U.S. considers allowing limited oil business to continue in Venezuela

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The Biden administration does not want to return to the Trump-era “maximum pressure” sanctions policy on Venezuela, which it believes would benefit China and Iran.

Facing a mid-April deadline to decide whether to extend a temporary suspension of sanctions it granted Venezuela last fall, the Biden administration is considering ways to impose new limits on oil sales by the government of President Nicolás Maduro without increasing the number of Venezuelan migrants, raising U.S. gas prices or angering other Latin American governments.after Maduro promised that he would allow competitive presidential elections this summer.

Instead, Venezuela would be paid in its own currency, the bolívar, deposited directly into its Central Bank through debt relief payments oil it produces there to the United States. No additional restrictions are expected to be applied to the company A return to the Trump-era sanctions policy could upset important left-leaning governments in the region, particularly Brazil and Colombia, which have struggled with their own migrant problems from neighboring Venezuela. India, a critical U.S. partner, has also become“The worst thing that could happen is that we’re seen as embracing this bad policy that we inherited from the Trump administration,” the person familiar with the issue said.

 

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