The Sanctions Are Back

26th April 2024:US reverses relief of sanctions on Venezuela Back in October 2023, the U.S. Treasury Department announced that it would ease sanctions against companies that trade in Venezuelan oil or invest in the country for an initial period of six months. The main reason for the partial relief of sanctions was to encourage Venezuela’s President Nicolas Maduro to enable democratic elections to take place in July 2024. Part of the agreement was that opposition candidate would be allowed to run for president and that political prisoners would be released. Unfortunately, Mr. Maduro did not follow through on these commitments and on April 18, sanctions relief was reversed. In this opinion we will discuss what happened during this brief period of sanctions relief and what will likely happen at the end of May, when the 45-day wind-down period expires. Please fill below form to continue read.