Venezuela's Economy Poised to Strengthen With Sanctions Relief
U.S. officials bet that a more prosperous economy and free elections will stem the outflow of migrants toward the U.S.
People familiar with the negotiations leading to the sanctions relief said that the Biden administration removed a range of U.S. restrictions against Venezuela's crude oil sector to stabilize the country's deplorable economy and reduce, over time, the massive outflow of migrants towards the American southwest border.
Economists expect the lifting of sanctions on oil, mining and gas for six months announced by U.S. officials last night to stimulate an economy which had shrunk by 80% over the past decade and caused 7.7 million refugees to flee. Many of them ended up in the U.S. The images of Venezuelans swarming at the U.S.-Mexico border, and cramming into shelters in New York City and other cities, have challenged Biden who is up for reelection next year.