Economy & Business - November 2023

VENEZUELA: Sanctions lifted (for now)

Washington’s temporary lifting of sanctions on Venezuela is a major about-face, undoing the most severe measures that were imposed under former president Donald Trump (2017-2021), including sanctions on the all-important oil sector. President Joe Biden’s administration is hoping that the reversal could pave the way for more democracy and an improved economy in Venezuela, with the lifting of sanctions contingent on democratic concessions by President Nicolás Maduro. The early signs are not promising, however, with the authorities refusing to lift bans preventing leading opposition figures from contesting next year’s presidential election.

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