U.S. Reinstates Oil Sanctions on Venezuela Amid Election Promise Failures The Biden administration is set to reimpose oil sanctions on Venezuela due to President Nicolas Maduro’s failure to fulfill election commitments. This decision comes as the U.S. opts not to renew a license that previously eased sanctions on Venezuela’s oil sector. With the license expiring, the U.S. Treasury Department has issued a temporary 45-day license to allow companies to conclude their operations in Venezuela’s oil and gas industry. This move follows threats by Washington to reinstate energy sanctions if Maduro did not honor the commitments that had initially led to a partial lifting of sanctions after a U.S.-backed election deal with the Venezuelan opposition. These sanctions were first introduced in 2019 by the Trump administration after Maduro’s controversial re-election, which was not recognized by the U.S. and other Western nations. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Global Business Grinds to Halt as CrowdStrike Update Triggers Massive IT Meltdown READ MORE Equity Rally and Profit-Taking Lead to 1% Drop in Gold Prices READ MORE Gold's Price Could Soar to $2,600, Predicts Top Market Analyst READ MORE The REAL Reason Costco & Walmart Are Selling GOLD & SILVER READ MORE Survey Shows U.S. Tech Stocks Perceived as New Inflation Hedge READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment