The Washington Post reported Monday that the Biden administration and the government of Venezuelan President Nicolás Maduro have agreed on a deal that would see the US ease sanctions on Venezuela’s oil industry and the South American country allow a competitive, internationally monitored presidential election next year.
The publication, citing two people familiar with the breakthrough talks, said the announcement of the sanctions relief will be made following the signing of an agreement between Maduro's government and Venezuela's US-backed opposition. The agreement will contain commitments by the socialist government to ensure a freer vote in 2024.
The announcement is expected during a meeting in Barbados on Tuesday with US officials in attendance.
Maduro will agree to a process that will see bans lifted on opposition candidates running, a Washington Post source reportedly said. However, it is not clear how quickly that process would take place.
The publication added that a senior administration official said the agreement doesn't include plans to unfreeze Venezuelan assets currently held in the US, while it is not clear if the deal will involve the release of political prisoners in Venezuela.
The US is likely to put a time limit on any sanctions relief so they can be reversed if Maduro doesn't comply with his end of the agreement.
Furthermore, the sanctions relief could contain a general license for Venezuela’s state-owned oil agency to continue business with the US and other countries.