Page 4 - LatAmOil Week 26 2021

COMMENTAR
LatAmOil COMMENTARY Y LatAmOil

Pro-Maduro rally in 2018 (Photo: AVN)
Are US sanctions on Venezuela

likely to be lifted any time soon?

President Maduro is showing signs of willingness to make political concessions ahead of the November

elections – and also the determination to load the dice in his administration’s favour

THE sanctions that the US government has “substantive, credible advancements to restore
imposed on Venezuela and on its national oil core democratic processes and institutions in
WHAT: company (NOC) PdVSA are designed to have Venezuela.”
Caracas appears to be an economic impact. They aim to discourage In the statement, the three officials declared
taking some steps toward investment and trade on all fronts, and they are that Washington, Ottawa and Brussels were
freer and fairer elections. designed to wreak particular havoc on the oil “willing to review sanctions policies based
industry, which is the main driver of the coun- on meaningful progress in a comprehensive
WHY: try’s economy. negotiation.”
If it does so, it may be But the conditions for lifting the sanctions
able to attract the invest- are political, not economic. Washington has said Auspicious timing
ment that the national oil it will not lift the trade restrictions until Caracas In some respects, this is an unremarkable pro-
industry needs so badly. takes meaningful steps to restore free and fair nouncement. It is completely in line with pre-
elections. It reiterated that point late last week, vious statements made by US officials on the
WHAT NEXT: when US Secretary of State Antony Blinken conditions for the lifting of sanctions, and it does
US officials should watch joined Canada’s Minister of Foreign Affairs not appear to hint at the possibility of changes
events in Venezuela Marc Garneau and EU High Representative in policy.
closely before making de-
cisions about sanctions. for Foreign Affairs and Security Policy Josep But in other respects, the joint statement is
Borrell in issuing a statement that called for notable.

P4 www. NEWSBASE .com Week 26 01•July•2021