The United States has begun to unfreeze Venezuelan funds that were frozen under sanctions, according to Delcy Rodriguez, Venezuela’s interim president. This move marks a significant development in the rapprochement between the two countries, which have been at odds for years. The US imposed sanctions on Venezuela in 2019, including an oil embargo, following Nicolas Maduro’s disputed re-election.
The sanctions resulted in the freezing of Venezuelan funds in international accounts, estimated to be around $30 billion. Rodriguez announced that the US is now unfreezing these resources, which will enable the Venezuelan government to invest in essential equipment for hospitals. The funds will be used to acquire medical equipment from the US and other countries.
This development is part of a series of agreements between the US and the interim Venezuelan government, which has been in place since Maduro’s removal from power. Rodriguez has been working to improve ties with the US, particularly with President Donald Trump, who has vowed to take action if the interim government does not comply with US demands.
One of the key demands is access to Venezuela’s vast oil resources, which the US is already taking a share of, according to Trump. Rodriguez has insisted that her country is not under US tutelage, but Senator Marco Rubio has warned that she risks facing the same fate as Maduro if she fails to comply with US wishes.
Rubio is set to warn Rodriguez that she must advance US objectives, including granting access to Venezuela’s oil resources, or face consequences. The US has significant interests in Venezuela, which sits on around a fifth of the world’s oil reserves. The country was once a major crude supplier to the US, with several American firms operating there until 2007.
The US has also taken steps to restore diplomatic ties with Venezuela, confirming a new charge d’affaires to the country last week. This move is seen as a step towards normalization of relations between the two countries. However, the issue of elections in Venezuela remains unresolved, with Maduro’s son insisting that there is no provision for fresh elections in the case of a “kidnapping,” as he refers to his father’s removal from power.
The Venezuelan constitution mandates new elections if a president’s seat is declared vacant before half their term has expired, but Maduro’s son claims that this does not apply in this case. The situation remains uncertain, with the US and Venezuela navigating a complex and delicate relationship. The unfreezing of Venezuelan funds is a significant development, but it remains to be seen how the situation will unfold in the coming weeks and months.
