"U.S. and Venezuela Reach Initial Deal to Ease Oil Sanctions for Freer Elections"

The Biden administration and the Venezuelan government have reached a deal in which the U.S. will ease sanctions on Venezuela's oil industry in exchange for a competitive and internationally monitored presidential election next year. The sanctions relief will be announced after the Venezuelan government and the U.S.-backed opposition sign an agreement committing to a freer vote in 2024. The deal includes lifting bans on opposition candidates running, accepting international electoral observations, and opening up media access for the elections. The U.S. may put a time limit on the sanctions relief, and the deal does not involve unfreezing Venezuelan assets held in the United States.