition. The department said the arrests are “inconsistent” with agreements signed in Barbados last summer by representatives of Mr. Maduro and the Unitary Platform, an alliance of trade unionists, retired military personnel, and former deputies of the country’s Legislature.
The U.S. issued General License 44, which provides economic assistance to Venezuela’s oil and gas industry in support of the Barbados Agreement. The U.S. will not renew the license when it expires on April 18 until the Maduro government makes “significant” progress in its negotiations with the country’s opposition, the State Department said.
The U.S. also is revoking General License 43, which authorized transactions involving Minerven, Venezuela’s state-owned gold mining company.
“U.S. persons will have 14 days to wind down any transactions that were previously authorized by that license,” the State Department said.
The department said it remains “strongly committed” to supporting dialogue between political parties in Venezuela and called the Barbados electoral road map agreement “the most viable mechanism” for resolving the country’s longstanding political, economic and humanitarian dilemma.
But that will require Mr. Maduro and his political representatives to support the Barbados agreement and allow for a free presidential election in 2024, U.S. officials said.
“We will continue to work with the international community and all peaceful democratic actors across the political spectrum in Venezuela and leverage mechanisms at our disposal to encourage a return to the principles in the Barbados agreement,” the State Department said.