US Temporarily Eases Sanctions on Venezuela's Oil and Gas Sector Following Electoral Agreement

Deal includes international observers for 2024 elections and concessions for opposition, but faces skepticism over Maduro's willingness to stick to his commitments.

The US has temporarily suspended certain sanctions on Venezuela's oil and gas sector in response to the Venezuelan government's agreement to institute electoral reforms for a forthcoming presidential election in 2024.
The agreement between President Nicolás Maduro’s Venezuelan administration and opposition was signed in Barbados. It includes provisions, such as the assurance of transparent elections and the ability for opposition to run in these elections.
However, some key demands from the opposition weren't met in the agreement. This includes the release of political prisoners and lifting bans on certain opposition candidates for the 2024 election.
In response, the US Treasury issued a six-month general license that would temporarily authorize transactions involving Venezuela’s oil and gas sector, potentially doubling Venezuela's revenues from oil. The sanctions relief could be revoked if Maduro’s administration doesn't uphold their commitments, as warned by the US.
Opposition leader María Corina Machado, a favorite to win in the primary elections, was among those who are barred from running for office. This contentious issue adds a layer of skepticism and uncertainty towards Maduro's adherence to the agreement.
The easing of sanctions is being criticized by Republican senators, arguing for greater emphasis on domestic oil production and an apprehension towards relying on socialist dictators for oil, signaling the decision's political implications within the US.