The United States has decided to reactivate economic sanctions against Venezuela in response to the lack of progress in the democratic commitments made by Venezuela in the Barbados agreement.
Last October, the United States and Venezuela signed an agreement that enabled the United States to issue General License 44, authorizing transactions with certain sectors of the Venezuelan economy, including the financial, oil and gas sectors. However, the actions of the Venezuelan government, ranging from the detention of members of the democratic opposition to the barring of candidates from competing in this year’s presidential election, influenced the decision of the Department of State not to renew the licenses expiring on April 18, 2024.
Additionally, License 43, which authorized transactions with Minerven, the Venezuelan state gold company, will be revoked. U.S. persons will have 14 days to win down any transactions that were previously authorized by that License.
