The United States government has eased certain sanctions on Venezuela to allow U.S. businesses and farmers greater access to Venezuelan oil and fertilizer, in a bid to blunt rising prices tied to the ongoing conflict with Iran, multiple sources report.
The Treasury Department’s Office of Foreign Assets Control (OFAC) has expanded waivers on sanctions, permitting American companies to import Venezuelan petrochemical products, including oil and fertilizer, as well as to provide goods, services and technology to support Venezuela’s energy and petrochemical sectors.
These changes are designed to help increase supplies of critical commodities in the U.S. and moderate inflationary pressures on fuel and food prices driven by Iranian attacks on shipping and disruptions in the Persian Gulf. The conflict in the Middle East has contributed to supply chain bottlenecks that have pushed prices higher, particularly for energy and agricultural inputs.
Under the expanded permissions, U.S. businesses and farmers may:
- buy and import Venezuelan oil and fertilizer directly;
- negotiate new contracts to develop Venezuela’s oil and natural gas production;
- engage in investment activities aimed at improving Venezuela’s electricity and petrochemical infrastructure.
Officials say these measures are part of broader efforts to reintegrate economic activity between the U.S. and Venezuela following political changes in Caracas earlier this year, and to help stabilize commodity supplies amid global market pressures.
Despite these adjustments, other sanctions targeting Russia, Iran, North Korea, China and Cuba remain in place.
