The US announced sanctions relief for Venezuela following the signing of an electoral roadmap agreement between the Unitary Platform and representatives of Nicolas Maduro.

In a statement, Secretary of State Antony Blinken said the move was a concrete step toward the resolution of Venezuela’s political, economic, and humanitarian crisis.

He says the US Department of Treasury Office of Foreign Assets Control today took the following steps:

• Issued a six-month general license temporarily authorizing transactions involving the oil and gas sector in Venezuela. The license will be renewed only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained.
• Issued a second general license authorizing dealings with Minerven – the Venezuelan state-owned gold mining company – which we assess would have the effect of reducing black-market trading in gold.
• Amended relevant licenses to remove the secondary trading ban on certain Venezuelan sovereign bonds and PdVSA debt and equity. The ban on trading in the primary Venezuelan bond market remains in place. We assess that this, too, would have the positive effect of displacing nefarious players in this market, and with negligible financial benefit to authorities from Venezuela.

Other sanctions and restrictions imposed by the US on Venezuela remain in place.

Mr Blinken says the move is “consistent with our longstanding commitment to provide U.S. sanctions relief in response to concrete steps toward competitive elections and respect for human rights and fundamental freedoms…”

He adds that the US will closely follow implementation of the electoral roadmap, with action to be taken if commitments under the electoral roadmap and with respect to political prisoners are not met.

It has also conveyed its expectation and understanding that Venezuela will take the following steps before the end of November:

• Define a specific timeline and process for the expedited reinstatement of all candidates. All who want to run for President should be allowed the opportunity, and are entitled to a level electoral playing field, to freedom of movement, and to assurances for their physical safety.
• Begin the release of all wrongfully detained U.S. nationals and Venezuelan political prisoners.

The US says failure to abide by the terms of this arrangement will lead the US to reverse the steps taken.