US reimposes oil sanctions on Venezuela as hopes for a fair presidential election fades

The Biden administration has reimposed crushing oil sanctions on Venezuela in a rebuke to President Nicolas Maduro’s attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation. In October, the U.S. granted Maduro’s government relief from sanctions on its state-run oil, gas and mining sectors after it agreed to work with members of the opposition to hold a free and competitive election this year. Instead, the ruling party used its almost total control over Venezuela’s institutions to undermine the agreement. Wednesday’s actions give U.S. companies 45 days to unwind any operations in Venezuela.