Update on Venezuelan-US relations

  • Legal Development 20 October 2023 20 October 2023
  • Latin America

  • Technology risk

Based on a political agreement between representatives of Maduro and the Unitary Platform "as concrete steps toward a democratic solution in Venezuela," the United States Department of State has confirmed that certain sanctions imposed by the government of the United States will be suspended in exchange for competitive, internationally monitored presidential elections in Venezuela next year.*

*See the full press statement here.

The agreement represents a significant breakthrough in the multiple attempts at negotiation between the Maduro government, the Venezuelan opposition and the US government. The agreement was signed in Barbados with the mediation of Norway on 17 October 2023, and contemplates a competitive presidential election in the second half of 2024.  

This stance of the US marks a significant shift in its foreign policy towards Venezuela, which is expected to bring significant commercial opportunities for foreign investors. We are closely monitoring the developments of this historic agreement and will provide a fuller update shortly.    

Clyde & Co has been open and operating in Caracas for our international clients continually since 1992. Please do not hesitate to contact us at clyde@clydeco.com.ve. 

For United States sanctions queries, feel free to contact John Keough or Juan Itriago.


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