There is high expectation both in Washington and in Latin America for the decision that the United States will make in the next few hours regarding the sanctions that weigh on the Venezuelan oil and gas industry and that have been suspended since October last year after the signing of the Barbados agreements between the Nicolás Maduro regime and the opposition.
As recalled, that month the United States granted a six-month license that allowed the neighboring country to sell its crude oil on the international market without limitations.
The license, however, expires this Thursday, April 18, and everything indicates that it will not be renewed. At least, not in its current state.
As this newspaper reported on Sunday, various sources in the US capital assure that Given the failure to comply with the agreements, President Joe Biden's administration has no choice but to let the license expire.
In particular, because one of the conditions of the aforementioned agreement was to allow the participation in the next presidential elections, which will take place on July 28, of María Corina Machado, winner of the primaries held by the opposition last year.
Something that the Maduro regime has not authorized and that became firm after her disqualification from running as a candidate in the elections was confirmed in January of this year.
“The Maduro regime, terrified by acknowledging that it would lose in a free election, has obviously failed to meet its obligations under the Barbados agreement. This leaves the Biden administration with no choice but to reimpose the sanctions it lifted to encourage a democratic opening “The credibility of the United States is at stake,” a former US diplomat with extensive experience in the region told this newspaper.
The credibility of the United States is at stake.
This Monday the United States Department of State reiterated that it will not renew the license as long as the Maduro government persists in failing to comply with the agreements.
That said, it is also known that The White House is working on alternatives to send a strong message to Maduro without implying a total reimposition of the sanctions regime.
What is being considered, as this newspaper also anticipated, is issuing a new license but much more restrictive.
An agency office Reuters maintains, for example, that it would be considering allowing Venezuela to continue selling its crude oil in world markets, but with the novelty of reimposing a ban on the use of US dollars in such transactions, which would require Venezuela to switch to other currencies. and expand barter agreements.
That option could expand the role of the Venezuelan banking sector in oil sales, but would again prevent Venezuela from making oil deals with the world's main reserve currency, he said. Reuters.
The United States, additionally, does not plan to reverse the authorization granted to the multinational Chevron in 2022 to sell oil in the United States from their joint ventures in Venezuela.
The exact nature of this new partial sanctions regime is what Washington is about to announce, since the imminent expiration of the license forces them to take a position that would come into force as of this Thursday.
SERGIO GÓMEZ MASERI – EL TIEMPO Correspondent – Washington
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