Government of Venezuela and opposition will sign electoral agreement that would alleviate sanctions

The Venezuelan government plans to sign an agreement with the opposition on Tuesday that could pave the way for relief in US sanctions in exchange for a commitment to hold presidential elections next year.

The United States has long said it would lift some of its sanctions in exchange for democratic concessions from President Nicolás Maduro, but Tuesday’s meeting in Barbados will be the first in almost a year.

The talks between the government and the opposition are intended to provide a way out of Venezuela’s protracted political and economic crisis. The agreement comes days before the opposition holds a primary on Sunday to choose its 2024 candidate.

If the agreement between the government and the opposition is approved in Washington, Joe Biden’s government is expected to announce a limited but significant easing of sanctions related to Venezuela’s oil business, according to US sources. That could include a new blanket license from the Treasury Department, the sources said.

US sources say any sanctions relief would be reversible if Ripe does not fulfill its electoral commitments.

Ripe He said Monday that his government and the opposition would sign an agreement that includes electoral guarantees such as audits, among other aspects that he said would benefit the 2024 elections.

Sources have told Reuters that the agreement will include an election date in the second half of next year and will allow the participation of opposition figures currently disqualified from holding public office, among other things.

It was unclear whether bans would be lifted on all opposition candidates, which considers the measures illegal. Washington has rejected any obstacle to the opposition candidates’ run for the presidency.

At least two candidates who were initially going to run in the primaries have withdrawn because they were banned, although the favorite Maria Corina Machadowho is also disqualified, is still in the running.