Overview

• Venezuela's Supreme Court, aligned with President Nicolás Maduro's government, has upheld a ban on opposition candidate María Corina Machado running for office, sparking international condemnation and the reimposition of U.S. sanctions.
• Despite the ban, Machado has vowed to defeat Maduro in the upcoming 2024 presidential election, though a date for the vote has not yet been set.
• The U.S. has responded to the court ruling by revoking relief it granted in October to Venezuela’s state-owned mining company, Minerven, and has given Maduro until April to meet conditions of the electoral agreement to avoid losing additional relief.
• Venezuela's business community has expressed shock and dismay at the threat of reimposed sanctions, with Fedecamaras, the largest business federation, insisting on the need for a flexibilization of sanctions.
• The Biden administration has rejected calls for a return to a campaign of maximum pressure against Maduro, stating that its strategy of calibrating sanctions has produced results, including the release of wrongfully detained Americans in the country and a diplomatic breakthrough in Barbados.