Venezuela Braces for US Oil Sanctions, May Decline Migrant Flights – Officials, By Reuters

By Deisy Buitrago and Vivian Sequera

CARACAS (Reuters) – Venezuelan officials announced readiness for the potential reintroduction of U.S. sanctions on the country’s oil and gas exports. They stated that Venezuela would halt repatriation flights from the U.S. if "economic aggression" escalates.

This week, the U.S. began reinstating sanctions against Caracas following a decision from the country’s highest court that upheld a ban on the leading opposition candidate for the presidential election scheduled later this year.

On Monday, the U.S. Treasury Department informed U.S. entities that they have until February 13 to conclude transactions involving Venezuelan state-owned miner Minerven.

The U.S. originally imposed oil sanctions on Venezuela in 2019 but provided some relief in October as part of the Barbados deal. This agreement included commitments such as releasing political prisoners, allowing international observers, and establishing conditions for a fair presidential election.

Additionally, the U.S. State Department announced it does not intend to renew a broader license that permits Venezuelan oil to be transported to various destinations when it expires on April 18.

The State Department remarked that actions taken by Nicolás Maduro’s administration, including the detention of democratic opposition members and disqualification of candidates for the upcoming presidential election, violate the agreements made in Barbados.

Without meaningful progress between Maduro and the opposition coalition, known as the Unitary Platform, the U.S. will not renew general license 44, which provides certain exceptions for Venezuela’s oil and gas sector.

Oil Minister Pedro Tellechea declared, "Venezuela is prepared for any circumstance," during a government event in Caracas, asserting that the country has a robust industry ready to confront challenges.

Since October, Venezuela’s oil exports have seen a slight uptick, with increased shipments to the U.S. and Europe, once its primary markets before sanctions came into play.

Tellechea warned that any reimplementation of energy sanctions would also affect the U.S. economy, insisting that Venezuela will not bow down to external pressures regarding its trade relationships.

Vice-President Delcy Rodriguez announced that Venezuela would cease accepting migrant repatriation flights from the U.S. starting February 13 and would reassess other cooperative efforts if economic hostilities increase.

Rodriguez stated, "If they make the mistake of escalating economic aggression against Venezuela, at the request of extremist elements within the country, starting February 13, repatriation flights for Venezuelan migrants will be immediately revoked."

Repatriation flights from the U.S. to Venezuela resumed in October following an agreement between the two nations.

The U.S. Department of Homeland Security had conducted its last removal flight for Venezuelans in late December, marking the eleventh transport of its kind for the year. The department reported that it removed or returned over 460,000 individuals between mid-May and late December 2023.