Venezuela, opposition sign election deal, paving way for US sanctions relief

CARACAS/WASHINGTON, Oct 17 (Reuters) – Venezuela’s government and its political opposition on Tuesday agreed to electoral guarantees for 2024 presidential elections and measures they said would protect the country’s national interests, paving the way for some U.S. sanctions relief.

A presidential election will take place in the latter half of 2024, the electoral deal said, and international observers will be allowed to monitor the vote.

Each side may choose its candidate according to its internal rules, the deal added, days before the opposition is set to hold its primary.

The deals are expected to allow for some relief from oil-related U.S. sanctions.

The United States has long said it would lift some of its sanctions on President Nicolas Maduro’s government in exchange for democratic concessions from the president.

The White House did not immediately respond to a request for comment.

Tuesday’s meeting in Barbados between the government and opposition was their first in 11 months.

The talks are meant to provide a way out of Venezuela’s long-running political and economic crisis.

Maduro, president since 2013, is expected to run for re-election but has not yet formalized his candidacy. His government has banned prominent opposition figures from running.

If the agreement between the government and opposition passes muster in Washington, U.S. President Joe Biden’s administration is expected to announce a limited but significant easing of sanctions, according to U.S. sources.

The U.S. sources, however, have said any sanctions relief would be reversible if Maduro fails to meet his election commitments. Oil revenues are central to OPEC member Venezuela’s economy.

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