Venezuela President Nicolás Maduro
The Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela.
The move comes in response to President Nicolás Maduro's attempts to consolidate his rule, just six months after the US eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation.
A senior US official, discussing the decision with reporters, said any US company investing in Venezuela will have 45 days to wind down operations to avoid adding uncertainty to global energy markets.
In October, the US granted Maduro's government relief from sanctions on its state-run oil, gas and mining sectors after it agreed to work with members of the opposition to hold a free and competitive presidential election this year.
While Maduro went on to schedule an election for July and invite international observers to monitor voting, his inner circle has used the ruling party's total control over Venezuela's institutions to undermine the agreement.
These actions include blocking his main rival, ex lawmaker Maria Corina Machado, from registering her candidacy or that of a designated alternative.
Numerous government critics have also been jailed over the last six months, including several of Machado's aides.
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