The United States will not renew a license that expires on Thursday and which has largely eased Venezuela's oil sanctions. The Treasury Department has given companies in the sector 45 days to "liquidate" their activities and transactions in the oil and gas sector in OPEC countries.
The U.S. is moving to reimpose punitive measures in response to the failure to respect the commitments made by President Nicolas Maduro regarding the presidential elections next July. Maduro said his country "does not need licenses to grow" after the decision not to renew measures that had eased sanctions on the oil-rich country. "We are concerned that Maduro and his representatives have prevented the democratic opposition from registering the candidate of their choice, have harassed and intimidated political opponents and unjustly detained numerous political actors and members of the civil community," a statement from the State Department says. The statement explains that "in order to implement an orderly process after the expiration of the General License, the US will issue a specific 45-day settlement license. "The US will also consider on a case-by-case basis requests for specific licenses to continue activities beyond the end of the settlement period.