US reimposes oil sanctions against Venezuela over election concerns | Oil and Gas News [Video]

The United States is reimposing sanctions on Venezuela’s vital oil sector over what it says is the government’s failure to adhere to democratic principles ahead of elections in July.

The administration of US President Joe Biden said it would not renew a licence that expired early on Thursday, and which had partially eased the punitive measures since October after a US-backed election deal was reached between the government and the Venezuelan opposition in Barbados.

“[Venezuela’s President] Nicolas Maduro and his representatives have not fully met the commitments made under the electoral roadmap agreement,” said US Department of State spokesperson Matthew Miller.

“Therefore, General License 44 – which authorised transactions related to the oil and gas sector with Venezuela – will expire after midnight and not be renewed.”

As the clock ticked down on the deadline, the US Treasury Department announced on Wednesday that it had issued a replacement licence giving …