The United States announced today that it is reactivating sanctions against Venezuela’s oil and gas sectors, denouncing Caracas’ lack of respect for commitments made to hold presidential elections this year..

“In the absence of progress (…), especially in allowing all presidential candidates to run in elections this year, the US will not renew the authorization (allowing the purchase of oil and gas from Venezuela) when it expires on the 18th April 2024,” State Department spokesman Matthew Miller said in a press release.

Washington already announced last night that will re-impose sanctions against the state-owned company Minerven; which operates gold mines.

Representatives of Nicolas Maduro and the opposition signed an electoral agreement in Barbados in October 2023 to hold presidential elections in 2024.

In response to this agreement, Washington re-authorized the purchase of gas and oil from Venezuela for a period of 6 months.

Nevertheless, Venezuela’s Supreme Court ruled last week that the main opposition candidate Maria Corina Machado is ineligible to run in the presidential election.

The Barbados agreement “remains the most viable mechanism” to resolve the crisis in Venezuela, the US State Department points out, “but Maduro and his representatives must respect the road map and want the opposition to have the right to choose its candidates freely”.

Meanwhile, Venezuela’s Energy Minister Pedro Telecea said Caracas is prepared for any scenario, including the reimposition of US sanctions on its oil exports.

The US will also feel the impact of the reinstatement of oil sanctions, Venezuela’s energy minister told reporters.