Biden administration officials announced Wednesday that they will reimpose punishing sanctions on Venezuela’s oil and gas sector, saying that the Maduro regime failed to uphold its commitments to hold free and fair elections.
The Treasury Department had issued a six-month sanctions reprieve for Venezuela’s oil and gas sector last October. The authorization allowed the country’s state-run oil and gas companies to produce and export its supplies for six months, so long as Venezuelan President Nicolas Maduro’s government followed through on its pledge to hold “free and fair elections” and allow participation from opposition parties.
Biden administration officials said Wednesday that Maduro’s regime had failed to uphold its end of the agreement, thus ending the sanctions reprieve, known as a General License 44, at its six-month expiration date.
The officials added that Venezuela would be given 45 days to slowly
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