The United States is preparing to ease additional sanctions on Venezuela as early as next week to revive oil sales and economic recovery. Treasury Secretary Scott Bessent said Washington aims to facilitate the return of oil sale proceeds to Venezuela, unlocking a vital financial artery.
He said the administration is examining steps to allow funds held offshore to flow back into the country’s strained public finances. Bessent also plans to meet leaders of the International Monetary Fund and World Bank to discuss renewed engagement with Venezuela.
He said nearly five billion dollars in Venezuela’s frozen IMF reserve assets could be mobilised to help rebuild the shattered economy. “We’re de-sanctioning the oil that’s going to be sold,” Bessent said, outlining a policy shift wrapped in cautious optimism.
The Treasury is reviewing changes that would allow revenue from oil stored on ships to return to Venezuelan control. Bessent said the goal is to support essential government functions and ensure resources ultimately reach ordinary Venezuelans.
The moves follow last week’s capture of Venezuelan leader Nicolas Maduro, as Washington seeks to stabilise the country’s turbulent transition. Sanctions have long blocked banks from dealing with Caracas, freezing debt talks widely seen as key to restoring private investment.
President Donald Trump on Friday ordered Venezuelan oil revenue in US accounts protected from seizure to support “peace, prosperity and stability.” Bessent said the Treasury would consider converting Venezuela’s IMF reserves into dollars for immediate use in reconstruction efforts.
The IMF confirmed it is monitoring developments, while the World Bank is reportedly exploring how it could assist Venezuela. Bessent predicted smaller private companies would return quickly to Venezuela’s oil fields, sensing opportunity in a newly opening frontier. He said Chevron’s long-standing presence would likely expand, and US financing tools could support renewed energy investment.