Nearshore Americas
Photo by: Eneas de Troya , under Creative Commons license

US Hits Venezuela with Oil Sanctions Once More; Accuses Electoral Foul Play

The United States reinstated sanctions on Venezuela following the South American nation’s failure to fulfill its commitment to holding free and fair elections.

The return of the sanctions comes approximately six months after the US temporarily lifted some restrictions on Venezuelan oil exports, following extensive negotiations in Barbados and Qatar. During these negotiations, Venezuelan officials pledged to facilitate transparent elections.

At the time, it was anticipated that Maria Corina Machado, a prominent figure figure in the opposition, would emerge as a leading presidential candidate against long-standing incumbent Nicolas Maduro. Pre-election polls indicated a significant lead for Machado over Maduro.

Venezuela agreed to establish a neutral election commission, facilitate the updating of electoral rolls and the establishment of registration centers. However, opposition parties have yet to unite behind a single candidate to challenge Maduro. The government has also reportedly obstructed candidate registrations.

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In response to Venezuela’s failure to meet its election commitments, the US Treasury Department announced on its website that American companies have 45 days to wind down all business transactions with Venezuelan state entities. These sanctions are expected to exacerbate the already severe economic challenges faced by Venezuela.

Additionally, several close associates of Nicolas Maduro are currently facing charges of drug trafficking in US courts, underscoring the strained relations between the two countries.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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