The U.S. could soon lift additional sanctions on Venezuela to help support oil sales, according to Treasury Secretary Scott Bessent.
In an interview with Reuters, Bessent said more U.S. sanctions could be lifted “as soon as next week,” adding that he plans to meet with the heads of the International Monetary Fund (IMF) and the World Bank to discuss renewed engagement with the South American nation.
“We’re de-sanctioning the oil that’s going to be sold,” Bessent said.
Treasury Secretary Scott Bessent says $5 billion in Venezuela’s frozen IMF Special Drawing Rights (SDRS) could be unlocked to support the country’s economic recovery. (John Lamparski/Getty Images / Getty Images)
Bessent did not identify which sanctions could be removed.
He also said that nearly $5 billion in Venezuela’s frozen IMF Special Drawing Rights (SDRS) could be unlocked to support the country’s economic recovery, according to Reuters.
Venezuela currently holds about 3.59 billion SDRs, worth roughly $4.9 billion, but cannot access them under existing restrictions, according to Reuters.
The potential sanctions relief is an effort to stabilize Venezuela after the capture of its dictator, Nicolás Maduro. (Matias Delacroix/Getty Images / Getty Images)
U.S. sanctions have long limited international financial dealings with Venezuela’s government, according to Reuters.
The potential sanctions relief comes as part of a broader Trump administration effort to stabilize Venezuela and encourage U.S. investment in its oil sector following the capture of ousted dictator Nicolás Maduro.
On Friday, President Donald Trump signed an executive order blocking U.S. courts from seizing Venezuelan oil revenues held in American Treasury accounts.
President Donald Trump signed an executive order blocking U.S. courts from seizing Venezuelan oil revenues in treasury accounts. (Saul Loeb / AFP via Getty Images / Getty Images)
The order, “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” states that any attempt through the courts to seize the funds would pose an “unusual and extraordinary threat” to U.S. national security and foreign policy.
The U.S. Treasury did not immediately respond to request for comment.
Fox News Digital’s Michael Dorgan contributed to this report.