US, Venezuela Near Deal on Sanctions Relief for Steps Toward Fair Elections
- Some individual sanctions on Maduro’s entourage to be lifted
- Release of dozens of political prisoners by Venezuela expected
The US and Venezuela are close to reaching an understanding that would bring limited sanctions relief in exchange for steps to ensure fair elections in the Latin American country next year, according to people familiar with the matter.
As part of the informal deal, the US would be willing to lift some oil and banking sanctions on Venezuela once Caracas announces measures to hold its presidential elections in a more democratic fashion, the people said. Those steps would include removing a ban on all opposition candidates to run for office.
Once those conditions are met, the US would be open to lifting penalties on both Venezuela’s central bank and the state-owned development bank, giving the administration of President Nicolas Maduro a path to reengage with financial institutions to recover at least $3 billion held in accounts in Europe, according to the people, who asked not to be identified discussing the fragile discussions.
Sanctions relief being considered by President Joe Biden’s administration would also extend to members of Maduro’s entourage, the people said, though it’s not expected to include prominent financiers such as Alex Saab, a top Maduro ally who has been imprisoned in the US since 2021.
Venezuela’s Information Ministry didn’t immediately respond to a request for comment.
In a step that could pave the way for relief from US sanctions, Venezuelan government representatives are expected to reach an agreement with opposition leaders on the election, the people said. They intend to close the agreement ahead of the Oct. 22 opposition primary elections, according to the people.
Ending the ban on opposition candidates, including frontrunner Maria Corina Machado, would clear the way for them to run in the 2024 election, according to the people. Candidates must still request removal of the restriction to Venezuela’s Supreme Court, a requirement that delayed the agreement for months as it’s seen as key to giving Machado a chance to win the vote.
Maduro has also agreed not to interfere with the opposition primaries later this month and to invite international observers to oversee the general election, as well as to release dozens of political prisoners from detention centers, which was a crucial point for Washington, according to one of the people.
Read more: Venezuelan Opposition Rejects Government Help With Primary Vote
A spokesperson for the White House National Security Council said that the US is ready to provide sanctions relief once Venezuela moves toward restoring democracy and holding fair elections. So far, the spokesperson said, Venezuela hasn’t taken those steps.
Maduro has sought for years to end US sanctions on the feeble Venezuelan economy to guarantee his regime the financing it needs to keep operations afloat. His government is in dire need of cash to potentially launch his third presidential campaign ahead of the 2024 vote.
At odds since socialist leader Hugo Chavez took power more than two decades ago, the US and Venezuela have showed recent signs of rapprochement.
This month, the Biden administration said it would resume repatriation flights of Venezuelan migrants who enter the US illegally, with Caracas saying it would accept the return of its citizens for the first time in years.
Maduro, for his part, cleared the way for the recently appointed Venezuelan electoral body to register new voters ahead of next year’s elections.
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