Venezuela Sanctions Relief Possible Next Week, According to Bessent Report
‘Barron’s Roundtable’ panelists Jacob Sonenshine, Elizabeth O’Brien, and Ben Levisohn discuss three things investors should keep in mind.
The U.S. government may soon lift additional sanctions on Venezuela to bolster oil sales, as indicated by Treasury Secretary Scott Bessent.
In a recent interview with Reuters, Bessent mentioned that more U.S. sanctions could be lifted “as soon as next week.” He also plans to meet with leaders from the International Monetary Fund (IMF) and the World Bank to discuss renewed engagement with the South American nation.
“We’re de-sanctioning the oil that’s going to be sold,” Bessent stated, highlighting the administration’s intent to facilitate oil exports.
ENERGY SECRETARY SAYS CHEVRON EXPANSION, US OIL ROLE IN VENEZUELA COULD COME ‘PRETTY QUICKLY’
Treasury Secretary Scott Bessent says $5 billion in Venezuela’s frozen IMF Special Drawing Rights (SDRS) could be unlocked to support the country’s economic recovery. (John Lamparski/Getty Images / Getty Images)
Bessent did not specify which sanctions might be removed, but he noted that nearly $5 billion in Venezuela’s frozen IMF Special Drawing Rights (SDRS) could be accessed to aid the country’s economic recovery, according to Reuters. Currently, Venezuela holds about 3.59 billion SDRs, valued at approximately $4.9 billion, but cannot utilize them due to existing restrictions.
BEHIND THE SCENES OF WHO IS ATTENDING TRUMP’S OIL EXECUTIVE MEETING AFTER MADURO OPERATION
The potential sanctions relief is an effort to stabilize Venezuela after the capture of its dictator, Nicolás Maduro. (Matias Delacroix/Getty Images / Getty Images)
U.S. sanctions have historically restricted international financial dealings with Venezuela’s government, as reported by Reuters. This potential sanctions relief aligns with a broader strategy by the Trump administration to stabilize Venezuela and promote U.S. investment in its oil sector following the ousting of dictator Nicolás Maduro.
On Friday, President Donald Trump signed an executive order preventing U.S. courts from seizing Venezuelan oil revenues held in American Treasury accounts.
MADURO’S FALL PUTS IRAN’S DEEP ENERGY AND DEFENSE COOPERATION WITH VENEZUELA AT RISK
President Donald Trump signed an executive order blocking U.S. courts from seizing Venezuelan oil revenues in treasury accounts. (Saul Loeb / AFP via Getty Images / Getty Images)
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The executive order, titled “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” asserts that any court attempts to seize these funds would represent an “unusual and extraordinary threat” to U.S. national security and foreign policy.
The U.S. Treasury has yet to respond to FOX Business’ request for comment.
Fox News Digital’s Michael Dorgan contributed to this report.
‘Barron’s Roundtable’ panelists Jacob Sonenshine, Elizabeth O’Brien, and Ben Levisohn discuss three things investors should keep in mind.
The U.S. government may soon lift additional sanctions on Venezuela to bolster oil sales, as indicated by Treasury Secretary Scott Bessent.
In a recent interview with Reuters, Bessent mentioned that more U.S. sanctions could be lifted “as soon as next week.” He also plans to meet with leaders from the International Monetary Fund (IMF) and the World Bank to discuss renewed engagement with the South American nation.
“We’re de-sanctioning the oil that’s going to be sold,” Bessent stated, highlighting the administration’s intent to facilitate oil exports.
ENERGY SECRETARY SAYS CHEVRON EXPANSION, US OIL ROLE IN VENEZUELA COULD COME ‘PRETTY QUICKLY’
Treasury Secretary Scott Bessent says $5 billion in Venezuela’s frozen IMF Special Drawing Rights (SDRS) could be unlocked to support the country’s economic recovery. (John Lamparski/Getty Images / Getty Images)
Bessent did not specify which sanctions might be removed, but he noted that nearly $5 billion in Venezuela’s frozen IMF Special Drawing Rights (SDRS) could be accessed to aid the country’s economic recovery, according to Reuters. Currently, Venezuela holds about 3.59 billion SDRs, valued at approximately $4.9 billion, but cannot utilize them due to existing restrictions.
BEHIND THE SCENES OF WHO IS ATTENDING TRUMP’S OIL EXECUTIVE MEETING AFTER MADURO OPERATION
The potential sanctions relief is an effort to stabilize Venezuela after the capture of its dictator, Nicolás Maduro. (Matias Delacroix/Getty Images / Getty Images)
U.S. sanctions have historically restricted international financial dealings with Venezuela’s government, as reported by Reuters. This potential sanctions relief aligns with a broader strategy by the Trump administration to stabilize Venezuela and promote U.S. investment in its oil sector following the ousting of dictator Nicolás Maduro.
On Friday, President Donald Trump signed an executive order preventing U.S. courts from seizing Venezuelan oil revenues held in American Treasury accounts.
MADURO’S FALL PUTS IRAN’S DEEP ENERGY AND DEFENSE COOPERATION WITH VENEZUELA AT RISK
President Donald Trump signed an executive order blocking U.S. courts from seizing Venezuelan oil revenues in treasury accounts. (Saul Loeb / AFP via Getty Images / Getty Images)
CLICK HERE TO GET FOX BUSINESS ON THE GO
The executive order, titled “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” asserts that any court attempts to seize these funds would represent an “unusual and extraordinary threat” to U.S. national security and foreign policy.
The U.S. Treasury has yet to respond to FOX Business’ request for comment.
Fox News Digital’s Michael Dorgan contributed to this report.
