U.S. Expands Venezuela Sanctions Waivers

• The United States (U.S) expanded sanctions waivers on Venezuela, easing the way for ‌investment in the South American country’s energy and petrochemical sectors and allowing for fertiliser exports as Washington seeks to help American farmers hit by rising prices stemming from the Iran war.
• The U.S. Treasury Department issued three updated general licenses as part of the move. The department said the changes were intended to support the revitalisation of Venezuela’s energy industry while ensuring global commodity markets remain well-supplied, although it was not ⁠immediately clear how much fertiliser Venezuela had available to export, or how quickly it would reach the U.S.
• The move reflects the Trump administration’s effort to cushion consumers and farmers from rising commodity prices due to the conflict with Iran, which has boosted oil and fertiliser costs and raised concerns about broader inflation. The measures specifically support activities related to electricity generation, transmission and distribution, all seen as critical to boosting oil production after decades of underinvestment.
• The actions build on a series of sanctions adjustments Washington has ⁠rolled out since the January capture and removal of President Nicolas Maduro. Earlier this month, U.S. authorities issued a license authorising certain transactions involving Venezuelan-origin gold, while oil sanctions were more broadly relaxed in February and ⁠

(Source: Reuters)