U.S. Reimposes Oil Sanctions on Venezuela as Maduro Violates Election Agreements

The Biden administration's move comes after failed compliance with the terms for a free and fair election, impacting U.S. businesses and global oil prices.

The Biden administration will not renew a six-month license that allowed global trading with Venezuela's oil, in response to President Maduro's failure to meet election agreement terms.
U.S. companies, including major oil firms, have until May 31 to wind down operations in Venezuela, following the reinstatement of sanctions.
The sanctions aim to pressure Venezuela into adhering to democratic processes, as Maduro's government disqualifies opposition candidates and arrests political opponents.
Despite the sanctions, Chevron retains a separate license to continue oil extraction and sales in the U.S., highlighting ongoing U.S. economic interests in the region.
The international community, including the EU and the Carter Center, seeks to monitor the upcoming July elections, amid skepticism about their fairness and transparency.