US may lift more Venezuela sanctions next week, Bessent says

U.S. Treasury Secretary Scott Bessent said additional U.S. sanctions on Venezuela could be lifted as soon as next week to facilitate oil sales, and he plans meetings with IMF and World Bank leaders about re-engagement; Venezuela holds about 3.59 billion IMF Special Drawing Rights, reported as worth about $4.9 billion, that are currently frozen.

U.S. Treasury Secretary Scott Bessent told Reuters that additional sanctions on Venezuela could be lifted as soon as next week to help facilitate oil sales. He said the Treasury is examining changes to allow repatriation of sale proceeds from oil stored largely on ships back to Venezuela. Bessent also said he will meet next week with the heads of the International Monetary Fund and World Bank to discuss their re-engagement with Venezuela. He reported that Venezuela holds about 3.59 billion IMF Special Drawing Rights, worth roughly $4.9 billion at the cited exchange rate, which are currently frozen. Key facts: - Bessent said the timing could be as soon as next week but did not identify which sanctions would be removed. - The Treasury is examining how sale proceeds from oil held on ships could be repatriated to Venezuela. - Bessent plans meetings next week with IMF and World Bank leaders about re-engagement with Venezuela. - Venezuela holds about 3.59 billion IMF Special Drawing Rights, reported as worth about $4.9 billion, and those assets are currently frozen. - President Donald Trump signed an executive order blocking courts or creditors from impounding Venezuelan oil revenue held in U.S. Treasury accounts, saying the funds should be safeguarded to help Venezuela; U.S. sanctions have also restricted banks and creditors from engaging with the Venezuelan government without a license, which institutions say has complicated a $150 billion debt restructuring. Summary: If enacted, the Treasury's actions could ease the flow of oil sale proceeds back to Venezuela and could open the way for IMF and World Bank re-engagement. Bessent's next stated steps include meetings with IMF and World Bank leaders next week, but specific sanctions changes were not identified. Undetermined at this time.