US Treasury Secretary Scott Bessent announced that additional sanctions on Venezuela could be lifted as soon as next week, aiming to facilitate oil sales and encourage the return of private investment to the country.
Bessent revealed that almost $5 billion in Venezuela’s frozen IMF Special Drawing Rights could be deployed to help rebuild the economy, providing much-needed liquidity to support government operations and essential public services.
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The Treasury is evaluating changes to allow the proceeds from oil sales, currently stored on ships, to be repatriated to Venezuela, ensuring funds reach both the government and Venezuelan citizens effectively.
These steps are part of the Trump administration’s efforts to stabilize Venezuela, following the recent capture of President Nicolas Maduro, while also promoting the return of US oil companies to the country’s energy sector.
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Bessent highlighted that the IMF and World Bank are reviewing options to re-engage with Venezuela, potentially converting SDRs into dollars, while the World Bank explores ways to support reconstruction similar to efforts in Afghanistan and Gaza.
Smaller private companies are expected to move quickly into Venezuela’s oil sector, while major firms like Chevron maintain long-term commitments. The US Export-Import Bank may provide financing guarantees to further facilitate investment and sector revival.