Venezuelan President Calls for Sanctions Relief Amid US Diplomatic Shift

Venezuela’s Interim President Calls for Sanctions Relief

Venezuelan interim President Delcy Rodriguez has expressed her desire for limited sanctions relief to stabilize the country’s economy. The US Treasury Department announced new licences allowing transactions with certain Venezuelan banks and individuals on Tuesday.

Rodriguez stated that the move was insufficient to address Venezuela’s ongoing economic crisis, which has been exacerbated by government mismanagement, corruption, and US restrictions. She emphasized the need for a comprehensive approach to provide institutional legal certainty to investors coming to the country.

The request comes amid protests from workers demanding higher wages and better pensions, highlighting the country’s sluggish economy. Rodriguez’s government has sought cooperation with US President Donald Trump’s demands, including opening Venezuela to foreign investment and relaxing restrictions on oil exploration and mining.

Trump has prioritized opening Venezuela to foreign investment, following a decades-long movement to nationalize the country’s major industries. The US has also imposed sanctions on Venezuelan state-owned banks and financial services firms, such as Banco de Venezuela and Tesoro.

Rodriguez met with US Assistant Secretary of Energy Kyle Haustveit on Tuesday, expressing interest in hearing from energy executives about potential projects in Venezuela and changes to regulation. The US has gradually eased sanctions on certain sectors, including its oil industry, but still approves all Venezuelan oil sales abroad.

The latest sanctions relief targeted Venezuela’s central bank, as well as other state-owned banks and financial services firms. Another general licence was issued to lift sanctions against certain transactions with the government of Venezuela.

Source: Al Jazeera