US sanctions relief and engagement with Venezuela
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The relief granted is contingent on Venezuela's compliance with the terms of the electoral deal, and the US Treasury Department reserves the right to modify or revoke it.
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The Biden administration, in contrast to the previous "maximum pressure" approach, is shifting towards increased engagement with Venezuela, marking a significant change in US policy towards the country.
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As part of the sanctions relief, the US Department of the Treasury has issued General Licenses that permit transactions involving Venezuela's oil and gas sector, as well as its gold sector. Additionally, the ban on secondary trading has been lifted.
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