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Biden administration to reimpose oil and gas sanctions on Venezuela

The Biden administration will reimpose oil and gas sanctions on Venezuela after President Nicolás Maduro failed to comply with a U.S.-backed agreement to allow opposition candidates and parties to run in July elections, the State Department said in a statement Wednesday.

A six-month general license, issued in October as part of a deal between Maduro and the Venezuelan opposition signed in October, is scheduled to expire at midnight Wednesday and will not be renewed, the officials said. The Treasury Department on Wednesday issued a new, limited license allowing businesses operating in Venezuela, including international oil companies, until May 31 to wind down their operations there.

The decision comes amid U.S. election year concerns that both global oil prices and the number of Venezuelan migrants seeking U.S. entry may increase as restrictions are reimposed on the primary source of Venezuela's income.


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