US Temporarily Allows Venezuela LPG Export Restrictions

Photo by AP

[Asia Economy Reporter Yujin Cho] The Biden administration in the United States has partially eased economic sanctions that were imposed on Venezuela during the Trump administration.

According to major foreign media on the 12th (local time), the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury has decided to allow the export of liquefied petroleum gas (LPG) to Venezuela for one year until July 8, 2022.

Regarding this sanction relief decision, Russ Dallen of investment bank Caracas Capital described it as "a humanitarian gesture by the U.S. toward the Venezuelan government, which has the largest oil reserves in the world."

Previously, former President Donald Trump, who focused on pressuring the Nicol?s Maduro regime in Venezuela, banned transactions with the state-owned oil company PDVSA, in which the Venezuelan government owns more than 50% of the shares, to strangle the oil industry.

The Washington Post (WP) reported that the U.S. sanction relief was announced on the same day authorities reportedly threatened to arrest opposition leader Juan Guaid?.

Guaid?, recognized by the U.S. as the interim president of Venezuela instead of Maduro, said that on that day he was threatened with arrest by armed police in the basement of his home in Caracas.

Additionally, Venezuelan authorities arrested opposition figure Freddy Guevara on charges including terrorism and treason on the same day.

Julie Chung, U.S. Assistant Secretary of State for Western Hemisphere Affairs, strongly condemned on Twitter "the arrest of Guevara and the arrest threats against interim president Guaid?."

This content was produced with the assistance of AI translation services.