Venezuela’s government announced on Monday it plans to resume talks with opposition leaders on Tuesday. The United States incentivized Venezuelan President Nicolas Maduro with eased sanctions if his government commits to a free and internationally observed election next year.
The announcement marks the first democratic concessions from Caracas since the last government-opposition talks a year ago. The Biden administration has shifted away from the Trump-era “maximum pressure” strategy and expanded dialogue with Venezuela over a variety of issues. Maduro’s representatives and opposition leaders will meet in Barbados, where they will likely sign an election agreement that lifts bans on opposition candidates. The U.S. could then ease restrictions on Venezuelan banks or its oil business. Various sources identified France’s Maurel & Prom, a joint venture with Venezuela’s PDVSA, as a possible recipient of a U.S. comfort letter allowing PDVSA partners to accept oil exports as debt repayment. The U.S. State Department was hesitant to mention sanctions relief in its celebratory statement as Maduro has reneged on free election promises in the past.
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