US EditionUS may lift more Venezuela sanctions next week, Bessent says
The U.S. aims to unlock nearly $5 billion in frozen IMF funds and encourage U.S. oil investment to stabilize Venezuela's economy after Maduro's capture.
- On Jan 10, U.S. Treasury Secretary Scott Bessent told Reuters additional U.S. sanctions on Venezuela could be lifted, `It could be as soon as next week`, and he will meet next week with IMF and World Bank leaders.
- U.S. sanctions have barred international banks and other creditors from engaging with Venezuela, blocking repatriation of oil-sale proceeds held on ships and complicating a $150 billion debt restructuring.
- Venezuela holds about 3.59 billion SDRs worth about $4.9 billion, and Bessent said almost $5 billion of frozen IMF assets could be converted by the U.S. Treasury for rebuilding.
- The administration moved to shield Venezuelan oil revenue by President Donald Trump signing an executive order blocking courts from impounding funds in U.S. Treasury accounts, safeguarding them to support the Venezuelan government and security services.
- Smaller privately held oil companies are likely to re-enter Venezuela quickly despite Exxon Mobil's reluctance, while the World Bank explores early engagement and the U.S. Export-Import Bank may guarantee financing, Scott Bessent said.
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Korrespondent.netMitigating the restrictions will allow Caracas to recover its oil revenues.
Trump admin to ease some Venezuela sanctions soon, says Bessent days after Maduro's capture: Report
The US may lift further sanctions on Venezuela next week to facilitate oil sales, according to Treasury Secretary Scott Bessent. The Trump administration seeks to control Venezuela's oil sector following President Maduro's detention.
Measures are part of the effort of the Trump government to encourage the return of American oil producers to the country
US may lift more Venezuela sanctions next week, Bessent says
U.S. Treasury Secretary Scott Bessent has told Reuters that additional U.S. sanctions on Venezuela could be lifted as soon as next week to facilitate oil sales, and that he will also meet next week with the heads of the International Monetary Fund and World Bank on their re-engagement with Venezuela.
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