U.S. Restores Oil Sanctions on Venezuela as Hope for Democracy Crumbles

The Biden administration initially lifted some economic sanctions on Venezuela in October 2023, following President Nicolás Maduro's agreement to hold free elections. However, six months later, the chances of legitimate elections have diminished due to actions taken by the Maduro government. In response, the Biden administration reimposed crushing oil sanctions on Venezuela. Any US company investing in Venezuela was given a 45-day window to wind down operations to avoid adding uncertainty to global energy markets.