Venezuelan President Nicolas Maduro's government is set to sign an agreement with the country's opposition on Tuesday that could pave the way for some relief from oil-related U.S. sanctions in return for commitments to hold a free and fair 2024 presidential election.
The United States has long said it would lift some of its sanctions in exchange for democratic concessions from Venezuela's socialist president.
Tuesday's meeting in Barbados between the government and opposition marks their first in 11 months. The talks, meant to provide a way out of Venezuela's long-running political and economic crisis, were being held just days before the opposition is set to hold a Sunday primary to choose its 2024 presidential candidate.
Maduro, president since 2013, is expected to run for re-election but has not yet formalized his candidacy. His government has banned prominent opposition figures from running.
If the expected agreement between the government and opposition passes muster in Washington, U.S. President Joe Biden's administration is expected to announce a limited but significant easing of sanctions, according to U.S. sources.
The U.S. sources, however, have said any sanctions relief would be reversible if Maduro fails to meet his election commitments. Oil revenues are central to OPEC member Venezuela's economy.
Reuters reported last week that Venezuela and the United States had progressed at their own talks in Qatar toward a deal that could allow at least one additional foreign oil firm to take Venezuelan crude oil for debt repayment if Maduro resumed negotiations with the opposition.
Maduro said late on Monday his government and the opposition would sign a deal he said would be beneficial for a 2024 election, though he offered no further details.
Sources have told Reuters the deal will include an election date in the latter half of next year and allow the participation of opposition figures currently barred from holding office, among other things. It remained unclear whether all opposition candidates would have their bans lifted.
The opposition considers the bans unlawful, and Washington has rejected any roadblocks to opposition candidates in the election. Some members of the opposition said on Monday that they doubted Maduro would follow through on his promises.
The United States imposed sanctions on Venezuela to punish Maduro's government following a 2018 election that Washington considered a sham. Since 2019, U.S. sanctions have banned PDVSA from exporting its oil to its chosen markets.
