Story perspectives

U.S. Considers Lifting Sanctions to Boost Venezuela's Oil Sales

1/11/2026

Summary

Story summary

U.S. Treasury Secretary Scott Bessent announced potential lifting of additional sanctions on Venezuela to support oil sales, possibly as early as next week.
He plans to meet with leaders from the International Monetary Fund (IMF) and World Bank to discuss re-engagement with Venezuela.
Bessent noted that nearly $5 billion in Venezuela's frozen IMF Special Drawing Rights could aid economic recovery.
This initiative follows the recent capture of Nicolás Maduro and aims to stabilize Venezuela and attract U.S. investment in its oil sector.
President Trump signed an executive order to protect Venezuelan oil revenues from U.S. court seizures.

History

Historical Context

Since 2019, U.S. sanctions on Venezuela, particularly targeting its state-owned oil company PDVSA, have severely impacted the nation's economy, which contracted by 50% from 2013 to 2019. These sanctions aimed to pressure President Nicolás Maduro amid a humanitarian crisis that has driven millions to flee. Recent discussions by U.S. officials about potentially lifting sanctions signal a shift in policy that could reshape U.S.-Venezuela relations.

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Story summary

U.S. Treasury Secretary Scott Bessent announced potential lifting of additional sanctions on Venezuela to support oil sales, possibly as early as next week.
He plans to meet with leaders from the International Monetary Fund (IMF) and World Bank to discuss re-engagement with Venezuela.
Bessent noted that nearly $5 billion in Venezuela's frozen IMF Special Drawing Rights could aid economic recovery.
This initiative follows the recent capture of Nicolás Maduro and aims to stabilize Venezuela and attract U.S. investment in its oil sector.
President Trump signed an executive order to protect Venezuelan oil revenues from U.S. court seizures.

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