US May Lift Some Venezuela Sanctions Soon, Bessent Tells Reuters

The US may lift additional sanctions on Venezuela as early as next week to facilitate oil sales, Reuters reported, citing an interview with Treasury Secretary Scott Bessent.

“We’re de-sanctioning the oil that’s going to be sold,” Bessent was quoted as telling the news agency. He didn’t identify which curbs may be removed, the report said.

President Donald Trump’s administration is seeking to take control of Venezuela’s oil industry after capturing the country’s president, Nicolas Maduro, and bringing him to the US to face criminal charges. The US president has since exhorted companies such as Chevron Corp., Exxon Mobil Corp. and ConocoPhillips to invest a combined $100 billion in the country to revive its oil infrastructure.

Bessent also told Reuters that nearly $5 billion in Venezuela’s monetary assets at the International Monetary Fund, known as special drawing rights, could be used to help rebuild the nation’s economy. He plans to meet with the heads of the IMF and the World Bank to next week to discuss re-engaging with Venezuela, the report said.