:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/bloomberglinea/CV5COKC23UTRLX3XLVUFI5BLKE.jpg "Venezuelan President Nicolás Maduro. Photographer: Carlos Becerra/Bloomberg")
Bloomberg — US President Joe Biden’s administration is in talks with Venezuela to explore a temporary lifting of crippling sanctions in exchange for allowing fair elections in the South American country next year.
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The preliminary discussions involve senior officials from both nations, including Venezuela’s head of congress Jorge Rodríguez, according to people familiar with the process, who asked not to be identified.
Washington has floated the idea of sanctions relief to persuade the regime of President Nicolás Maduro to hold a competitive presidential vote in 2024, and free political prisoners.
Sanctions have aggravated Venezuela’s economic and humanitarian crisis by hindering oil sales, though failed in their original objective of ousting Maduro.
If a deal is reached, the US would grant a license to lift some or all of Venezuela’s sanctions temporarily.
The talks present the first significant opportunity to ease the restrictions, most of which were put in place by the 2017-2021 administration of US President Donald Trump, who took a hardline approach to the socialist government.
Maduro, in power since 2013, is widely expected to run for a third term next year, but has yet to set a date for the vote or invite foreign observers.
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It’s unclear how soon a deal might be reached, if at all, and much will depend on the actions of the Maduro regime, according to the people. The government has taken a series of antidemocratic moves, including barring opposition candidates such as María Corina Machado.
“Should Venezuela take concrete actions toward restoring democracy, leading to free and fair elections, we are prepared to provide corresponding sanctions relief,” said Adrienne Watson, a spokeswoman for the White House’s National Security Council, in a written response to questions.
Any deal would come at a critical time, since Venezuela is soon to announce a new electoral board set to oversee the election.
Press officials for Venezuela’s presidency and Jorge Rodríguez did not immediately respond to a request for comment.
--With assistance from Eric Martin, Daniel Flatley and Courtney McBride.
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