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“Barron’s Roundtable” panelists Jacob Sonenshine, Elizabeth O’Brien and Ben Levisohn discuss three things investors should keep in mind.
The United States could soon lift additional sanctions on Venezuela to support oil sales, according to the Treasury secretary. Scott Bessant.
In an interview with ReutersBessent said more US sanctions could be lifted “as early as next week”, adding that he planned to meet with leaders of the International Monetary Fund (IMF) and the World Bank to discuss renewed engagement with the South American nation.
“We are canceling the sanctions regarding the oil that is going to be sold,” Bessent said.
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Treasury Secretary Scott Bessent said $5 billion in IMF Special Drawing Rights (SDRS) frozen to Venezuela could be released to support the country’s economic recovery. (John Lamparski/Getty Images / Getty Images)
Bessent did not identify what sanctions could be lifted.
He also said that nearly $5 billion in IMF Special Drawing Rights (SDRS) frozen in Venezuela could be released to support the country. economic recoveryaccording to Reuters.
Venezuela currently holds around 3.59 billion SDRs, worth around $4.9 billion, but cannot access them due to existing restrictions, according to Reuters.
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The potential sanctions relief is an effort to stabilize Venezuela after the capture of its dictator, Nicolas Maduro. (Matias Delacroix/Getty Images/Getty Images)
American sanctions have long limited international relations financial transactions with the Venezuelan government, according to Reuters.
The potential sanctions relief is part of a broader effort by the Trump administration to stabilize Venezuela and encourage U.S. investment in its oil sector following the capture of deposed dictator Nicolás Maduro.
On Friday, the president Donald Trump signed an executive order barring U.S. courts from seizing Venezuelan oil revenues held in U.S. Treasury accounts.
FALL OF MADURO PUTS IRAN’S DEEP ENERGY AND DEFENSE COOPERATION WITH VENEZUELA AT RISK
President Donald Trump has signed an executive order barring U.S. courts from seizing Venezuelan oil revenues from Treasury accounts. (Saul Loeb/AFP via Getty Images/Getty Images)
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The order, titled “Safeguarding Venezuelan Oil Revenues for the Good of the American and Venezuelan People,” states that any attempt to seize the funds through the courts would pose an “unusual and extraordinary threat” to U.S. national security and foreign policy.
The U.S. Treasury did not immediately respond to FOX Business’ request for comment.
Michael Dorgan of Fox News Digital contributed to this report.
