U.S. to ease Venezuela oil, gas sanctions after election deal

U.S. eases sanctions on Venezuela after government, opposition agree to elections; deal allows for exclusion of certain candidates, but U.S. believes Caracas will eventually allow them to participate. Treasury Department authorizing transactions in oil/gas, gold sectors, removing ban on secondary trading in debt securities.

The United States will ease some oil and gas sanctions against Venezuela after the South American country's government and opposition agreed to hold elections next year.

In response to those "democratic developments," the U.S. Treasury Department "has issued General Licenses authorizing transactions involving Venezuela's oil and gas sector and gold sector," and is "removing the ban on secondary trading" in debt securities, a statement from undersecretary for terrorism Brian Nelson said Wednesday.

But it also said that those authorizations could be amended or revoked at any time if the electoral deal falls through.

"Let's turn the page, let's rebuild a relationship of respect, of cooperation... this is my message to those in power, and to the government of the United States," Venezuelan President Nicolas Maduro said, while also calling for a definitive end to the sanctions.

To uphold the agreement, the United States warned Venezuela that it must "define a specific timeline and process for the expedited reinstatement of all candidates" by the end of November, U.S. Secretary of State Antony Blinken said.

"All who want to run for president should be allowed the opportunity," he said in a statement.

The agreement between Washington and Caracas comes just a day after the Venezuelan government and opposition reached a deal in Barbados — mediated by Norway — to hold elections in late 2024.