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The US could soon lift additional sanctions on Venezuela to support oil sales, according to Treasury Secretary Scott Bessent.
In an interview with ReutersBessent said more US sanctions could be lifted “as soon as next week”, adding that he plans to meet the heads of the International Monetary Fund (IMF) and the World Bank to discuss re-engagement with the South American nation.
“We are removing sanctions for the oil that will be sold,” Bessent said.
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Finance Minister Scott Bessent says $5 billion in frozen Venezuelan Special Drawing Rights (SDRS) could be released from the IMF to support the country’s economic recovery. (John Lamparski/Getty Images/Getty Images)
Bessent has not indicated which sanctions could be lifted.
He also said nearly $5 billion of the IMF’s frozen Special Drawing Rights (SDRS) could be released to support the country’s economic recovery, according to Reuters.
Venezuela currently holds about 3.59 billion SDRs, worth about $4.9 billion, but cannot access them under existing restrictions, according to Reuters.
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The possible sanctions relief is an attempt to stabilize Venezuela after the imprisonment of dictator Nicolás Maduro. (Matias Delacroix/Getty Images/Getty Images)
According to Reuters, US sanctions have long limited international financial relations with the Venezuelan government.
The possible sanctions relief comes as part of a broader effort by the Trump administration to stabilize Venezuela and encourage U.S. investment in the oil sector following the arrest of deposed dictator Nicolás Maduro.
On Friday, President Donald Trump signed an executive order banning U.S. courts from seizing Venezuelan oil revenues from U.S. Treasury accounts.
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President Donald Trump has signed an executive order blocking US courts from seizing Venezuelan oil revenues from Treasury accounts. (Saul Loeb/AFP via Getty Images/Getty Images)
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The order, “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” states that any attempt through the courts to seize the funds would pose an “unusual and extraordinary threat” to U.S. national security and foreign policy.
