Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

US Imposes Sanctions on Venezuelan Oil

Wed 31 Jan 2024 | 08:59 AM
Israa Farhan

The United States announced on Tuesday that it would reimpose sanctions on the Venezuelan oil and gas sector, asserting that President Nicolas Maduro has not fulfilled his commitment to hold fair presidential elections this year.

Matthew Miller, a spokesperson for the US State Department, stated in a statement reported by "France Presse," that in the absence of progress, especially regarding allowing all candidates to compete in this year's presidential elections, the US will not renew the license (allowing the purchase of Venezuelan oil and gas) when it expires on April 18, 2024.

Washington had announced on Monday evening that it would reimpose sanctions on the state-owned company "Minerven," which operates gold mines.

The Office of Foreign Assets Control (OFAC), a division of the US Department of the Treasury, indicated in a memo that it would provide a grace period until February 13 for the completion of any ongoing transactions with "Minerven."