Bessent confirmed that his country would lift sanctions on oil that would be sold.
US considers lifting Venezuela sanctions as diplomatic talks begin
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- US signals possible lifting of additional sanctions on Venezuela to ease oil sales and unlock IMF assets.
- Venezuela begins exploratory diplomatic talks with the US following military operation that detained President Nicolás Maduro.
US Treasury Secretary Scott Bessent said additional US sanctions on Venezuela could be lifted in the coming days to facilitate oil sales. He added that he plans to meet with the heads of the International Monetary Fund (IMF) and World Bank to discuss re-engagement with Caracas.
Bessent told Reuters that nearly $5 billion in Venezuela’s frozen IMF special drawing rights could be used to help rebuild the country’s economy. Speaking during a visit to a Winnebago Industries facility, he said, “We will lift sanctions on oil that will be sold.”
Read more: Venezuela begins releasing ‘large number’ of prisoners
The Treasury Department is reportedly considering changes to allow oil revenue stored largely on ships to be returned to Venezuela more easily.
Security warnings and protests
Meanwhile, the US State Department urged its citizens not to travel to Venezuela and told those already in the country to leave immediately, citing “unstable” security conditions. Officials warned that armed groups known as colectivos are reportedly setting up checkpoints and searching vehicles for evidence of US nationality or support.
Read more: US urges Americans to leave Venezuela “immediately” due to risk
In Caracas, thousands of supporters of detained Venezuelan President Nicolás Maduro gathered in the streets in a solidarity demonstration, holding signs featuring Maduro and his wife, Cilia Flores.
Diplomatic outreach
The Venezuelan government announced Friday it has begun exploring ways to expand diplomatic relations with the US. A government statement said Caracas is “starting a largely exploratory diplomatic process with the United States to reestablish diplomatic representation in both countries,” with a Venezuelan delegation expected to visit Washington for assessments.
The US State Department confirmed that officials have discussed a “gradual resumption” of embassy operations in Venezuela. Both Washington and Caracas expressed interest in cooperation following last week’s US military operation that detained Maduro and temporarily placed Vice President Delcy Rodríguez in charge.
