US expands Venezuela sanctions waivers amid rising prices

The United States on Friday updated ‌waivers to Venezuela sanctions aimed ‌at easing the way for investment and ​activities related to the country's oil and the export of fertilizer, as prices rise amid US strikes ‌on Iran.

The US Treasury Department's ⁠Office of Foreign Assets Control issued three updated general licenses on Friday ⁠as part of the move. These licenses include "Authorizing Certain Activities Involving Venezuelan-Origin Oil or Petrochemical Products," "Authorizing the Supply of Certain Items and Services to Venezuela" and "Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela." 

In a post on X, the ​department said ​it "updated several ​Venezuela-related licenses to ‌further support the revitalization of the country's energy sector and help ensure a well-supplied global commodity market."

"These authorizations expand permitted investment and activities ‌in Venezuela's energy ​industry and allow for ​the ​export of fertilizer directly to ‌the US," the Treasury Department said in a post on ​X.

Earlier at the end of January, the US Treasury Department issued a general license to ease some sanctions on Venezuela's oil industry, authorizing established US entities to engage in certain transactions involving Venezuelan crude.

In a surprise raid in the Venezuelan capital of Caracas on January 3, the US military seized Venezuelan President Nicolas Maduro and his wife and transported them to New York to stand trial on alleged drug charges.

(With input from agencies)