US reimposes oil sanctions on Venezuela as hopes for a fair presidential election fades
Associated PressMIAMI — The Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela, admonishing President Nicolás Maduro’s attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation. “There’s no sanction, no threat, that today can damage our efforts to build a new productive economic model because we no longer depend on anyone in the world, just our own work.” It’s unclear what impact the snapback would have on Venezuela’s long floundering oil and gas industry — or whether it will pressure Maduro to offer a more level electoral playing field. However, by allowing Venezuela to send oil directly, instead of going through shady middlemen who charge a hefty fee, Maduro’s government was able to boost oil revenues and raise badly needed cash during the six months of U.S. sanctions relief. “Leaving that license in place suggests the administration cares more about keeping oil prices down until the election, and about Chevron’s profits, than about U.S. national security interests and freedom in Venezuela.” While signaling its growing frustration with Maduro, the Biden administration is unlikely to return to the failed “maximum pressure” campaign tried during the Trump administration, which only strengthened the leftist leader’s hand, experts said.