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Investment · Oil · Sanctions · Venezuela
The United States Office of Foreign Assets Control officially lifted sanctions on Venezuela's acting President Delcy Rodríguez, a move that immediately allows her to work more freely with US companies and investors and represents a significant step towards normalizing and strengthening bilateral relations.
These sanctions were initially imposed during Trump’s first term on Rodríguez and her brother, Jorge Rodríguez, for allegedly undermining Venezuelan democracy. The current Trump administration recognized Rodríguez as a legitimate authority following the capture of Nicolás Maduro and his wife on January 3rd, who now face drug trafficking charges in New York and have pleaded not guilty.
Rodríguez has since led Venezuela's cooperation with the administration's phased plan, actively pitching the oil-rich nation to international investors and opening it to private capital, international arbitration, and scrutiny. This follows a March authorization by the US Treasury allowing state-owned Petróleos de Venezuela SA (PDVSA) to directly sell oil to US companies and on global markets.
Rodríguez expressed hope for further lifting of sanctions against Venezuela. Nicolás Maduro legally remains Venezuela’s president, with the country’s high court declaring his absence “temporary” and appointing Rodríguez for a 90-day period, extendable to six months by the ruling-party-controlled National Assembly.