The US will reimpose sanctions on Venezuela's oil and gas sector, claiming that the Maduro government did not uphold "an inclusive and competitive election."

The sanctions were first lifted last October when the US Treasury Department temporarily authorized transactions with the country’s national oil and gas sector, known as General License 44.

The license was due to expire on Thursday, however, the US administration claimed Venezuela was not upholding the commitments made under the "Barbados Agreement" between the Maduro government and members of the political opposition in Venezuela.

A US senior administration official claimed the US "completed a very careful review" and saw the Maduro government "has fallen short" in some key areas of the agreement. The lifted sanctions will go back into effect in 45 days, according to CNN.

"We were particularly concerned by the fact that the Venezuelan authorities also blocked the leading opposition candidate, Maria Corina Machado from running and then also did not allow her designated alternative candidate Dr. Corina Yoris to register as a candidate for president," the official said.

A second US senior administration official claimed Venezuela "did not fully comply with the spirit or the letter of the Barbados Agreement", and that the move "should not be viewed as a final decision that we no longer believe Venezuela can hold competitive and inclusive elections." 

Meanwhile, a third US official stated that "there’s not a reporting requirements so we don’t have those exact figures" of how much trade was done when the license went into place.

In response to the news, the Foreign Minister of Cuba stood by Venezuela over social media and rejected the "coercive measures" by the US. 

Rechazamos, una vez más, la implementación de medidas coercitivas unilaterales contra #Venezuela por parte de EEUU.

Demandamos que se levanten total e inmediatamente todas las medidas que laceran el bienestar del pueblo venezolano.#BidenLevantaElBloqueoYa pic.twitter.com/cOQADFSOff

— Bruno Rodríguez P (@BrunoRguezP) April 18, 2024

Oil minister: Venezuela to withstand 

Still, one authorization from November 2022 will remain, which allows oil company Chevron "to resume limited natural resource extraction operations in Venezuela."

"We’ll continue to engage with all stakeholders, including Maduro representatives, the democratic opposition, civil society, and the international community to support the Venezuelan people’s efforts to ensure a better future for Venezuela. The Barbados Agreement still represents the best available path for a more democratic, secure, and prosperous Venezuela, if fully implemented," one US administration official said. 

Read more: Maduro: Neither threats nor sanctions to stand in way of Venezuela

Upon being asked whether there are impacts on oil prices or unauthorized migration, the first official said they "really focused on the political circumstances and situation in Venezuela."

"Of course, there was an interagency process that accompanies this that was able to bring in a wider array of interests and issues, which were of course part of the overall context of this of this decision. But fundamentally, the decision was based on the actions and non-actions of the Venezuelan authorities," the official continued. 

Speaking to CNN on Wednesday, Venezuela’s Oil Minister Pedro Tellechea asserted that his country will withstand and "keep growing" even with the sanctions. 

"With these sanctions and the war in the Middle East, oil prices will spike and that will push to higher gas prices in the US. The damage [these sanctions cause] is not limited to Venezuela, but to the entire international community. Venezuela will keep growing with or without the sanctions," Tellechea said.

The US already began reimposing sanctions on Venezuela's mining sector after the country's Supreme Court maintained the disqualification of an opposition leader in the Venezuelan elections. 

The US Treasury's Office of Foreign Assets Control detailed the decision, saying all US-based companies cooperating with state-owned Venezuelan mining firm Minerven should draw their partnerships to a close by February 13.