The US is willing to relax economic pressure on Venezuela, Bloomberg reported on Thursday, citing a senior Biden administration official. Sanctions relief could allow Caracas to increase oil exports to the country to fill the deficit left by the US embargo on Russian deliveries.
According to the report, the US delegation met with Venezuelan officials over the weekend when Washington was mulling sanctions on the Russian energy industry. Sources told Reuters US wanted to identify alternative oil supplies to fill the gap and Venezuela could boost crude exports if it eased the sanctions.
On Tuesday, US President Joe Biden announced a ban on Russian oil and gas imports over Moscow’s military offensive in Ukraine.
Venezuela has been under Washington’s economic sanctions since 2019, when the US and its allies recognized opposition leader Juan Guaido as the country’s legitimate president, following allegations of election rigging. Washington then ordered a freeze on all Venezuelan government assets in the United States and barred transactions with US citizens and companies.
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