Washington is reportedly considering easing sanctions imposed on Venezuela, specifically those impacting oil sales. US Treasury Secretary Scott Bisent indicated that these changes could be implemented within days, aiming to facilitate the sale of Venezuelan oil on the global market.
According to Bisent, discussions are underway regarding the potential to unlock approximately $5 billion in Special Drawing Rights assets, currently frozen in Venezuela. These funds, held by the International Monetary Fund (IMF), could be utilized to assist in the country’s economic recovery. Bisent stated that he plans to meet with the heads of the IMF and the World Bank to discuss Venezuela’s potential re-engagement with these institutions.
“We will lift sanctions on the oil that will be sold,” Bisent stated during a visit to an engineering facility. The Treasury Department is reportedly exploring adjustments that would streamline the repatriation of revenue generated from the sale of oil currently stored on tankers.
However, amidst these discussions regarding sanctions relief, the US State Department issued a starkly contrasting advisory. The department urged American citizens to avoid traveling to Venezuela and advised those currently in the country to “depart immediately,” citing an unstable security situation.
The State Department’s statement highlighted reports of armed groups, identified as ‘colectivos,’ establishing roadblocks and searching vehicles for evidence of American citizenship or support from the United States.
Separately, thousands of supporters of detained Venezuelan President Nicolas Maduro participated in mass demonstrations in Caracas. The protests marked one week since Maduro’s apprehension by US forces. Demonstrators carried signs displaying images of Maduro and his wife, Cilia Flores.
The Venezuelan government announced on Friday that it has begun exploring the possibility of expanding diplomatic relations with the United States. A government statement indicated that Venezuela has “decided to initiate a predominantly exploratory diplomatic process with the government of the United States, with the aim of re-establishing diplomatic representation in both countries.” A Venezuelan delegation is expected to visit the United States for assessment purposes.
US State Department officials have acknowledged discussions regarding “the possibility of a gradual resumption” of relations.
